Franklin Energy, an energy efficiency and grid optimization services company, announced this Wednesday it completed the acquisition of Cultivate energy Optimization, a full-service energy management firm heavily rooted in the cannabis industry.
Firstly, Cultivate Energy Optimization is headquartered in Colorado. It has been on the leading edge of the indoor agriculture market since 2016. It also has worked with over 20 utilities and stakeholders from Colorado to Canada.
Secondly, the company has a unique combination of technical background in agriculture, and energy management in utility scale; particularly in the demand side management. Consequently, the acquisition will enable Franklin Energy to diversify its solutions portfolio.
Thirdly, in particular, the acquisition intends to build on both companies’ expertise; it will bring to Cultivate Energy’s the decades of experience, the strong networks and the innovations solutions from Franklin Energy; while Franklin will leverage from Cultivate Energy’s customers in one of the fastest-growing sectors of the economy.
In fact, the indoor agriculture market will grow at a compound annual growth rate of more than 9% through 2025; consequently, the indoor agriculture industry is projected to account for an increasingly sizable portion of U.S. energy demand during the coming years.
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Franklin Energy to strengthen its portfolio of energy optimization
Moreover, Jim Madej, CEO of Franklin Energy, said about the matter. “Indoor agriculture is a relatively untapped, emerging market with enormous energy-saving potential. The wealth of industry experience that Cultivate brings to our team will be extremely valuable; as we continue expanding solutions that meet our clients’ needs.”
On the other hand, Eric Stern, co-founder of Cultivate Energy Optimization, said. “Franklin Energy maintains a strong position in the utility industry; and it is committed to innovation and solution development to continue enhancing their offerings.”
In addition, Joe Sullivan, co-founder of Cultivate Energy Optimization and the firm’s Technical Director, said. “We look forward to what this acquisition brings to both the indoor agriculture sector and power industry in the years to come.”
Finally, Franklin Energy has developed turn-key energy efficiency and grid optimization programs for more than 60 utility-scale customers across the U.S. and Canada. While Cultivate Energy Optimization has developed energy management programs for utilities, and specially for the cannabis cultivation sector.