Local Startup Viridity Energy Announces Acquisition by Ormat Technologies
Ormat Technologies has acquired Viridity Energy, a Philadelphia-based energy tech startup and Ben Franklin portfolio company. The Nevada-based geothermal and renewable energy company will purchase Viridity for an initial consideration of $35 million.
Ormat purchased the private company based at Ten Penn Center in Center City with the aim of bringing on its proprietary SaaS platform that manages energy demand, demand response and battery storage. With Viridity’s proprietary platform, Ormat will be able to capitalize on the growing trends in energy. Most notably, Ormat will optimize how energy is sold, managed and stored through its automated technologies.
Shareholders will receive $35 million at closing. Additionally, Ormat will pay considerations contingent on performance for 2017 and 2020 fiscal years.
“Leveraging Ormat’s breadth of capabilities, electricity market expertise and resources, we will have a unique opportunity to accelerate innovation and deliver significant value to our customers and partners. Viridity will be ideally positioned to fulfill our core mission, and our employees will benefit from becoming part of a larger company,” said Viridity CEO Mack Treece.
The staff, management and client relationships will stay in place once the deal closes early this year. The 8-year-old company works with major energy providers, utilities and users. It provides increased efficiency, energy revenue and savings using algorithms and automated, real-time sales in the wholesale electric power market.