Nov 2022 - Present6 months. But is there some low hanging fruit in terms of customers can think about this not necessarily carving out a new budget or but utilizing a portion of the software that should effectively pay for itself? I would now like to introduce you to your host for today's call, Mr. Chris Sands, EnerNOC's Director of Investor Relations. They were all great ideas but apply the 80/20 . I'm not asking for your bing strategy but industry-wide, how much of what is cleared in the past do you think would qualify for CP? Enel is looking to stay competitive with global peers that are investing significantly in the C&I energy management market, added Mulherkar. 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. In its core U.S. demand response business, it has had to contend with legal threats, market changes, and increasing competition. The transaction is expected to close in Q3. Posted companies are not necessarily seeking funding. It's in the risk management, the compliance area and then certainly in some of the project management area where customers are engaging, they are making $100 million purchases of renewable energy contracts. So enterprise gross margin move, that's good to see up at 63%. The plan anticipates a big role for demand side energy efficiency due to its low cost and its potential in every state. Please go ahead sir. Analyze up to 10 years of full 10K Annual Reports and Quarterly 10Q SEC filings for Enernoc Inc (ENOC) using our online tools. EnerNOC has some $1.3 billion in projects in its pipeline, Healy said. Allisons background in energy regulation and policy will help amplify our voice in the important regulatory discussions shaping the future of clean energy.. Tim. We had a free cash outflow in the quarter of $8 million, comprised of an operating cash outflow of $5 million, and capital spending of $6 million, net of $3 million of cash generated from the sale of an asset. Timothy Healy who bought, In the last year, insiders at Enernoc Inc have sold an estimated value of, Mailing address is C/o Enernoc, Inc. 75 Federal Street, Suite 300 Boston MA 02110 MA. On Slide 4, we show how Boston Properties have scaled the deployment of our software overtime. Turning now to some of the metrics we are using to track the development of our software business, I will begin on Slide 5, with our enterprise business where we ended the quarter with approximately 4,300 customers and approximately 79,000 sites. In total, Timothy Healy has made about 24 transactions over 2 years of their time at Enernoc Inc. As an additional regulatory update related to our U.S. grid operator business, EnerNOC along with the U.S. government and several other parties filed briefs last month at the Supreme Court regarding FERC order 745. EnerNOC stands for Energy Network Operations Centre. 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. This new business unit, headed by former Enel Green Power chief Francesco Venturini, has set its sights on electric mobility, vehicle-to-grid projects, recharging infrastructure, energy-efficiency management, batteries and energy optimization platforms, public lighting and distributed generation systems.. Tim Healy Title: CEO and founder, EnerNOC Inc. Education: Bachelor's degree, government and economics, Dartmouth College, 1991; MBA, Tuck School of Business, Dartmouth, 2002 T im Healy. Cision Distribution 888-776-0942 The team at Packetized Energy really understands todays rapidly evolving energy system and what we need to do to transition to the future. Timothy Healy owns about 1,353,907 units of Enernoc Inc common stock. With customers that are looking for us to help them with their compliance reporting, make sure that we're doing that in an accurate fashion. Entering text into the input field will update the search result below. Tim Healys income source is mostly from being a successful Actor. 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. Enel to Buy EnerNOC for $250M, in Bid for Demand Response and Energy Software Market Share. If granted, the stay would help ensure grid reliability through this summer and next winter and provide an opportunity for the EPA to address the Court's decision through a revised rule. And so we're optimistic. Throw away 80% of what was just said and find the 20% that has all of the value. And now I think in a lot of organization's minds they see the amount of energy decisions increasing and they see the cost component of their operational expenses that are related to energy being very much a variable costs that should involve active management. Turning to margin, we posted consolidated gross margin of 54% in the second quarter, which represented a significant improvement over the 37% we achieved in the second quarter of last year. We expect that capacity performance will have a higher value in the marketplace because of some of the changes in the parameters associated with it. Please go ahead. And I think the comments that we made earlier were basically that from a capital deployment strategy our first focus is investing in growth particularly around our software business but we want to have an authorization in place to execute on -- in an opportunistic manner. 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. One, this is a new enterprise software space and as the leaders in that space, it's up to us to help put this information in context. The old adage Its 5 Oclock somewhere was in effect last week as Dynamo Hub Members from near and far joined our cocktail-roundtable hosted byTim Healy, former Chairman and CEO ofEnerNOC (now Enel X), and newly announced advisor to Dynamo Energy Hub. 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 the U.S., rival demand response provider Comverge was recently acquired for $100 million by smart meter giant Itron for $100 million. Neil will then follow David with a financial review of the quarter and our outlook for the second half of the year. Specifically, Enel intends to put EnerNOC to work as a foundational element of the E-Solutions business it launched last month. Allisons background in energy regulation and policy will help amplify our voice in the important regulatory discussions shaping the future of clean energy.. We look forward to this uncertainty being resolved. Tim Healy brings a career of senior executive experience in energy, utilities and demand response solutions. She is currently President of X Machina Capital Strategies, an energy-focused private equity firm, and is on the advisory board for ISO New England, Inc. She served multiple roles at J.P. Morgan, first as CEO of Global Commodities EMEA and subsequently as Chief Marketing Officer. Joan Anderton (m. 2015), Denise Welch (m. 19882012). "Grids are more volatile than ever, and the energy industry needs a trusted source of insights to manage risk and prevent blackouts. $1 Million - $5 Million. Since taking over during the second quarter, Eric has reorganized our sales force and revamped our sales process to make sure that we have the right people going to market, selling our platform in an effective way. But I think there are a lot of information companies as well, the ERP vendors, the CRM vendors that are looking to help various parts of the enterprise and the utility ecosystem expand what those software products can do in terms of dealing with some of this new complexity in the energy ecosystem. This is a publicly traded company and is listed on NASDAQ: ENOC. Now let me turn to some personnel developments. and Timothy Healy, Chairman & CEO What about within demand response? And in order to do that, what we need to do is achieve the customer success objectives as quickly as possible, meet the customer's expectations, make this a user experience that is best-in-class and in the case of customers that are looking to simply engage with Energy Intelligence Software to drive savings, help them drive those savings. Under his leadership, 35 of his employees have gone on to become CEOs of their own companies. His wife is Joan Anderton (m. 2015), Denise Welch (m. 19882012). Tom at this point, we'd like to open the call up for Q&A. Energy was perceived more or less as rent, it was something that was a fixed cost that wasn't a cost to be managed. And it makes me really proud. Tim Healy. A bright spot was the net churn rate for the EIS component of our utility ARR which was a double-digit negative percentage indicating that we continue to expand our presence with those products with existing utility customers. I'm joined on today's call by Tim Healy, our Chairman and CEO; David Brewster, our President; and Neil Moses, our Chief Operating Officer and Chief Financial Officer. "The company is at an exciting stage to shape the market to ensure the energy transition happens correctly. We believe this is mostly a current year risk as we believe we can meet future grid operator obligations through continued diversification of our customer curtailment activity as well as active portfolio management. 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. We don't know that for sure obviously but there are some intuitive observations that would suggest and I don't think that we're alone in predicting that you could see higher prices for the capacity performance product. These changes require new training and investment right now to ensure we have a highly capable and productive sales force selling our best-in-class EIS products. So I think we are at an interesting point in time but it's probably not, I don't think I'm going to do a good job trying to look at the crystal ball as to what's going to happen. And on a non-GAAP basis, our net loss per diluted share was $0.32 in the second quarter versus $0.73 in Q2 of 2014. We view this as a normal course corporate activity and I would like to remind you and emphasize that our top capital deployment priority remains investing in the growth of our enterprise and utility EIS business. I know that it can be confusing to some investors what all of this means. As of 2022, Tim Healy's net worth is $100,000 - $1M. Scott was an early investor in EnerNOC (Nasdaq ENOC), Massive (acquired by Microsoft) and Image Space Media (acquired by Vibrant Media). Where Will DOE's Loan Program Make the Next Climate Tech Investments? 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. Operating expenses in the quarter came in lower than expected and contributed to our higher than anticipated adjusted EBITDA performance. Great, that's helpful. The City of Austin, Texas, the Bank of Georgetown, Stevens Pass ski resort, Diamond Packaging, Southern Oregon University and marketer-printer Sandy Alexander are the first organizations to sign up to the 5 Year Renewable Energy Pledge run by the Renewable Energy Markets Association. Tim Healy brings a career of senior executive experience in energy, utilities and demand response solutions. The business cases for demand response and energy efficiency were already strong prior to the Clean Power Plan but they're even stronger today. Before joining REGEN, James led Western US sales for EnerNOC, recognized leader in Demand Response, with a focus on bringing Commercial & Industrial customers together with utility-funded Demand Response programs, and Data-Driven Energy Management solutions. Also in the quarter, we expanded our demand response engagement with Japanese utilities; our Japanese JV doubled the size of its portfolio with Japan's largest utility, TEPCO, and was awarded initial pilots with the country's second and third largest utilities. As Chris mentioned, I'm joined on today's call by David and Neil, and at the conclusion of my remarks, which will focus primarily on our Enterprise Software business, David will update you on our Utility Software business and grid operator business. And as it relates to if we do bring our portfolio down from 3000 megawatts, we would expect because of the dynamics that we've seen and our internal forecast suggests that the pricing for capacity performance in our estimation would probably be higher than the existing products. 2005-2023 EquityNet Inc. All Rights Reserved. Appreciate all the detail you gave on your thoughts on the PJM auction. So just two questions. And those internal champions tend to be the best case we have for expanding our operations inside of an existing organization or bringing this to other like-minded organizations and similar verticals. Alex Wright-Gladstein worked at EnerNOC for five years post college and has since gone on to co-found Ayer Labs, which makes high bandwidth and energy energy efficient silicon computer chips while getting her MBA. His advice: Build a great team with people who complement your thinking. Tims final words of advice for the event trust your gut. Tim. Where Will DOEs Loan Program Make the Next Climate Tech Investments? 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. While the initial reaction when first learning about our software is often how much savings can it generate, what's the IRR, EIS is much more than just a savings tool. That's going to likely result in the potential for lower megawatts for us in our PJM portfolio. In 2014 we repurchased $30 million of stock in conjunction with our convertible debt offerings. In the meantime, work under our existing partnerships continues and we recently hit an important product milestone in our arrangement with Sun Power, it will allow Sun Power to begin bundling our software with every sale of its solar energy systems to commercial and industrial customers in North America. Prior to EnerNOC, Healy worked in the Energy Technology Laboratory for Northern Power Systems, Inc., and held positions with Merrill Lynch, International Fuel Cells (now UTC Fuel Cells), and the venture capital firm Commonwealth Capital Ventures. There may be some lumpiness from quarter-to-quarter and that's principally because we still have a services business which comprises roughly $15 million of our $75 million enterprise business and there is some lumpiness in the projects related to that service business from quarter-to-quarter. Matthew Healy was born in London, England in April 1989. Thank you. It doesn't limit us interestingly enough in working with other types of distributed energy companies. I'll also note that the Tesla pilot is underway with a handful of installations completed in California and we're excited to begin using energy storage for both demand response and demand management at these sites to prove out what we believe will eventually be a very large market. We're thrilled to have him on board. David has pioneered efforts to make customer participation in these markets more effective through improved market rules and technologies. Boston Properties has invested in a holistic enterprise approach to energy data management which aims to differentiate the company to its investors and customers. And with that, I'll turn it back over to Chris. EnerNOC founder and ex-J.P. Morgan executive bring their expertise to expand Amperon's platform and be a major player in the energy transition. From September 2000 until October 2010, Adam served as a general partner of Foundation Capital, a venture capital firm. Please go ahead. We disclaim any obligation to update them to reflect future events or circumstances. Sure, Monika, I think we're starting for as much valuable and transparent information that we can disseminate as possible because we recognize a couple of things. The company was founded in 2001 by Tim Healy and David Brewster. Happy to do so. EnerNOCwas noted for having a process which utilized a cross-functional team to participate in the interviews. David . Just one on the enterprise EIS side, you were sharing lot of metrics on that but in future would you be kind of give us more information if you have like 0.5 million plus how many customers on the ARR are $1 million enterprise customers? 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. Reporter covering the green technology space, with a particular focus on smart grid, demand response, energy storage, renewable energy and technology to integrate distributed, intermittent green energy into the grid. So we -- in the past in the last two years, we have been active in both years in repurchasing our stock. There, you'll also find a summary statement of operations, a summary balance sheet, and a summary of key financial and operating statistics for the last five quarters. For more information, visit www.packetizedenergy.com. In addition to managing EnerNOCs Western US sales team, James personally brought over 250 megawatts of Demand Response into programs across the United States. Italys Enel announced Thursday that its U.S. subsidiary, Enel Green Power North America, will acquire Boston-based EnerNOC for about $7.67 per share, or a 42 percent premium over yesterdays share price. Prior to EnerNOC, David worked at Beacon Power Corporation (NASDAQ: BCON), a developer of flywheel-based energy storage solutions for grid-scale frequency regulation services and other applications. Shifting gears to our grid operator business, we continue to execute on our strategy to diversify our grid operator revenue through international expansion and we're excited about the progress we've made in South Korea which is expected to be our third largest international market this year.
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