BOULDER — Renewable Choice Energy, based in Boulder, has been acquired by Schneider Electric, a global specialist in energy management and automation.
Renewable Choice announced the sale Wednesday. Renewable Choice will join the Energy and Sustainability Services business within Schneider. Financial terms of the deal were not disclosed.
“Renewable Choice will continue to work with clients to buy clean energy more strategically, and with Schneider’s additional capabilities, we can also help clients use that energy more efficiently, and become more sustainable in how they use many other resources, anywhere in the world,” Renewable Choice’s chief executive, Pete Dignan said. “We expect both Schneider and Renewable Choice clients to benefit from our partnership.”
Renewable Choice helps institutional companies navigate their clean-energy purchasing options. In its own press release on the acquisition, Schneider said that Renewable Choice has been a pioneer in the clean-power industry.
“As clean energy reaches price parity with traditional energy, companies are taking aggressive steps to integrate renewables. We are seeing tremendous demand from clients to source a mix of green energy at a competitive rate,” said Steve Wilhite, senior vice president of energy and sustainability services at Schneider Electric. “Together, Schneider and Renewable Choice are the clear industry leader for clients looking to diversify their overall energy strategy, while providing critical sustainability and risk mitigation benefits via clean energy solutions.”
Dignan said co-founders Quayle Hodek and Kris Lotlikar will not go forward with the company. They had been serving as Renewable Choice board members. He said all 35 Renewable Choice employees will remain in Boulder.
The company will go through a name shift over the next year from Renewable Choice Energy, to Renewable Choice-Schneider Electric to possibly just Schneider Electric, Dignan said.