TOKYO, Dec. 10, 2013 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq: ENOC ), a leading provider of energy intelligence software, announced that EnerNOC and Marubeni Corporation have entered into an agreement to form a joint venture (JV) to provide demand response (DR) in Japan. The new company will be named EnerNOC Japan, KK and will have an exclusive license to market EnerNOC's DemandSMART TM cloud-based DR application throughout the country. The two firms also announced today their award of a government-sponsored DR program with the Tokyo Electric Power Company (TEPCO), Japan's largest utility.
The JV will bring together EnerNOC's expertise as the world's largest provider of DR, with Marubeni's vast expertise and leadership position in both the electric power sector and the Japanese market. This JV will build upon successful past collaborations between the firms in Japan, most notably their joint participation in a DR pilot program with Kansai Electric Power Company (KEPCO) in the summer of 2012.
As the world's third largest economy, Japan's electric demand is similar to that of the PJM Interconnection in the United States, EnerNOC's largest market. The TEPCO system alone is comparable in peak demand to that of ERCOT (Texas) or National Grid (UK). The electric power industry in Japan has been facing unprecedented challenges since the Great East Japan Earthquake in March 2011. Today, all 54 of Japan's nuclear power stations – representing about one-third of installed electric generation capacity – remain offline.
"Both EnerNOC and Marubeni believe that the Japanese market is ripe for demand response. There is growing national attention in Japan on intelligent buildings and smart grids, and an increased focus by utilities and policymakers on the importance of demand-side management," said David Brewster, President of EnerNOC, from Tokyo while on a trade mission to Japan with Governor Deval Patrick of Massachusetts. "We are thrilled to announce this partnership with one of the world's leading energy firms."
Marubeni is one of the largest trading firms in Japan, with annual revenues of $52 billion (¥4.9T), and has deep experience in the electricity sector, having developed more than 96 gigawatts (GW) of power generation. The company owns more than 10 gigawatts (GW) of power generation assets at net capacity, and is one of the largest independent power producers (IPP) in Japan.
The firms expect their new JV, EnerNOC Japan, KK, to complete its incorporation process by January 2014. This partnership and the TEPCO award are exciting developments for EnerNOC's longer term demand response opportunity in Japan.
The newly-awarded project with TEPCO, sponsored by the Japanese government's New Energy Promotion Council (NEPC), which Marubeni secured and will work with EnerNOC to deploy, will be among the first deployments in Japan of aggregator-based quick-response DR for the commercial and industrial sector. Under this initial project, EnerNOC and Marubeni will build a diversified DR portfolio able to provide both peaking capacity and load balancing services to TEPCO. The project is also designed to establish the foundation for the long-term inclusion of DR in Japan's electricity system. In addition, the TEPCO project will include a number of technical milestones, including the commercial release of the Japanese version of DemandSMART, and EnerNOC's first international project featuring OpenADR dispatch.
About EnerNOC
EnerNOC is a leading provider of energy intelligence software and related solutions. EnerNOC unlocks the full value of energy management for utility and commercial, institutional, and industrial (C&I) customers by delivering a comprehensive suite of demand-side management services that reduce real-time demand for electricity, increase energy efficiency, improve energy supply transparency in competitive markets, and mitigate emissions. EnerNOC's Utility Solutions™ offerings help hundreds of utilities and grid operators worldwide meet their demand-side management objectives. EnerNOC serves thousands of commercial, institutional, and industrial customers worldwide through a suite of energy management applications including: DemandSMART™, comprehensive demand response; EfficiencySMART™, continuous energy savings; and SupplySMART™, energy price and risk management. EnerNOC's Network Operations Center (NOC) offers 24x7x365 customer support. For more information, visit www.enernoc.com .
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About Marubeni Corporation
Founded in 1858 and based in Tokyo, Japan, Marubeni Corporation manages business across a wide range of industrial sectors throughout the world, and is a publicly-traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through its EPC business, with more than 96,000 MW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990s, and now owns approximately 10,000 MW of net power-generating capacity. With a total of 120 offices in 65 countries or regions, 6,000 employees, and 56 subsidiaries or affiliates in Japan alone, Marubeni Corporation continues to leverage its local and international network as it has since 1858, conducting business according to a company creed of "Fairness, Innovation and Harmony."For more information, visit http://www.marubeni.com/ .
Safe Harbor Statement
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to the incorporation of the joint venture, the ability of the joint venture to deliver value to its utility and C&I customers in Japan, and the potential impact of the joint venture on EnerNOC's financial statements, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to under the section "Risk Factors" in EnerNOC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other documents that may be filed by EnerNOC from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. EnerNOC is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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