ICF announced on January 7, 2025, the acquisition of Applied Energy Group (AEG) from Ameresco, Inc., with the transaction completed on December 31, 2024. AEG is a leading energy technology and advisory services company with over 100 utility management and demand-side energy experts.
AEG brings a highly trusted energy technology platform that centralizes the management of demand-side management programs, offering real-time business intelligence and analytics to utilities and government energy offices. This platform helps organizations ensure programs provide grid reliability and affordability.
AEG is projected to generate approximately $30 million in annual revenue in 2024 at margins comparable to ICF's commercial energy business, with revenues expected to increase at least at a mid-teens rate in 2025. The acquisition is anticipated to be immediately accretive to ICF's Non-GAAP EPS, aligning with ICF's strategy to extend capabilities in growth areas.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.