NEWS
ConnectM Announces Strategic Acquisition of Green Energy Gains Inc.
~ Advances M&A Strategy and Completes Second Acquisition Since Public Listing in July 2024 ~
~ Acquisition Immediately Increases the Customer Base of ConnectM's Proprietary Electric Heat Pump, Serving as an Entry Point for Home Energy Assessment (HEA) Flywheel ~
~ High Conversion Rate of 65% from HEA Consultations to Heat Pump Adopters ~
~ Green Energy Gains Unlocks Local, State and Federal Electrification Incentives for Homeowners ~
~ Acquisition Immediately Increases the Customer Base of ConnectM's Proprietary Electric Heat Pump, Serving as an Entry Point for Home Energy Assessment (HEA) Flywheel ~
~ High Conversion Rate of 65% from HEA Consultations to Heat Pump Adopters ~
~ Green Energy Gains Unlocks Local, State and Federal Electrification Incentives for Homeowners ~
MARLBOROUGH, MA / ACCESSWIRE / October 10, 2024 / ConnectM Technology Solutions, Inc. (NASDAQ:CNTM) ("ConnectM" or the "Company"), a technology company focused on the electrification economy, today announced it has signed a definitive agreement (the "Purchase Agreement") to acquire Green Energy Gains Inc. ("Green Energy Gains" or "GEG"), a Massachusetts Home Performance Contractor of energy and weatherization assessments, working in partnership with the sponsors of the Mass Save® Program. The Company's acquisition of Green Energy Gains is the second strategic acquisition since the Company's public listing, validating management's commitment to its operating plan.
Transaction Overview
ConnectM has entered into a Purchase Agreement with the owners of Green Energy Gains, whereby the Company has acquired all of the issued and outstanding capital stock of GEG in an all-stock transaction. The transaction was completed on October 9, 2024.
The Green Energy Gains operating model includes home energy assessments (HEA) and modeling, and identification of weatherization opportunities for the home in order to reduce the homeowner's utility bills. ConnectM's core business model relies on an inorganic growth strategy. Green Energy Gains, as a strategic acquisition, strengthens ConnectM's portfolio and is expected to expand the customer base for its proprietary electric heat pump, offering a suitable solution for homeowners after no cost home energy assessments. The acquisition serves as an entry point for the HEA flywheel, providing whole home electrification solutions and unlocks the world of rebates and incentives for electrification. Green Energy Gains also brings a local partner ecosystem consisting of HVAC contractors which will serve as a distribution channel for ConnectM heat pumps and pave a path for potential future Master Service Agreements.
Transaction Overview
ConnectM has entered into a Purchase Agreement with the owners of Green Energy Gains, whereby the Company has acquired all of the issued and outstanding capital stock of GEG in an all-stock transaction. The transaction was completed on October 9, 2024.
The Green Energy Gains operating model includes home energy assessments (HEA) and modeling, and identification of weatherization opportunities for the home in order to reduce the homeowner's utility bills. ConnectM's core business model relies on an inorganic growth strategy. Green Energy Gains, as a strategic acquisition, strengthens ConnectM's portfolio and is expected to expand the customer base for its proprietary electric heat pump, offering a suitable solution for homeowners after no cost home energy assessments. The acquisition serves as an entry point for the HEA flywheel, providing whole home electrification solutions and unlocks the world of rebates and incentives for electrification. Green Energy Gains also brings a local partner ecosystem consisting of HVAC contractors which will serve as a distribution channel for ConnectM heat pumps and pave a path for potential future Master Service Agreements.
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