Ameresco Files for $150 Million IPOPosted in Investment on April 1st, 2010 by News Desk –
Framingham, Mass. – Ameresco, a Framingham-based provider of energy efficiency and renewable energy production services, has filed with the U.S. Securities and Exchange Commission for its initial public offering of stock to raise an estimated $150 million.
Ameresco has grown from four offices in three states in 2001 to 54 offices in 29 states and four Canadian provinces in 2009. The company’s services address almost every aspect of purchasing and using energy within a facility. It provides upgrades to a facility’s energy infrastructure, as well as the construction and operation of small-scale renewable energy plants.
Ameresco claims to be technology agnostic, and that it objectively selects and provides the products and technologies best suited for a customer’s needs. The company will either retain ownership of a completed renewable energy plant or build it for the customer. Most of its plants have to date been constructed adjacent to landfills and use LFG (landfill gas) to generate energy.
In its new SEC filing, Ameresco indicated that its revenue has increased from $20.9 million in 2001, the company’s first full year of operations, to $428.5 million in 2009. The company said it achieved profitability in 2002 and has been profitable every year since then.
As of December 31, 2009, Ameresco had backlog of about $590 million in future revenue under signed customer contracts for the installation or construction of projects, which the company said it expects to be recognized over the period from 2010 to 2013.