ICF has acquired Applied Energy Group, an energy technology and advisory services company from Ameresco.
AEG provides integrated technology and advisory solutions to electric and gas utilities, state and local governments, and state energy offices nationwide.
“This transaction aligns with our strategy to extend our capabilities in ICF’s growth areas, with specific emphasis on our energy markets advisory and technology-enabled services,” said John Wasson, chair and CEO of ICF. “We are expanding our capabilities with an innovative, cutting-edge technology solution for utilities and state and local government clients that will drive added value for them, as well as their customers and stakeholders. AEG’s portfolio is highly complementary to our own, and both companies have seen strong growth in the energy arena. Together, we’ll build on that momentum and create incremental revenue synergies as we address top-of-mind energy challenges with our clients.”
AEG brings an energy technology platform to ICF that streamlines demand-side management programs like energy efficiency, demand response and load management. The cloud-based platform delivers real-time analytics and business intelligence to ensure grid reliability and affordability, the company said.
“We have successfully partnered with ICF on dozens of utility management projects and have a proven track record of delivering positive results for our clients,” said Ingrid Rohmund, president and general manager of AEG. “As one team, I am confident we can significantly expand our revenue and reach.”
AEG is expected to generate $30 million in revenue in 2024 with margins similar to ICF’s commercial energy business.
“We are excited to see the AEG team transition over to ICF where they can continue to grow and complement the ICF portfolio of services,” said George Sakellaris, president and CEO of Ameresco. “This successful divestiture will allow us to remain focused on our core businesses and the exciting growth opportunities within our target markets.”
Canaccord Genuity acted as exclusive financial advisor to Ameresco on this transaction.