Thursday, May 03, 2007

EnerNOC Expects to Raise $79 Million to $86 Million in IPO - Boston, MA

EnerNOC, a Boston-based developer of technology for managing electricity grids and power usage, disclosed in a filing with the Securities and Exchange Commission on Thursday that it expects to raise between approximately $79 million and $86 million in its planned initial public offering of stock. The company disclosed that it expects to sell 3.75 million common shares priced at between $21 and $23 per share. EnerNOC uses its network operations center to remotely manage and reduce electricity consumption across a network of commercial, institutional and industrial customer sites. Its customers are electric power grid operators and utilities, as well as commercial, institutional and industrial end-users of electricity. EnerNOC's revenues have grown from $0.8 million in 2004 to $26.1 million in 2006. The company had a loss of about $2 million last year.


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