first published week of: 03/28/2016
Southern Company and PowerSecure International, Inc. announced that the boards of directors of both companies have approved a definitive merger agreement through which Southern Company will acquire PowerSecure, with PowerSecure becoming a wholly owned subsidiary of Southern Company.
Southern Company believes that the advancement of distributed infrastructure technologies - the very technologies in which PowerSecure specializes through its unique business model - helps meet customers' future energy needs as part of the full portfolio of energy resources. These technologies typically receive highest demand largely in markets outside of the Southeast, where distributed infrastructure investments tend to provide greater customer value.
“As energy technologies and customer expectations continue to evolve, the electric utility business model is increasingly expanding beyond the meter,e” Southern Company Chairman, President and CEO Thomas A. Fanning
As Southern Company and PowerSecure prepare for tomorrow, the combination of one of America's leading energy companies with a successful, customer-focused provider of differentiated energy solutions and innovative energy infrastructure is designed to expand Southern Company's opportunities to provide customized energy products to customers.
"As energy technologies and customer expectations continue to evolve, the electric utility business model is increasingly expanding beyond the meter," said Southern Company Chairman, President and CEO Thomas A. Fanning. "Today there is demand for distributed infrastructure solutions that best meet each customer's unique energy needs. With the addition of PowerSecure to Southern Company, we're extending our commitment to create America's energy future by tapping into industry-leading expertise to deliver cutting-edge solutions to energy consumers nationwide."
By acquiring a premier provider of distributed generation, energy efficiency and utility infrastructure solutions, Southern Company will be positioned to accelerate the ongoing expansion of energy product offerings that are intended to provide customers greater control of their energy use and will add complementary technical depth in customer-located reliability and efficiency technologies. continued…