July 22, 2014 6:45 AM ET

Electric Utilities

Company Overview of Verde Energy USA, Inc.

Company Overview

Verde Energy USA, Inc. operates as an electricity supply company in Connecticut, New Jersey, Pennsylvania, and Illinois. It serves residential and small business customers ranging from urban condos to large homes in the suburbs and rural areas, as well as from small retail stores to large office and industrial buildings. Verde Energy USA, Inc. was incorporated in 2009 and is based in Norwalk, Connecticut.

101 Merritt Seven

3rd floor

Norwalk, CT 06851

United States

Founded in 2009





Key Executives for Verde Energy USA, Inc.

Chief Executive Officer
Chief Marketing Officer
Compensation as of Fiscal Year 2014.

Verde Energy USA, Inc. Key Developments

Verde Energy USA Expands Operations in Illinois

Verde Energy USA announced that it has significantly expanded its operations as an energy provider for Illinois communities. This continued expansion follows a number of recent Request-for-Proposal wins under Illinois' electricity choice aggregation program. These wins include municipalities that are first-time participants in the aggregation program, as well as those communities that are renewing their supplier contracts. Having been selected as their retail power and energy solutions provider, the company is able to provide cost effective energy for its Illinois customers. Compared to Com Ed's effective residential supply rate at the time of the municipal aggregation selection, the company will save Illinois customers on average over 30% or in excess of $30 million annually. Including its recent wins, the company is providing the State of Illinois with approximately 260,000 MWh of renewable energy sources annually, avoiding over 128,000 metric tons of carbon dioxide (CO2)--the emissions equivalent of 14 million gallons of gasoline consumed. The company in conjunction with its partner Ice Energy, has also launched a pioneering Energy Storage Solutions Program in Illinois with the cities of St. Charles, Naperville, and Evanston to demonstrate the energy efficiency potential of thermal energy storage technology. The projects use the Ice Bear system, which replaces conventional air conditioning condensing units in air conditioners. This proven clean energy storage system has reduced energy costs and contributed to energy efficiencies in cities and towns across the country. The Ice Bear systems are now installed at St. Charles' Municipal Water Treatment Laboratory building, at Naperville's Water Service Center and at Evanston's Chandler-Newberger Community Center, and will operate throughout the summer, with tours and demonstrations available.

City of Evanston Selects Verde Energy USA, Inc. as Retail Electricity Supplier

The City of Evanston, Illinois, and Verde Energy USA, Inc. jointly announced that Verde has been selected as the city's electricity supplier, effective August 2013. As part of its agreement with the city, Verde Energy will also install Ice Bear(TM) technology, a proven, clean energy storage system, in one of Evanston's municipal buildings. Under the terms of the agreement with Verde, residents will receive a 100% renewable fixed rate of $0.05192/kWh through August 2014.

Four Illinois Municipalities Select Verde Energy USA, Inc. as Electricity Supplier

Verde Energy USA, Inc. announced that it has been selected by the Illinois communities of Glen Ellyn, Hinckley, Oak Lawn, and Somonauk to provide energy under their electricity choice aggregation programs. Including these four new communities, Verde will provide power to twelve municipalities and over 50,000 customers under municipal aggregation, which adds to the thousands of individual customers Verde already services outside of municipal aggregation programs in Illinois. Under the terms of the agreements with Glenn Ellyn, Hinckley, Oak Lawn and Somonauk, residents will enjoy a fixed-rate supply of electricity, with savings of up to 40% off current utility rates. They will also have unlimited access to Verde Energy Savings Solutions (ESS) tools. These web-based tools, available exclusively to Verde Energy USA customers, allow users to monitor and analyze their monthly energy usage, access information on how they can reduce their energy consumption, and purchase energy-saving products at a discount. Oak Lawn, Hinckley, and Somonauk residents have the option to individually select 100% renewable energy supply. All Glen Ellyn residents will all be enrolled under a 100% renewable product. The system will deliver greater energy efficiency, reduce costs, and enhance grid reliability related to air conditioning. The projects will begin in the month December 2012 and continue throughout 2013, while Verde and the cities collect data and assess results.

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