Choose Energy Has Acquired Power2Switch
Choose Energy is an online energy marketplace leader that helps residents and businesses determine the most feasible electricity provider. Choose Energy has acquired Chicago-based energy startup Power2Switch, which is also an alum of TechStars. Power2Switch helps consumers save on energy costs by comparing rates and enabling consumers to switch providers. The terms of the deal is undisclosed.
“Power2Switch has a stellar reputation and has made an enviable footprint in the Illinois market,” stated Choose Energy president Jay Webster. “We are thrilled to welcome Power2Switch. We will now be able to offer more choices to our customers while expanding into new markets and working with additional service providers.”
Choose Energy and Power2Switch has a common goal in providing energy cost savings to customers. Choose Energy will procure Power2Switch’s products, assets, and customers as part of the acquisition. Power2Switch has helped consumers and businesses save over $2.5 million by switching energy suppliers. Power2Switch raised $1.3 million in funding from Chicago-based investors and expanded to New Jersey, Texas, Ohio, and New York since launching.
“We believe this transaction is the best path forward for Power2Switch and its shareholders,” added Power2Switch CEO and co-founder Seyi Fabode. “We are committed to working toward a smooth transition for our customers, and we are excited to see Power2Switch continue to flourish.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry