UPDATED: An interview with Envest Corp. president and CEO Jason Moretto.
Renewable energy services firm Bullfrog Power has been acquired by independent energy producer Envest Corp., which will seek to "crystallize" their synergies in the sustainability industry.
Toronto-headquartered Bullfrog Power will become a wholly owned subsidiary of Envest Corp., which is also based in Toronto.
Jason Moretto, president and CEO of Envest Corp., told SustainableBiz Spark Power Group, the former owner of Bullfrog Power, sold Bullfrog Power to Envest Corp. for all-cash proceeds of up to $35 million.
"Highly complementary" businesses
The acquisition will "crystallize synergies between the two companies" Moretto said, as Envest Corp. believes Bullfrog Power's operations are "highly complementary" to its portfolio of operations.
He pointed to how Envest Corp. generates environmental attributes as a producer of sustainable energy, while Bullfrog Power incorporates those environmental attributes into its solutions offerings to its clients.
"We may provide Bullfrog with an inventory that they may include into their offerings to their corporate and residential clients,” he added.
Moretto said Bullfrog Power might widen the scope of its offering of environmental attributes to decarbonize its corporate clients by including Envest’s sustainable infrastructure solutions.
Bullfrog Power will continue to deliver green energy solutions like green electricity and power purchase agreement advisory services to its commercial and residential customers. It will also be able to provide additional sustainability solutions and accelerate its participation in the U.S. market by joining Envest Corp., the announcement states.
Bullfrog Power will keep its brand name and its management team.
About Envest and Bullfrog
Envest Corp. is an energy producer that finances, builds and operates a line of clean energy systems for the mid-market infrastructure sector. It emphasizes embedded generation systems and finance solutions.
The company's core focuses are on distributed energy resources like renewable energy microgrids and energy from biofuels such as biomass.
Bullfrog Power offers green electricity, green natural gas and green fuel solutions for businesses and households. The company also provides advisory services for companies looking to procure renewable energy through power purchase agreements.
Bullfrog Power says its operations have prevented two million tonnes of carbon dioxide from entering the atmosphere.
"This acquisition brings together two sustainability leaders with a shared goal of building a renewably powered future," Suha Jethalal, president of Bullfrog Power, said in the announcement. "We look forward to growing the 'bullfrogpowered community' and offering an even broader range of sustainability solutions through this transaction."