ICF Acquires Applied Energy Group from Ameresco, Inc.

Core Insights - ICF has acquired Applied Energy Group (AEG), enhancing its capabilities in utility and state and local government services [1][2] - AEG's technology platform centralizes demand-side management programs, providing real-time analytics for energy efficiency and grid reliability [2] - The acquisition is expected to generate approximately $30 million in annual revenue for AEG in 2024, with a projected mid-teens revenue growth rate in 2025 [3] Company Strategies - The acquisition aligns with ICF's strategy to expand its energy markets advisory and technology-enabled services [4] - ICF aims to create incremental revenue synergies by leveraging AEG's complementary portfolio and expertise [4] - Ameresco's divestiture of AEG allows it to focus on its core projects and growth opportunities in renewable energy [1][4] Market Position - ICF has a strong track record in the commercial energy market, with utility clients increasingly utilizing its services for energy efficiency and decarbonization [4] - AEG's integration into ICF is expected to enhance service offerings and drive value for clients and stakeholders [4][5]