on October 21, 2023
One last word in the market before I turn it over to David, on our last call we told you about the importance of developing an ecosystem around EIS and highlighted our partnerships with Sun Power and Tesla as a couple of early examples. A good example of a deal that we successfully converted from the pipeline during the quarter is the expansion of our relationship with Consumers Energy, which is a large utility based in Michigan. GTM Research analyst Elta Kolo noted that Enels 2017-2019 strategic plan pointed to a customer focus, specifically highlighting the future offerings in demand response services. Get in with our customers and add the professional services component that we need. Also learn how He earned most of networth at the age of 68 years old? He currently sits on the Board of Directors of theAdvanced Energy Economy (AEE), the New England Clean Energy Council, Genability, Inc., and WeSpire, and serves on TechNet's Executive Committee and the Board of Trustees for the New England Aquarium. Operating expenses in the quarter came in lower than expected and contributed to our higher than anticipated adjusted EBITDA performance. I think we might see that for another quarter or two quite frankly. With that, I'll turn the call over to Tim. Not sure what specific other information or color you're looking for but I think what we're seeing is as David mentioned; we're seeing an increase in our pipeline, certainly the pipeline of the utility product. These forward-looking statements made today represent our views as of August 6, 2015. And we're excited to see this starting to take shape. Healyis an advisor to several area startups and coaches youth soccer. Check out all of our energy storage resources. That last feature, automating compliance reporting as highlighted in the Boston Properties example has turned out to be an especially popular use case in the wake of significant increases in energy disclosure requirements. They were all great ideas but apply the 80/20 rule. His net worth has been growing significantly in 2020-2021. Weve built a cutting-edge software platform, a cutting-edge go-to-market engine, and an unparalleled opportunity to connect customers with energy opportunities across the globe.. Eric is looking at exactly what the right structure is with me of that sales team. Okay, great. Tim's final words of advice for the event trust your gut. That's when we'd start to potentially see us getting down to a smaller megawatt portfolio because in the interim we will still have an opportunity to mix our portfolio with capacity performance as well as the current baseline products that exist. Tims deep expertise in the energy industry and track record of growing companies in the electricity sector will be invaluable as we advance as a leader in energy flexibility, said Paul Hines, CEO and Co-founder of Packetized Energy. Eric ushers in a new approach to selling software to our customers and is having a significant impact on our go-to-market activity. My comments will focus on our second quarter 2015 financial results and our outlook going forward, and I'll conclude with some brief thoughts on our capital deployment strategy. Obviously we prefer to see backup generators continue to be a valuable part of the market however so we plan to continue to support the EPA in this regard. Where Will DOEs Loan Program Make the Next Climate Tech Investments? Q2 GAAP net loss was $19 million or $0.66 per diluted share compared to a net loss of $27 million or $0.96 per diluted share in the second quarter of 2014. Andrew, we don't know. . In addition, you will find a slide deck that we will reference during the call as a supplement to our prepared remarks. I know that it can be confusing to some investors what all of this means. Packetized Energy Thanks, Neil. EnerNOC has been struggling on multiple fronts. So earlier this year, we entered an arrangement with Sun Power and we're very bullish about not just our arrangement with Sun Power, we think it's a great company to be working with, very aligned with what we're trying to do there. We think it's just one of many drivers for demand response in the market right now. His net worth has been growing significantly in 2020-2021. Understanding the legal framework at a statewide regulatory level is critical to supporting the innovation needed to move toward a clean energy grid, says Wannop. There may be more to come from Enel as part of its strategic plan for new customer services, Kolo added. In addition to his executive experience, Healy has been a board member or executive advisor to various companies including Veregy, P3 Energy, and Genability. In the last 2 years at Enernoc Inc, Timothy Healy has sold an estimated value of $14.24M worth. There are storage companies that we can work with as you saw with Tesla. What's more the complexity and breadth of the energy decisions, these enterprises are addressing with our EIS is growing by the day further solidifying the importance of our software to the organizations. Our existing relationship with Consumers covered a pilot under which consumers subscribed to our utility EIS product to engage its small and medium business customers. Finally, we are excited about the President's Clean Power Plan which was released on Monday. This deal also illustrates the importance of the utility vertical for EnerNOC and the mutually beneficial relationship we can have with our utility partners. And you dont want to have to do that.. EquityNet is not a registered broker-dealer and does not offer investment advice or advise on the raising of capital through securities offerings. Several of our enterprise customers are already heading down this path and have made the leap to widespread adoption of our software. These are non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles. EnerNOC stands for Energy Network Operations Centre. Yes, John, it's Neil. It isn't as familiar with the type of metrics that drive this part of our business as they are with what has driven our growth over the past seven or eight years. In 2007, he led EnerNOC's initial public offering, which was named IPO of the Year by the Association for Corporate Growth Boston and Mass High Tech magazine, and received the Ernst & Young Entrepreneur of the Year Award in New England. While we are disappointed with that development and its impact on our utility ARR, we continue to see improvement in the quality of our utility ARR as the mix shifts from turnkey demand response to subscription-based EIS. When deciding to go to MIT Sloan, she noted: There are people inventing incredible things all the time and a lot of the time you dont end up being able to use them due to what happens in that gap from lab to market. Okay, great. It explicitly lists demand response and energy efficiency as qualified measures to reduce emissions. Our next question comes from the line of John Quealy. He has recently served as an executive advisor to Blackstones Energy group and to Kepler Energy, and is a strategic advisor to inBalance. Timothy Healy's largest purchase order was, Enernoc Inc's most recent insider trade came on March 21, 2016 by EnerNOC's (ENOC) CEO Tim Healy on Q2 2015 Results - SeekingAlpha We don't see this trend reversing anytime soon and expect that the needs of our enterprise customers will continue to increase in urgency and complexity as they deal with new energy compliance regulations, new energy products in the marketplace, and an increased awareness of the energy management best practices that top global enterprises are adopting. Of the approximately 79,000 total enterprise sites at the end of the second quarter, less than 5% were subscribing to our full EIS platform, demonstrating the significant expansion opportunity within our existing customer base that Tim noted earlier. Catherine and Tim are the latest additions to Amperon's board, rounding out a highly experienced team that includes Michael D'Aurizio, Investment Director at HSBC Climate Tech Venture Fund, as well as founders Abraham Stanway and Sean Kelly. Sarah McAuley - Investor Relations. from Harvard, she previously served as Special Counsel to the Vermont Department of Public Service. ", Tim, who founded and helmed EnerNOC, brings the know-how of scaling a cleantech company to the global level. Jeff St. John June 22, 2017 It's a combination of renewables that are going to need demand response to balance out the intermittency on the grid. Tim Healy brings a career of senior executive experience in energy, utilities and demand response solutions. Prior to EnerNOC, James served as Distribution Sales Manager at EnergyLogic, a leader in alternative fuel fired furnaces and boilers, where he was responsible for successfully building the U.S. and international sales distribution network and ultimately tripling the companys annual sales in just under four years. In this case, it demonstrates that over the last 12 months, we increased from revenue from existing customers despite the intentional culling I just mentioned. At 69 years old, Tim Healy height is 1.68m . If we look at international revenue, we saw the growth across the majority of our portfolio. We're finding that as a demand response company we have a unique selling proposition because in many respects you can think of our customer acquisition costs as being lessened by the fact that we can go in there and offer the customer an economic benefit of participating in demand response and engaging in an investment in our Energy Intelligence Software platform at the same time. Enel has been acquiring companies to get there, starting with Demand Energy in January, and now EnerNOC. Should we continue to look for that quarterly to move up or is it going to be more lumpy? I'm going to begin today by providing some color on our recent utility wins and then I'll provide an update on our grid operator business. Speaking of the roller coaster ride of working at a start-up, he noted: It took about five years of R&D. Reflecting on the success of his former employees, Tim noted that when startingEnerNOC, the culture of the company was a priority and very important to both him and his co-founder. Im thrilled to welcome Tim and Allison to our advisory board. The distributed energy companies are great because they are out there; they are signing big deals with customers right now in the tens of millions or hundreds of millions of dollars to work with them as a new type of energy provider. BURLINGTON, Vt., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Packetized Energy announced that Tim Healy, former Chairman and CEO of energy intelligence and demand response leader EnerNOC, and Allison Bates Wannop, Founder of 44 North PLC, have joined its Board of Advisors. And then we've made also at the same time over the last year, we have made an investment in our global services team which you can think of as our customer success team which is all about delivering our product to the customer and making sure that the customer experience is what the customer is expecting. I guess the magnitude of changes that are occurring and now you are measuring the timing and efficacy of those changes? He served for over 16 years as Chairman and CEO of EnerNOC, providing energy intelligence and demand response solutions to utilities, grid operators and enterprises. In 2014 we repurchased $30 million of stock in conjunction with our convertible debt offerings. He served for over 16 years as Chairman and CEO of EnerNOC, providing energy. His net worth has been growing significantly in 2022-2023. Now looking at the balance sheet, we ended the quarter with $144 million of cash. Thank you so much. These are the people that will make you sharper and balance your perspective Christian Weeks, CEO of enVerid Systems, The reality is, youre going to have valleys of death and multiple mountains beyond that first peak. So just two questions. David Brewster, President, Enterprise gross margin in the quarter was roughly 63%, up from approximately 60% in Q1, and 47% in the second quarter of 2014. However as you can see on Slide 6, we achieved a negative 4% net churn rate, driven by significant negative net churn for our enterprise EIS platform. Former EnerNOC Chairman and CEO, Tim Healy, Among New Members of I was wondering if you could touch a little bit on Eric's new role in global sales and some of the timing. When typing in this field, a list of search results will appear and be automatically updated as you type. Over the trailing 12 months period that ended in Q2, the gross churn rate of our enterprise ARR was 12% which is not all that surprising in the context of a reduction of legacy World Energy customers. Im thrilled to welcome Tim and Allison to our advisory board. In the last year, insiders at Enernoc Inc have sold an estimated value of $36.77M That reduction was partially offset by our ability to add approximately 100 new subscribers to our enterprise EIS platform. Tim Healy CEO at EnerNOC Arlington, Massachusetts, United States . "To have Tim, the pioneer in demand-response technology, and Catherine, a dominant figure in global commodities, join our board only solidifies the important work Amperon is doing. Over the last 12 months, we have seen hundreds of progressive enterprises begin to use our software as an energy decision support system. And then I think finally, there is a system integration or SI layer here where the typical system integrators are starting to pay attention to the enormous opportunity that this has to help businesses transform. Our next question comes from the line of Monika Garg with Pacific Crest. Now let me turn to some personnel developments. Enel's press release calculates the offer's value at about $250 million, excluding debt, while EnerNOCs press release added this debt to yield an enterprise value of more than $300 million. The year-over-year improvement was primarily driven by high margin PJM revenue again associated with the new extended and annual products without which gross margin would have been approximately 40%. We had a net reduction in former World Energy procurement customers of approximately 200 as we let relationships with smaller enterprises that were not long-term strategic fits for our enterprise offerings come to an end. There is obviously still a lot of turf between here and when those rules are enacted if they're enacted. Users who follow these tips increase their fundraising odds substantially. In addition to hiring great people, creating and infectious and passionate environment, speakers noted the importance of diversity and inclusion and how it is up to founders and company leaders to make sure that the people aspect is paramount. As Catherine said, "Not having tools like Amperon for market participants is like having your hands tied behind your back.". Excluding that acquisition, a small divestiture during the second quarter of last year, and the impact of the completion of our initial Massachusetts Department of Energy Resources contract in the second half of last year, enterprise revenue grew by approximately 14% year-over-year. EnerNOC Sells to Enel Group for More Than $300 Million - Cooley And as I mentioned, I think demand response's value in the marketplace is set to increase over the next five to 10 years. Im looking forward to helping Packetized Energy bring those insights directly to regulators and decision-makers.. His books include Green to Gold, The Big Pivot, and Net Positive. He served for over 16 years as Chairman and CEO of EnerNOC, providing energy intelligence and demand response solutions to utilities, grid operators and enterprises. If you would like to claim this profile, contact us. Just one more comment, capacity performance is expected to account for approximately 80% of capacity in the 2018, 2019 delivery year as well as the 2019, 2020 delivery year before becoming the sole product in the 2020, 2021 delivery year. How EnerNOC Is Building Tesla's Batteries Into Its Demand Response To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Enernoc Inc's most recent insider trade came on March 21, 2016 by Tim H co-founded EnerNOC in 2001 and serves as its Chairman and CEO. And weve spent the last five years trying to convince engineers of HVAC systems and building engineers that thinking about ventilation differently is not going to break their buildings, and in fact, can be a way to deliver great indoor air quality, and do it much more energy efficiently and reduce carbon impact of buildings.. EnerNoc Inc | The Research Pedia He is from . I talked a little bit about the training that we are putting the sales team through, continued effort to discover what the customers' pain point is. That program worth almost $4 million annually was not renewed because the utility had excess capacity and decided not to continue with demand response. Neil will then follow David with a financial review of the quarter and our outlook for the second half of the year. I think it's an interesting time for demand response right now because it's a proven resource, it's mature resource and yet it still has a tremendous amount of potential and that potential only grows as we see more and more applications to add value on the demand side of the equation. So to us it's prove out that this is an area that they should be allocating budget, get the budget, build a champion inside and then make sure that the economic buyer and the champion are aligned as to what the goals are that we're going to achieve and that we're achieving those goals. That's going to likely result in the potential for lower megawatts for us in our PJM portfolio.
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