Exceleron Software and PayGo Utilities merge to form Empower Grid Holdings with strategic investments
Exceleron Software and PayGo Utilities have announced their merger to create Empower Grid Holdings (“EGH”), a new powerhouse in the utility billing solutions sector. The merger, backed by strategic investors including Moore Strategic Ventures, Bahman Hoveida’s Accurant International LLC, and Avista Development, Inc., a wholly owned subsidiary of Avista Corp., aims to enhance service offerings in the energy and water utility markets.
Strategic Merger to Enhance Utility Services
The newly formed EGH combines Exceleron’s strong presence in the municipal power market with PayGo’s leadership in serving large investor-owned and public utilities. This strategic combination is expected to leverage the strengths of both companies to address the growing affordability needs of utilities and their customers amidst the Energy Transition. The companies will continue operating under their existing brands, ensuring continuity in the market.
Bob Crenshaw, CEO and Founder of Exceleron, and Jeff Weiser, CEO of PayGo, will lead EGH as Executive Chair & Co-CEO and Co-CEO respectively, with Ravi Raju appointed as COO. “This is a timely opportunity to accelerate innovation for the 75+ utilities we serve across 23 states. There is no limit to what we can achieve together in the face of growing demand, rising costs, and higher customer expectations,” Crenshaw stated.
Impact on Customers and Utility Management
Both Exceleron and PayGo have been instrumental in providing solutions that drive high customer engagement and satisfaction. Their programs are known to reduce energy costs for customers by as much as 15%, significantly higher than traditional billing systems. “Both companies’ prepay programs deliver higher customer satisfaction and help customers control their energy and water spend,” added Jeff Weiser.
Investor Perspectives and Future Expectations
Hunter Horgan of Moore Strategic Ventures highlighted the merger’s potential to empower consumers with better choices and more control over their energy use. Bahman Hoveida emphasized the role of pre-payment systems in increasing customer satisfaction and reducing peak events on grid assets, which can lower overall grid costs.
Customer Testimonials and Legal Advisory
Sheila Pressley, Chief Customer Officer at JEA, and Vanessa Kisicki, Associate General Manager at Salt River Project, expressed their support for the merger. They noted the positive impact of Exceleron’s prepay solutions on customer empowerment and are optimistic about the innovations the merger could bring.
DLA Piper served as the legal advisor for Empower Grid Holdings in this transaction, ensuring a smooth merger process.