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World Energy Solutions, Inc. (XWES) Purchases Northeast Energy Solutions for $4.7 Million to Gain Foothold in New England Market

|Includes: World Energy Solutions Inc (XWES)

World Energy Solutions, Inc., a leading energy management services firm, announced that it has purchased Northeast Energy Solutions, LLC (OTC:NES), a privately-held energy efficiency company. World Energy says the acquisition accelerates the growth of their energy efficiency practice, especially in the New England market where utility incentives are available for both commercial and industrial energy efficiency projects.

This is World Energy’s second recent acquisition as it acquired Co-eXprise’s energy procurement business in September. According to a recent filing with the U.S. Securities and Exchange Commission, World Energy reported that it paid just over $4.7 million in cash, promissory notes and potential earn outs for Northeast Energy’s assets and obligations.

World Energy offers energy management services and runs online energy auctions. The company said this acquisition will expand its offerings in comprehensive energy efficiency services which include lighting, mechanical, HVAC retrofits and energy management systems for small and mid-size commercial and industrial clients.

“The energy efficiency market holds great potential for World Energy,” said Richard Domaleski, CEO, World Energy Solutions in a press release on Monday. “Not only is it a large and growing market, but more and more customers are asking for our help with efficiency as we take on a wider swath of their energy management needs. The addition of NES bolsters our energy efficiency capabilities, giving us immediate access to new customers and cross-sell opportunities.”

World Energy is an energy management firm that works to take the complexity out of energy management, turning it into a positive bottom line impact for businesses, institutions and governments. The company has transacted more than $20 billion in energy, demand response and environmental commodities.

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