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EnerNOC: Smart Grid Business Models Taking Shape


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EnerNOC: Smart Grid Business Models Taking Shape
by: Greentech Media October 22, 2008 | about stocks: ENOC
Greentech Media


By Michael Kanellos

One of the reasons the PC market took off so rapidly in the 1980s and 1990s was that everyone seemed to quickly know their place in the world. Intel (INTC) shuttled off memory and focused almost exclusively on processors and chipsets. PC makers in turn stopped making chipsets and other components to focus on logistics and cost cutting. Networking people stuck to networking. The world went horizontal, companies carved out tiny niches, and the whole market grew.

The same forces are starting to work their magic in the smart grid world and will likely turn “smart grid” from an amorphous, catch-all category to something that’s easier to grasp.

EnerNOC (ENOC), one of the first smart grid companies, for instance, started out as a full-service provider of systems for automatically cutting back power consumption.

Now, and increasingly in the future, EnerNOC is going to function more like a software and services company, said T.J. Glauthier, a director at the company during an open house at Foundation Capital yesterday. The company will provide demand management services to industrial clients and this middleware stack, as it were, will operate on top of equipment based around standardized protocols and hardware. In a sense, it will become a Salesforce.com (CRM) or SAP (SAP) of power consumption for industrialists. Similarly, eMeter can be looked at as a software-as-service (SaaS) company.

And who will make this industry-standard hardware? Silver Spring Networks, says Scott Lang, the company’s CEO. Silver Spring aims to be the Cisco (CSCO) of the grid (assuming Cisco doesn’t decide to become the Cisco of the grid itself). Silver Spring makes circuit boards that can turn regular electricity, gas and water meters into smart meters that monitor the use of resources in a home. The company also makes routers that aggregates information from various buildings by neighborhoods and routes it to utilities.

The company has a deal with PG&E: By this time next year, Silver Spring will have installed one million smart meters in PG&E territory.

But horizontalization will work its magic there too to segregate companies into even smaller niches. While Silver Spring makes a whole panoply of equipment for connecting utilities to homes, you might see them inch up the stack, Lang said, spending more time on routers and less time on the access points at the home. Someone else — contract manufacturers and embedded board makers in Taiwan — might take over the home meter market. The company in fact already licenses the designs of smart meter boards to third parties.

Smart grid companies, or at least some of them, will become power providers. EnerNOC, for example, already has 2 GW of power under management. It can throttle back that much power if needed. (Companies that agree to have EnerNOC control their power consumption of course get discounts and lower power bills for participating.) Because utilities now trust these systems, they count that 2 GW as a power resource.
EnerNOC (NASDAQ: ENOC) is transforming the way the world uses energy. We help commercial, institutional and industrial organizations use energy more intelligently, pay less for it, and generate cash flow that benefits the bottom line. Our technology-enabled energy management solutions help meet the needs of utilities/grid operators that deliver energy and are responsible for maintaining the real-time balance between supply and demand. We bring proven expertise and innovative ideas to both groups through a full suite of energy management solutions including:

* Demand Response: Thousands of facilities in our network get paid for reducing their energy usage during periods of peak demand, while our utility customers get access to clean, reliable capacity where and when it is needed most. EnerNOC demand response is a win-win.
* Energy Efficiency: Our monitoring-based commissioning solution helps our customers uncover significant energy savings, often without the need to invest significant capital, leading to persistent energy cost and emission reductions.
* Energy Procurement: In deregulated markets, our energy procurement solution helps businesses and institutions navigate complex energy markets and buy energy more cost-effectively. Put us to work to also help you procure the right mix of renewable energy for your facilities.

EnerNOC, which stands for Energy Network Operations Center, has won numerous awards for its technology, customer service and industry leadership. We serve customers throughout North America and are continuing to grow and expand. We attract bright, enthusiastic people who are dedicated to helping achieve a cleaner, safer and more cost-effective energy future.
06.01.2009 14:53
BRIEF-EnerNOC signs 50 megawatt contract with Salt River Project

Jan 6 (Reuters) - EnerNOC Inc: (News)

* Signs 50 megawatt contract with Salt River Project

* Says to provide up to 50 megawatts of demand response capacity under a 3-year

contract

((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
19.05.2009 17:48
BRIEF-EnerNOC secures over $100 mln of future potential revenue in PJM for 2012/13 delivery year
<a href="http://www.teligo-ads.de/v5/www/delivery/ck.php?oaparams=2__bannerid=232__zoneid=4__cb=a3abcc87e0__oadest=http%3A%2F%2Fad2.adfarm1.adition.com%3A80%2Fredi*sid%3D53822%2Fkid%3D61696%2Fbid%3D170931%2Flid%3D40582614434%2Fc%3D23264%2Fkeyword%3D%2Fclickurl%3D" target="_blank"><img src="http://imagesrv.adition.com/banners/663/170931/altbanner.gif" width="300" height="250" border="0" alt="Hier klicken!" title="Bitte klicken Sie hier!"></a>

May 19 (Reuters) - EnerNOC Inc: (News)

* Secures over $100 million of future potential revenue in pjm for 2012/13

delivery year

* Says potential revenue is for demand response capacity to be delivered from

June 1, 2012 through may 31, 2013
09.06.2009 14:52
BRIEF-EnerNOC signs partnership agreement with Green Mountain Power

June 9 (Reuters) - EnerNOC Inc:

* Signs partnership agreement with green mountain power

* Says customers currently enrolled in green mountain power's demand response

program will roll into enernoc's network
EnerNOC Reports Second Quarter 2009 Financial Results
Continued Network Growth and Operating Leverage Strengthen 2009 Financial Outlook

BOSTON, July 27, 2009 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of clean and intelligent energy solutions, today announced financial results for the quarter ended June 30, 2009.

"I am very pleased with our second quarter operating results as we achieved the second highest quarterly megawatt additions in our company's history," commented Tim Healy, EnerNOC's Chairman and Chief Executive Officer. "The continued rapid adoption of our demand response solutions by utilities and businesses has allowed us to nearly double our megawatts under management from June 30, 2008 to June 30, 2009, and end the quarter with approximately $750 million of contracted revenue. As a result of this strong performance and the increased operating leverage we see in our business, we are raising our financial guidance for the year."

"We believe that we are positioned for a record third quarter in terms of revenue and earnings per share, and are well on track to deliver positive cash flow from operations during the second half of 2009 and positive GAAP earnings per share in 2010."

Financial Summary

The following financial results are reported on a U.S. GAAP-basis, unless otherwise noted:

Revenues - Revenues for the second quarter of 2009 were $42.4 million, compared to $23.7 million for the same period in 2008, an increase of $18.7 million, or 79%.

Cost of Revenues - Cost of revenues for the second quarter of 2009 totaled $24.3 million, compared to $14.8 million for the same period in 2008, an increase of $9.5 million, or 64%.

Gross Profit/Gross Margin - Gross profit for the second quarter of 2009 was $18.1 million, compared to $8.9 million for the same period in 2008, an increase of $9.3 million, or 104%. Gross margin was 42.8% for the second quarter of 2009 compared to 37.5% for the same period in 2008.

Operating Expenses - Operating expenses for the second quarter of 2009 were $22.5 million, compared to $19.5 million for the same period in 2008, an increase of $3.0 million, or 15%.

Interest and Other Income (Expense) - Interest and other income (expense) for the second quarter of 2009 was an expense of $1.2 million, compared to income of $0.3 million for the same period in 2008. The Company incurred charges totaling $1.3 million associated with its 2012-13 PJM Emergency Load Response Program ("ELRP") auction bid.

Net Loss -

GAAP Results

GAAP net loss for the second quarter of 2009 was $5.7 million, or a loss of $0.29 per basic and diluted share, compared to a net loss of $10.4 million, or a loss of $0.54 per basic and diluted share, for the same period in 2008, a decrease of $4.7 million, or 45%.

Non-GAAP Results

Excluding stock-based compensation charges and amortization expense related to acquisition-related assets, non-GAAP net loss for the second quarter of 2009 was $2.3 million, or a loss of $0.12 per basic and diluted share, compared to a non-GAAP net loss of $7.6 million, or a loss of $0.39 per basic and diluted share, for the same period in 2008, a decrease of $5.3 million, or 70%.

Cash and Cash Equivalents - As of June 30, 2009, the Company had cash and cash equivalents totaling $43.5 million, a decrease of $17.3 million from cash and cash equivalents as of December 31, 2008.

Business Update

EnerNOC's second quarter 2009 business highlights included:


* Increasing its demand response megawatts under management to over
3,150 as of June 30, 2009, an increase of over 450 megawatts during
the quarter, representing the second highest quarterly sales
performance in the Company's history.

* Increasing the number of commercial, institutional, and industrial
demand response customers in its demand response network to
approximately 2,400 and sites to approximately 5,450 as of June 30,
2009.

* Enrolling over 1,400 megawatts into the PJM ELRP for the June 1,
2009 - May 31, 2010 delivery year.

* Securing over $100 million of future potential revenue in the PJM
ELRP for the 2012-13 delivery year, bringing the Company's total
contracted revenue to approximately $750 million.

* Improving its operating leverage during the quarter, as evidenced
by an increase in megawatts under management per full-time employee
to approximately 8.8 as of June 30, 2009, up from 7.6 as of March
31, 2009 and 5.2 as of June 30, 2008.

* Receiving regulatory approval from the Idaho Public Utility
Commission for the Company's five-year demand response contract
with Idaho Power, a subsidiary of IDACORP, Inc., for up to 65
megawatts.

* Strengthening its diversified technology platform by completing the
acquisition of software and intellectual property assets from
eQuilibrium Solutions Corporation, and deploying PowerTalk, the
industry's first standards-based presence-enabled smart grid
communications technology, at over 750 customer sites.

* Obtaining dismissal without leave to replead of the consolidated
securities class action lawsuit filed against the Company and
certain of its officers and directors.

Company Update

Subsequent to the end of the second quarter of 2009, the Company:


* Reached agreement with Timothy Weller, who, among other
accomplishments, was formerly the CFO of Akamai Technologies Inc.
and served as a senior research analyst on Wall Street for six
years, to become the Company's CFO as of July 29, 2009. Neal
Isaacson, the Company's current CFO, will remain with the Company
through September 1, 2009 to assist in the transition.

* Appointed Gregg Dixon to Senior Vice President of Marketing
effective July 19, 2009. Mr. Dixon previously served as the Senior
Vice President of Sales and Business Development. Mr. Dixon will
now lead the Company's marketing, product management, and channel
partnership efforts, while continuing to lead the Company's Utility
Sales unit that develops new business with North American utilities.
Matthew Plante, who joined EnerNOC in 2005 and most recently served
as a Senior Director for Sales and Business Development for some of
EnerNOC's largest and most profitable C&I markets, including PJM,
has been promoted to Vice President of C&I Sales and Business
Development.

* Intends to file a Form S-3 universal shelf registration statement
with the SEC. The terms of any potential future offerings would be
established at the time of the offerings.

Financial Outlook

Third Quarter 2009

The Company currently expects to deliver the following financial results for the quarter ending September 30, 2009:


* Total revenue of $88 million to $98 million;
* GAAP net income per basic share of $0.77 to $0.91;
* GAAP net income per diluted share of $0.70 to $0.83;
* Non-GAAP net income per basic share of $0.93 to $1.07; and
* Non-GAAP net income per diluted share of $0.85 to $0.98.

Full Year 2009

The Company is increasing its revenue guidance and decreasing its loss per share guidance for the full year of 2009 based on the continued momentum of the Company's core business and new business initiatives.

The Company currently expects to deliver the following financial results for the year ending December 31, 2009:


* Total revenue of $172 million to $185 million (previous guidance
was $160 to $172 million);
* GAAP net loss per basic and diluted share of $0.76 to $0.86
(previous guidance was a GAAP net loss of $0.93 to $1.04); and
* Non-GAAP net loss per basic and diluted share of $0.14 to $0.24
(previous guidance was a non-GAAP net loss of $0.33 to $0.44).

The Company continues to expect to generate positive cash flow from operations in the second half of 2009 and to deliver positive GAAP earnings per share for the year ending December 31, 2010.

The non-GAAP net income per share estimates for the quarter ending September 30, 2009 exclude the impact of an estimated $3.0 million in stock-based compensation charges and an estimated $0.2 million in amortization expense related to acquisition-related assets.

The non-GAAP net loss per share estimate for the year ending December 31, 2009 excludes the impact of an estimated $11.7 million in stock-based compensation charges and an estimated $0.7 million in amortization expense related to acquisition-related assets.

The above statements are based on current expectations. These statements are forward-looking and actual results may differ materially. The Company assumes no obligation to publicly update or revise its financial outlook. Investors are reminded that actual results may differ from these estimates for the reasons described below and in the Company's filings with the Securities and Exchange Commission.

Webcast Reminder

The Company will host a conference call today, July 27, 2009 at 5:00 p.m., Eastern Time, to discuss the Company's second quarter operating results, as well as other forward-looking information about the Company's business. A live audio webcast will be available at www.enernoc.com. Please access the website at least 15 minutes prior to the call to register, download, and install any necessary audio software. A replay of the conference call will be available on the Company's website noted above or by phone (dial 1-888-203-1112 and enter the pass code 4342891) until August 6, 2009.
California Public Utilities Commission Approves EnerNOC's 110 Megawatt, Multi-Year Demand Response Contract With Southern California Edison

BOSTON, Aug. 25, 2009 (GLOBE NEWSWIRE) -- EnerNOC, Inc. (Nasdaq:ENOC), a leading provider of clean and intelligent energy solutions, today announced that the California Public Utilities Commission (CPUC) has approved a 110 megawatt demand response contract between EnerNOC and Southern California Edison (SCE). The contract, which was originally announced in June 2008, is effective through the end of 2012.

EnerNOC will supply SCE with up to 110 megawatts of demand response capacity in SCE's approximately 50,000 square-mile service territory. Capacity under an existing 40 megawatt contract, which expired concurrently with the CPUC approval of the new contract, will be enrolled under the new contract, resulting in a net addition of 70 megawatts of contracted capacity between the parties.

"EnerNOC demand response has proven to be a valuable part of our portfolio mix, and the new contract reflects our commitment to meeting our system needs in a clean, reliable, and cost-effective manner," said Lawrence M. Oliva, Director of Tariff Programs & Services, Southern California Edison. "In addition, demand response enables our customers to participate more actively in energy markets and earn money for their willingness to curtail at times of peak demand, which helps improve overall satisfaction."

For example, Oxnard, CA-based Mission Produce receives annual payments of approximately $25,000 for their participation in the program, but the benefits are not simply financial. "Our people know about EnerNOC and SCE's demand response program, and why we're participating in it," says Jake Nixon, Process Improvement and Project Manager. "They're really supportive and know that we're doing it for all the right reasons -- not only because it makes sense financially, but also because it's good for our community."

"The CPUC's decision reflects the important role that demand response can play in reducing peak demand in SCE's service territory," said Tim Healy, EnerNOC's chairman and CEO. "Adding more demand response resources to the state of California further strengthens the State's commitment to clean, cost-effective, and reliable energy resources. Along with energy efficiency, demand response is the top priority of the California Energy Action Plan's 'loading order'."

During periods of peak demand, SCE will signal EnerNOC to initiate demand response reductions across a network of commercial, institutional, and industrial sites. During a demand response event, EnerNOC monitors performance in real-time from its Network Operations Center to ensure reduction targets are being met.

For information about joining EnerNOC's demand response network, please visit www.enernoc.com/get-started or email info@enernoc.com.
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