European utility giant Enel Group has bought a US energy management company for $250 million (£192m).
The firm, headquartered in Italy, said it has completed the acquisition of EnerNOC, securing 100% ownership of the company.
EnerNOC is a US-based provider of demand response and energy services for utility, commercial, institutional and industrial customers.
Enel will incorporate more than 8,000 of EnerNOC’s customers, 14,000 sites under management and a total of 6GW of demand response capacity.
Demand response allows commercial and industrial firms to respond to market signals by increasing or reducing their power usage, with the aim of addressing excess power supply or demand, enabling greater grid flexibility and more efficient use of the energy resource and system.
Francesco Venturini, Head of Global e-Solutions at Enel said: “With the close of this transaction, we strengthen our position to leverage the technology and digital transformation that is taking place within the energy sector and open the door for the creation of new, innovative business opportunities that will meet and respond to the changing needs of our growing customer base.”