Priority Power Acquires Energy Procurement and Solar Development Business of Affordable Gas & Electric (AGE)
Acquisition of AGE Increases Priority Power’s Footprint in the Midwest and Bolsters Priority Power’s Rapidly Expanding Solar Development Business
THE WOODLANDS, Texas & MT. VERNON, Ill.–(BUSINESS WIRE)–Priority Power Management, Inc. (“Priority Power” or the “Company”), a leader in energy optimization and infrastructure offering smart energy solutions and streamlined transitions to carbon neutrality, today announced that it successfully completed its acquisition of the energy procurement, consulting and solar development business of Affordable Gas & Electric Company, LLC (“AGE”).
This transaction further increases Priority Power’s footprint in Midwest energy markets where Priority Power, through Satori Energy (acquired in 2021), is a leader in energy procurement and consulting. The acquisition of AGE’s solar development business further bolsters Priority Power’s fast growing solar development business and its commitment to be leader in energy transition innovation.
AGE’s energy management services business, headquartered in Mt. Vernon, Illinois, serves hundreds of municipalities, Chambers of Commerce, businesses and industrial clients throughout Illinois and Ohio.
For a decade, AGE has been aggregating commercial, industrial and municipal electricity customers into strategic “bulk energy loads” to deliver cost effective and efficient energy procurement negotiating strength for its 125,000+ residential and 1,000+ commercial customers. AGE offers a complete suite of energy management and solutions focused on energy transition and sustainability. AGE also offers community solar programs, behind the meter solar solutions, co-generation solutions and other energy efficiency services such as lighting retrofits.
“The addition of AGE’s business to Priority Power’s industry leading energy procurement and consulting business reinforces our commitment to providing the premier suite of energy management solutions to our customers nationwide,” said Brandon Schwertner, Chief Executive Officer of Priority Power. “AGE’s energy procurement aggregation business and energy transition initiatives perfectly complement the expanding suite of services that Priority Power, through Satori, provides to our customers in the Midwest,” added David C. Wiers, President of Satori.
Jeff Haarmann, Managing Partner of AGE, noted that “Priority Power and Satori are the perfect partners for AGE’s customers, allowing for increased rate negotiating strength and access to even greater energy solution expertise that will guide our customers through this new sustainable energy world.”
About Priority Power:
Priority Power, backed by Oaktree Capital Management and Ara Partners, serves over 7,000 clients, totaling $2.7 billion in energy spend, across nearly every industry and vertical, and has well over $230 million of energy infrastructure projects completed, and over $1 billion in energy.
Priority Power is leading the Energy Transition with proven integrity, trust and transparency. Priority Power combines energy optimization and infrastructure expertise, with our proprietary technology, PriorityView, to help large scale commercial/industrial businesses achieve decarbonization and sustainability goals while also maximizing savings and efficiency. For more information on Priority Power, please visit www.prioritypower.com and linkedin.com/company/priority-power-inc.
Contacts
Katherine Tappan
Investor Relations
501-951-5282
ktappan@prioritypower.com
