Electricity Maine to be bought by Houston energy firm for $28M
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Electricity Maine founders Emile Clavet, left, and Kevin Dean. Electricity Maine will be purchased by the Houston-based electricity and natural gas supplier Spark Energy for $28 million.
The Houston-based electricity and natural gas supplier Spark Energy will pay $28 million for Provider Power, the parent company of the Auburn-based Electricity Maine.
In addition to acquiring its operations and customer base of approximately 125,000 in both Maine and New Hampshire, the purchase will also herald the exit of Electricity Maine founders Kevin Dean and Emile Clavet, who founded the company in 2011, according to the Bangor Daily News.
Dean told the Lewiston Sun Journal that all of Electricity Maine’s current employees in Maine will remain onboard, and that the purchase will allow the company also to offer natural gas in addition to electricity.
An aggressive marketing campaign and offering comparatively lower prices against other energy providers led to the company amassing over 150,000 customers within its first year. In 2014, Inc. magazine named Electricity Maine the fastest-growing energy company in the United States, according to the BDN.
In a 2012 interview with Mainebiz, co-founder Clavet spoke of the aggressive growth of the energy provider and the philosophy behind its rise.
"[Electricity] is not dissimilar to selling many other things, but it is a very complex thing to finance and manage from a risk perspective," Clavet told Mainebiz at the time. "If you are going to buy electricity for a year and offer it to someone for their home, you need to hedge yourself against the risk of that cost going up."
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