FAIRFIELD, N.J., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Transparent Energy, the national leader in auction-based energy procurement for renewable energy, traditional power, and natural gas, today announced record bookings for Q4 2023 and its 14th consecutive year of organic annual revenue growth.
In 2023, the privately-held company experienced a 950+% increase in renewable-energy transaction volume as it helped large national and global clients execute on their sustainability roadmaps via a number of sophisticated clean-energy products, including virtual power purchase agreements (VPPAs), direct purchases from local distribution companies’ (LDC’s) solar assets, community solar, and asset-specific RECs across the U.S. In addition, Transparent Energy has experienced growing demand for its energy-efficiency offerings, resulting in numerous onsite upgrades and installations.
Over the course of the year, Transparent Energy also added more than 20 new strategic partners, including an ESG and sustainability reporting leader with over 1.2 billion sq. ft. of commercial real estate under management. The combination of in-house business development efforts and channel-driven sales contributed to a 20% increase in new customer acquisition and an 86% surge in contracts.
“2023 was a transformational year for both Transparent Energy and our customers as we applied our process and technology to translate sustainability and ‘clean-energy transition’ aspirations into measurable results, namely affordable, renewable kilowatt hours of contracted supply,” said Dustin Scarpa, Co-Founder and Managing Partner, Transparent Energy. “Our unique expertise in energy procurement and contracts, and our market position as a trusted energy advisor for large energy buyers across all geographies has been a leading advantage for us to help our clients execute on their sustainability plans and meaningfully increase the amount of renewable energy powering their buildings and operations.
“As we continue to grow our business, we continue to attract top talent and influencers. In that vein, I’m pleased to announce the addition of Len DeCandia to our Strategic Advisory Board. Len is a giant in procurement and won the prestigious Chief Procurement Officer of the Year award in 2021 for his breakthrough work at Johnson and Johnson. The extensive experience and relationships he built over a 40-year career in procurement and supply chain at Fortune 200 companies should prove invaluable to us in 2024 and the years ahead.”
2023: A Success on Several Fronts
Transparent Energy achieved strong growth across a variety of metrics in 2023. Highlights from the year include:
- An ~10x increase in renewable energy transactions, highlighted by a portfolio-wide VPPA for a large industrial, locally sourced solar contracts for a Fortune 10 company, and a major REC transaction for a New York county community aggregation.
- Transacting over 2 TWh of electricity in a 24-hour period during Q3 2023.
- 20+ new strategic partnerships, including one that streamlines how large CRE firms procure offsite renewables to advance decarbonization and net-zero goals.
- ARR on electricity and natural gas business grew 15%, with new customer acquisition up 20%.
- A surge in Associations-related revenue of 165%.
Concluded Paul Shagawat, Co-Founder and Managing Partner, Transparent Energy, “2023 was a great year by any measure for our company. Behind the process and technology innovation that has distinguished our energy-procurement work and made it so successful this past year – and all the years before it – there is a ‘people story’ that is equally compelling. The people we hired in 2023, along with the great team we have cultivated over the years, all made significant contributions to the success of our balance sheet, as well as to our culture. We care about each other and our clients, partners, and communities. And it shows … in our revenue numbers, our relationships, and in the pipeline of opportunities we have in front of us in 2024.
“When it comes to procuring energy, whether from renewable or traditional sources, the market is making its preference known and turning to Transparent Energy for new and better solutions.”
For more information on Transparent Energy’s market leading energy advisory and procurement services, or to sign up for the company’s monthly market analysis, please see www.transparentedge.com or contact info@transparentedge.com.
About Transparent Energy
Transparent Energy is the go-to resource for C&I companies and institutions for renewable and traditional energy procurement and advisory services. The company’s clients include large associations and automotive, cultivation, data center, education, financial services, healthcare, manufacturing, private equity, real estate (REITS and property management), retail, and technology firms. With a proven process delivered by retail energy’s most experienced professionals and state-of-the-art online auction technology, Transparent Energy has driven hundreds of millions of dollars in operational savings for clients across North America. For more information, see www.transparentedge.com.
Contacts:
Business inquiries:
Jamil Ahmed
EVP, Operations, Transparent Energy
jahmed@transparentedge.com
Media inquiries:
Dan Mees for Transparent Energy
Mees Communications LLC
dan@meescommunications.com
