Dallas-based Exceleron Software and Georgia-based PayGo Utilities have merged and formed Empower Grid Holdings with financial backing from Moore Strategic Ventures, Bahman Hoveida’s Accurant International LLC, and Avista Development Inc., a wholly owned, non-regulated subsidiary of Avista Corp.
“This is a timely opportunity to accelerate innovation for the 75+ utilities and their customers served by the combined entity across 23 states. Both teams deliver solutions driving higher engagement, energy savings, and extremely high customer satisfaction. There is no limit to what we can do together to deliver the right outcomes for the combined customer base as the utility industry faces growing demand requirements, rising costs, and higher customer expectations.” Exceleron CEO and founder Bob Crenshaw said in a statement.
With the combination of Exceleron’s large presence in the municipal power market and PayGo’s leadership position serving large investor-owned and public power utilities, the companies said that Empower Grid Holdings’ scale and experience will better serve the growing affordability needs of utilities and their customers as part of the energy transition.
Both companies said they are active in international markets, including Exceleron’s existing team and pipeline in the rapidly evolving Indian prepay market. The companies said they will continue to market under their respective brands.
Combined company leadership and investors
Crenshaw will serve as executive chair & co-CEO with PayGo CEO Jeff Weiser serving as co-CEO, and Ravi Raju as chief operating officer.
“Energy and water utilities need affordable billing and payments solutions that help customers control energy and water spend. Both companies’ prepay programs lower customer energy costs by as much as 15% while delivering customer satisfaction that is significantly higher than traditional billing. We are excited about offering customers new features from Exceleron, and expanding our impact on energy choice and efficiency,” Weiser said in a statement.
“The best way to afford the energy transition is by empowering all consumers with better choices and more control over how and when they use energy. We are excited to have Avista Development Inc. join the investor group and look forward to working with the combined teams from PayGo and Exceleron to reach their full potential,” Hunter Horgan of Moore Strategic Ventures, EGH’s lead investor, said in a statement.
Accurant International President Bahman Hoveida said, “Utilities are looking to more frequently and effectively engage with their customers and pre-payment provides this platform with substantially increased customer satisfaction. Engaging with all customers to reduce peak events on grid assets will ultimately lower the cost for grid participants.”
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