Exceleron and PayGo Announce Merger

Source: www.gulfoilandgas.com 5/21/2024, Location: North America

Exceleron Software and PayGo Utilities today announced they have merged their business operations and formed Empower Grid Holdings ("EGH") with financial backing from Moore Strategic Ventures, Bahman Hoveida's Accurant International LLC, and Avista Development, Inc., a wholly owned, non-regulated subsidiary of Avista Corp. With the combination of Exceleron's dominant presence in the municipal power market and PayGo's leadership position serving large investor-owned and public power utilities, Empower Grid Holdings' scale and experience will better serve the growing affordability needs of utilities and their customers as part of the Energy Transition. Both companies are active in international markets, including Exceleron's existing team and pipeline in the rapidly evolving Indian prepay market. The companies will continue to market under their respective brands.

Exceleron CEO and Founder, Bob Crenshaw, will serve as Executive Chair & Co-CEO with PayGo CEO, Jeff Weiser serving as Co-CEO and Ravi Raju as COO.

"This is a timely opportunity to accelerate innovation for the 75+ utilities and their customers served by the combined entity across 23 states. Both teams deliver solutions driving higher engagement, energy savings, and extremely high customer satisfaction. There is no limit to what we can do together to deliver the right outcomes for the combined customer base as the utility industry faces growing demand requirements, rising costs, and higher customer expectations." said Bob Crenshaw.

"Energy and water utilities need affordable billing and payments solutions that help customers control energy and water spend. Both companies' prepay programs lower customer energy costs by as much as 15% while delivering customer satisfaction that is significantly higher than traditional billing. We are excited about offering customers new features from Exceleron, and expanding our impact on energy choice and efficiency," said Jeff Weiser.

Hunter Horgan of Moore Strategic Ventures, EGH's lead investor, said "The best way to afford the energy transition is by empowering all consumers with better choices and more control over how and when they use energy. We are excited to have Avista Development, Inc. join the investor group and look forward to working with the combined teams from PayGo and Exceleron to reach their full potential."

"Utilities are looking to more frequently and effectively engage with their customers and pre-payment provides this platform with substantially increased customer satisfaction" said Bahman Hoveida, President of Accurant International. "Engaging with all customers to reduce peak events on grid assets will ultimately lower the cost for grid participants."

"For more than a decade JEA has utilized Exceleron's prepay solution to empower our customers with billing options and greater choice," said Sheila Pressley, Chief Customer Officer at JEA. "We are delighted that the new company will be well positioned to deliver outcomes that could result in greater customer satisfaction."

"Salt River Project's M-Power prepay option has long helped our customers manage their payments and reduce their energy use. We look forward to the opportunities this merger brings to grow and innovate our M-Power program for the benefit of our customers," said Vanessa Kisicki, Salt River Project Associate General Manager and Chief Customer Officer.

Empower Grid Holding's legal advisor on this transaction was DLA Piper.


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