SPOKANE, Wash., Jan. 27, 2011 // -- Advantage IQ, Inc., a leading provider of strategic energy management solutions and a subsidiary of Avista Corp. (NYSE: AVA), announced today it has entered into an agreement to acquire Building Knowledge Networks, a Seattle-based real-time building energy management services provider.
Under the terms of the acquisition agreement, Building Knowledge Networks will be fully integrated and operated as Advantage IQ. The transaction has been funded by Advantage IQ and is expected to be neutral to earnings in 2011, as revenues are approximately $1 million for the 12 months ending Dec. 31, 2010. Advantage IQ President and Chief Executive Officer Jeff Heggedahl will continue to lead the organization, and Building Knowledge Networks founders Jay Marshall and Mike Willson will maintain leadership roles in furthering the development of this offering.
"Building management systems are rich with data, yet businesses are finding that this data is often difficult to acquire, aggregate, interpret and leverage toward actionable energy management," said Heggedahl. "By acquiring Building Knowledge Networks, we are taking the next logical step to provide our clients with real-time connectivity to their building systems, empowering them with the data and analytics they need to make good business decisions that reduce costs while improving operations and reducing overall environmental impact."
"Building Knowledge Networks was formed in 2003 to provide commercial building owners with analysis services that optimize building systems, reduce energy expenditures and improve operations management," said Mike Willson, co-founder of Building Knowledge Networks. "There is a focus on technology to improve environmental design in the development of new buildings, yet there is a need for businesses to reduce energy use in existing, older buildings. We share Advantage IQ's mission to provide businesses with the counsel and information needed to reduce energy consumption and costs."
The effective management of commercial building systems is a critical component of lowering overall energy demand in the United States and globally. According to the U.S. Energy Information Administration, there are 4.8 million commercial buildings in the U.S. that use $107.9 billion in energy annually. The U.S. Environmental Protection Agency's ENERGY STAR program cites that 30 percent of the energy spent by commercial and industrial buildings is being used inefficiently or unnecessarily.
About Advantage IQ
Advantage IQ partners with Fortune 1000 organizations to maximize business results by reducing energy and other facility expenses, managing risk and improving environmental performance. These outcomes are achieved through performance reporting, energy supply management, carbon tracking, and expense management. Advantage IQ's patented systems provide online access to critical cost and consumption data, enabling informed strategic management. Advantage IQ collaborates with clients to process, measure, analyze and improve resource administration in the key expense categories of energy, telecom, waste and leasing. Advantage IQ is the primary non-regulated subsidiary of Avista Corp, NYSE: AVA. For more information about Advantage IQ, visit www.advantageiq.com or call (800)791-7564.
About Building Knowledge Networks
Building Knowledge Networks provides holistic building analysis services to continuously optimize building systems. Building Knowledge Networks has developed a unique set of quantitative analysis processes, redefining building energy and operations management to make real and lasting impact on operational and energy cost centers. For more information about Building Knowledge Networks, please visit www.buildingknowledgenetworks.com.
About Avista Corp.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 357,000 customers and natural gas to 316,000 customers. Our service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.5 million. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
SOURCE Advantage IQ, Inc.
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