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The United States strengthens its energy capabilities with the acquisition of AEG for $30 million

ICF acquires Applied Energy Group from Ameresco for $30 million, consolidating its energy and technology services for public utilities and local governments.

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ICF, a company specializing in consulting and technology services, has completed the acquisition of Applied Energy Group (AEG) from Ameresco. This $30 million transaction for 2024 aims to enhance ICF’s capabilities in energy technologies and services for public and local markets in the United States.

AEG, which includes over 100 energy management experts, brings to ICF an advanced technology platform dedicated to managing demand-side management (DSM) programs. These programs cover key areas such as energy efficiency, demand response, and load management. The cloud-based platform delivers real-time business intelligence and analytics to ensure grid reliability while maintaining competitive costs.

A strategic partnership

The collaboration between ICF and AEG is not new. The two companies have worked together on various projects for public utilities, strengthening their respective expertise. With this acquisition, ICF aims to develop additional synergies and accelerate its growth in the energy sector.

John Wasson, ICF’s CEO, stated that this operation is part of a broader strategy to expand its technological and consulting services. “We are now better equipped to meet the growing needs of our clients in energy efficiency and load management,” he said.

A repositioning for Ameresco

On its side, Ameresco highlighted that this divestiture allows it to focus more on its core activities, including energy projects, asset management, and operation and maintenance services. “We are excited to see AEG thrive under ICF’s leadership, which will offer new growth opportunities for their team,” said George Sakellaris, Ameresco’s CEO.

Strong financial prospects

ICF expects AEG’s annual revenues to reach approximately $30 million in 2024, with double-digit growth projected by 2025. This acquisition is also expected to have an immediate positive impact on the company’s adjusted earnings per share (Non-GAAP EPS).

This transaction comes as ICF experiences strong demand for its services in electrification, grid resilience, and flexible energy management.

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