Diamond Generating Corp. (DGC), an independent power producer and wholly owned subsidiary of Mitsubishi Corp., 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), an energy trading and marketing firm, from NRG Energy Inc. on Aug. 1. Less than one week later, DGC acquired a controlling stake in Nexamp Inc., a clean energy and community solar provider, following an initial successful investment in the company in 2016.
DGC says the investments establish Massachusetts as the foundation for the company’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 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,” comments Satoshi Hamada, CEO of DGC. “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 a proprietary trading platform to provide energy management services to over 7.2 GW of active power assets across the U.S., along with tailored services for battery storage assets and retail suppliers. Nexamp’s asset base has grown 10 times over the past four years, and the company is projecting growth of over 400% through 2020, based on a substantial development pipeline of solar and storage assets – matched with aggressive asset acquisition targets – in core markets including Massachusetts, New York, Rhode Island, Illinois, Maryland and New Jersey.
Together, DGC, Nexamp and BETM have a combined workforce of approximately 280 employees in Boston.
“With this investment, Diamond Generating elevates Nexamp’s distributed generation goals while expanding its strategic portfolio in energy storage and trading,” says Zaid Ashai, CEO of Nexamp. “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,” adds Reem Fahey, president of BETM. “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.”