Independent energy companies, U.S-based, Novatus Energy and Southwest Generation have merged together to form a new energy company: Onward Energy, that would further expand both companies’ renewable energy portfolio.
Companies announced the merger this Tuesday, and the launch of the new company. According to the statement, the new enterprise will continue under common ownership by institutional investors, which are advised by J.P Morgan Asset Management.
Onward already owns 43 wind, solar and natural gas assets, in several projects along 16 states of the nation. It has already 4 GW of capacity. One of Onward’s purpose is to further push the low-carbon economy the United States is looking for.
About this matter, John Foster, CEO of Southwest Generation, said: “Combining these companies positions us to be a leader in the energy transition.” According to the statement, Foster will serve as Executive Chairman of Onward Energy.
“With an array of zero-carbon renewable resources and flexible natural gas generation capabilities, the new company will be able to offer a full range of energy solutions to customers seeking reliable ways to reduce their carbon footprint,” Foster concluded.
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Onward Energy will include technologies like storage and carbon capture
On the other hand, Steve Doyon, CEO of Novatus Energy, will also serve as CEO of Onward Energy. “By bringing together two highly productive and talented teams, we have captured the best of both companies; with Onward representing something even greater than the sum of its parts,” he said in a statement.
“The energy transition calls not only for flexible resources, but skilled and experienced teams to ensure clean and reliable power for customers across the United States; and backed by long term capital, Onward is ideally positioned to respond to those needs,” he concluded.
The merger of the two companies was accomplished without any disruption in the workforce from both Novatus and Southwest. The new company, Onward energy will continue to provide its services for both companies’ commercial agreements with their respective counterparts.
Onward’s offices are located in New York City, Denver and Charlotte. In its constant search for energy solutions, the company includes in its portfolio solar, wind, energy storage, hydrogen and carbon capture.