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BOSTON, Aug. 23, 2018 (GLOBE NEWSWIRE) -- Diamond Generating Corporation (“DGC”), a leading independent power producer and wholly owned subsidiary of Mitsubishi Corporation, has announced substantial investments into two Boston-based firms and the opening of a corporate office to complement the growth of its distributed energy platform. DGC completed the acquisition of Boston Energy Trading and Marketing LLC (“BETM”), a prominent energy trading & marketing firm, from NRG Energy, Inc on Aug. 1, 2018. Under one week later, DGC acquired a controlling stake in Nexamp, Inc., a leading clean energy and community solar provider, following an initial successful investment into the company in 2016.
The investments establish Massachusetts as the foundation for Diamond Generating’s national efforts to expand its renewable energy deployments and advance comprehensive solutions for energy storage, asset optimization, energy management and retail power. As the nexus between the portfolio companies, DGC expects to realize efficiencies in its traditional power businesses while supporting innovative new models for growth, including community solar, energy storage and related distribution generation resources. For its part, Nexamp will aggressively pursue opportunities for new solar development and asset acquisitions across a growing geographic footprint, with a particular focus on community solar markets.
“Massachusetts has been the innovation hub for distributed energy, and Nexamp and Boston Energy represent the very best in the industry,” Diamond Generating Corporation CEO Satoshi Hamada said. “Our partnership uniquely positions DGC, BETM and Nexamp for collective success as our national energy markets experience rapid transformation. We’re incredibly excited to achieve our national agenda for growth with two proven innovators in the energy economy.”
BETM operates its best-in-class proprietary trading platform to provide energy management services to over 7.2 gigawatts of active power assets across the U.S., along with tailored services for battery storage assets and retail suppliers. Nexamp currently provides millions of dollars of annual electricity cost savings to nearly 3,000 active municipal, commercial and community solar customers. The company’s asset base has grown by 10x over the past four years. Nexamp is projecting growth of over 400 percent through 2020 based on a substantial development pipeline of solar and storage assets matched with aggressive asset acquisition targets in core markets like Massachusetts, New York, Rhode Island, Illinois, Maryland and New Jersey. Together, DGC, Nexamp and BETM have a combined workforce of approximately 280 employees.
“With this investment, Diamond Generating elevates Nexamp’s distributed generation goals while expanding its strategic portfolio in energy storage and trading,” Nexamp CEO Zaid Ashai said. “Partnering with Diamond Generating and Boston Energy Trading will enhance our ability to provide unique and innovative solutions to our customers.”
“Our partnership with Nexamp and Diamond Generating brings together three energy innovators with expansive and complementary areas of expertise,” Boston Energy Trading and Marketing President Reem Fahey said. “This collaboration will accelerate advancements in energy management and trading, as well as project development and storage. The future will be exciting for our customers.”
About Diamond Generating Corporation
Diamond is a wholly-owned subsidiary of Mitsubishi Corporation and is a developer, owner and operator of privately owned power generating assets in the United States. It currently has ownership interest in 11 operating power generating facilities and two facilities under construction in the U.S., having total output capacity of approximately 6,500MW, with net equity of 2,800MW. For more information, please visit www.dgc-us.com.
About Boston Energy Trading & Marketing LLC
Boston Energy Trading and Marketing LLC (BETM), a Mitsubishi Corporation subsidiary, provides asset management and optimization services to owners of generation and energy storage in North America, and wholesale energy to retail power and gas suppliers. Our traders cover competitive power markets including New England, Midwest and Western markets. Driven by a fundamentals-based approach, our team develops and maintains electric-transmission, gas network and supply/demand models to inform market views for trading opportunities. Diamond acquired BETM from NRG Energy in August 2018, and prior to 2014 BETM was known as Edison Mission Marketing and Trading. For more information, please visit www.betm.com.
Nexamp is leading the transformation to the new energy economy with proven solutions for the deployment and operation of clean energy assets. Our comprehensive capabilities span the entire project lifecycle – from project development, design and construction, through financing, operations and maintenance. Our integrated, best-in-class solutions make solar energy simple and profitable for our clients and partners and make an impact every day. With a rapidly expanding network of property owners, businesses, communities and residents benefitting from our growing portfolio of solar assets across the U.S., Nexamp and our partners are laying the groundwork for a cleaner, more secure energy future. For more information, please visit www.nexamp.com.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry, including industrial finance, energy, metals, machinery, chemicals, living essentials and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 offices and subsidiaries in approximately 90 countries worldwide and a network of over 1200 group companies, MC employs a multinational workforce of over 77,000 people. For more information please visit www.mitsubishicorp.com.
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