Duke Energy buys stake in energy management company PhoenixET

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Duke Energy bought a majority share of Phoenix Energy Technologies, a provider of energy management systems and services for commercial customers.

PhoenixET, based in Irvine, California, monitors and controls energy usage at an enterprise level.

"We welcome Phoenix Energy Technologies to the Duke Energy Commercial Portfolio as we build more capabilities to help our customers reduce their energy consumption, decrease their environmental impact and achieve their corporate sustainability goals," said Greg Wolf, president of Duke Energy's Commercial Portfolio.

PhoenixET's software is capable of integrating an entire customer's portfolio of buildings without the deployment of additional hardware.

Once PhoenixET completes the building integration process, the company uses its proprietary software to analyze data, such as occupancy, weather, equipment problems, heating, ventilation and air conditioning. This allows PhoenixET to provide energy savings to its customers in real time through remote diagnostic and repair tools.

Cinemark Holdings Inc., which manages more than 500 movie theaters, has been a PhoenixET customer for the past five years. The collaboration has resulted in Cinemark receiving the Star of Energy Efficiency Award for Built Environment in 2015 from the Alliance to Save Energy.

Founded in 2004, PhoenixET has delivered successful returns on investment across thousands of buildings for its customers, which are all Fortune 500 companies.

After the transaction, PhoenixET will continue to operate independently with its established management team.

Earlier this year, Duke Energy purchased a majority interest in a commercial solar power provider, REC Solar in San Luis Obispo, California.

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