EUA Cogenex and Energy Assets acquired by Alliant Energy Industrial Services

CEDAR RAPIDS, Iowa, LOWELL, Mass., and KING OF PRUSSIA, Pa., Jan. 2, 2001 (PRNewswire) à‚– Alliant Energy Industrial Services has acquired EUA Cogenex and Energy Assets (formerly known as Energy Performance Services).

Alliant Energy Industrial Services will combine the two companies into its Energy Applications unit to create a new company under the name Cogenex. The new company, Cogenex, will provide customers with on-site energy services, including energy infrastructure and mechanical systems; central plant construction and operations; demand-side management programs, performance contracting, and peaking generation.

Cogenex will operate as one of the five business platforms of Alliant Energy Industrial Services, which also offers energy commodity, energy consulting and environmental management solutions to industrial, commercial, institutional and government customers.

The combination of these three experienced businesses goes one step further in Alliant Energy Industrial Services’ vision of becoming a full-service national energy and environmental services company, said President Charles Castine.

“Uniting the people and industry knowledge of these three companies produces a company with an exceptional level of energy services expertise,” Castine said. “In this chaotic energy marketplace, customers need answers and alternatives. The Cogenex team will be equipped to answer customers’ energy questions, improve their energy reliability, and reduce their energy costs. Our mission is to be a trusted source for all of our customers’ energy issues and concerns.”

The new company has specific expertise in on-site generation, mechanical systems and construction management, Castine said. The company has experience with industrial customers, colleges and universities, health care systems and government clients in more than 40 states, Canada and Mexico.

Jon Bancks of Alliant Energy Industrial Services will serve as the president of Cogenex, reporting to Castine. Bancks previously held management positions with GE and Illinova.

“This is a unique opportunity to create a new energy services company, focused on providing superior service and unparalleled on-site energy expertise for our customers,” Bancks said. “We look forward to bringing together the best of three businesses to create a stronger, smarter company for the benefit of our customers.”

Castine said the slow pace of energy deregulation and the volatility of energy prices create a pressing need for the company’s products and services.

“During this transition period to deregulation, customers are finding that energy prices are more uncertain and unstable than ever before,” he said. “The slow move to true electric customer choice postpones energy savings for customers, and even increases their financial risk. Cogenex offers on-site energy solutions to help customers manage their risks, ensure reliability and experience price stability and cost savings, rather than simply waiting for the benefits of deregulation to occur.”

EUA Cogenex was previously a wholly-owned subsidiary of National Grid U.S.A. National Grid and EUA Cogenex were represented in the transaction by EnCapital, a Boston-based investment banking firm specializing in mergers and acquisitions in the energy industry.

The new company, Cogenex, has offices in Lowell and Braintree, Mass.; King of Prussia, Pittsburgh, and Philadelphia, Pa.; Rochelle Park, N.J.; Frederick, Md.; Syracuse and New York, N.Y.; Cedar Rapids, Iowa; Milwaukee, Wis.; and Phoenix, Ariz.

Castine said Cogenex is well positioned to serve customers in the Eastern and Midwestern United States, and will be looking to expand to serve other markets of the country, Canada and Mexico. “We expect to seek additional acquisitions to further build our geographic reach in the coming months,” he said.

Alliant Energy Industrial Services, headquartered in Cedar Rapids, Iowa, is the non-utility energy and environmental subsidiary of Alliant Energy, a growing energy company based in Madison, Wis. Alliant Energy Industrial Services provides energy consulting, on-site generation, energy commodity and environmental engineering and construction management services for clients. Information about the company is found on-line at https://alliantenergyisco.com

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