E2 COMPANIES' PALM ENERGY, LLC ACQUIRES BEHIND THE METER PORTFOLIO FROM NRG ENERGY, INC.

Rhea-AI Summary

Palm Energy, LLC has acquired a Behind the Meter (BTM) portfolio from NRG Energy (NYSE: NRG), encompassing approximately 15 MW in commercial and industrial customers across PJM and New England. This strategic acquisition will enhance Palm's managed MWs in these regions and enable the company to optimize microgrids for cost efficiency and reliability. The acquisition supports Palm's growth and reinforces its capability to provide essential energy management solutions using its Virtual Utility®IQ platform.

Positive

• Acquisition of 15 MW of BTM solutions strengthens Palm Energy's market presence.
• Enhances operational capabilities to reduce energy costs for customers.
• Utilization of advanced technologies like R3Di® for improved reliability and ESG compliance.

Negative

• None.

Palm Energy, LLC to utilize its Virtual Utility® IQ to provide Reliability and Energy Cost Savings.

BONITA SPRINGS, Fla., May 20, 2022 /PRNewswire/ -- Palm Energy, LLC ("Palm"), a provider of comprehensive energy solutions and services has announced the acquisition of several Behind the Meter (BTM) solutions from NRG Energy, Inc. (NYSE: NRG), the leading integrated power company in the United States. The acquired portfolio includes approximately 15 MWs of commercial and industrial customers located in PJM and New England which will increase Palm Energy's managed MWs in those markets. Palm Energy will own, operate, maintain, and optimize the microgrids to reduce energy costs while providing reliability to the customers and the grid.

"Palm's ability to leverage assets in the energy market on behalf of our customers is unmatched," states Palm Energy's Co-Founder and President, Steven Moffitt. "We are able to reduce the customer's energy cost while at the same time provide resiliency. We do this by participating in market programs across North America, managing power and gas supply agreements, and verifying operational and financial performance through our Virtual Utility®IQ platform."

Palm Energy brings to market a single-source solution for our customer's complete energy needs by optimizing BTM assets through its 24/7 Network Operations Center (NOC) and Virtual Utility® IQ platform. Palm also utilizes parent company, e2 Companies' Patented R3Di® ("Ready") System to provide resiliency and reliability to utilities and C&I customers through an ESG offering that combines safe and reliable fast-discharge batteries with ultra-low emission continuous rated natural gas engines that are ready for Renewable Natural Gas or can be modified to utilize Hydrogen blends. 

"The NRG asset acquisition is a great affirmation of Palm Energy's influence and ability to optimize BTM solutions, reduce energy costs, and provide sorely needed reliability to our customers, and the grid alike. This transaction is a big step in Palm Energy's growth and ability to stabilize an increasingly taxed grid," says James Richmond, President and CEO of e2 Companies.

Mr. Moffitt states, "A combined offering of Palm's services coupled with e2's Patented R3Di®, and technical services can unlock more than just energy savings. Our R3Di® technology provides customers with turnkey reliability while enabling the transition to a zero-carbon future."

About Palm Energy, LLC and e2 Companies, LLC

Together, Palm Energy and e2 Companies utilize the Virtual Utility®IQ to provide comprehensive energy solutions and services to businesses with a primary focus on solving customers' most challenging reliability and energy management needs. e2 Companies have developed a full range of products and services, from simple catalyst systems and Best Available Control Technology (BACT) to complete essential primary and emergency power systems. Palm Energy and the e2 Companies are the first vertically integrated Distributed Generation firm and are headquartered in Bonita Springs, FL.

To learn more about Palm Energy and e2 Companies, visit www.palmenergyllc.com and www.e2companies.com or follow via social media @palmenergyllc and @e2companies.

Contact:

Poornima Swaminathan 
Spotlight Marketing Communications
949.427.1392 
Poornima@spotlightmarcom.com

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SOURCE E2

FAQ

What did Palm Energy acquire from NRG Energy on May 20, 2022?

Palm Energy acquired a Behind the Meter (BTM) portfolio including approximately 15 MW of commercial and industrial customer solutions.

How will the acquisition impact NRG's stock performance?

The acquisition is expected to enhance Palm Energy's operational efficiencies and could positively affect revenue, though direct impacts on NRG's stock performance remain to be seen.

What technology will Palm Energy utilize from this acquisition?

Palm Energy will leverage its Virtual Utility®IQ platform and e2's R3Di® technology to optimize energy management and reliability.

Where are the acquired customers located?

The acquired customers are located in the PJM and New England markets.

What is the strategic significance of the acquisition for Palm Energy?

The acquisition is a key step in Palm Energy's growth strategy, allowing it to stabilize and enhance energy efficiency for an increasingly taxed grid.