Quantum’s principals have executed more than $100m in energy projects for clients including ARCO, Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay, Hewlett-Packard, Home Depot, IKEA, Nabisco, Pepsi, Petco, Safeway, Sears, Siemens, and University of California.
Chris Soderquist,CEO of Octus, said: ”As disclosed in our 2010 guidance, strengthening and expanding the Octus Smart Energy Platform( OctusSEP) through the acquisition of energy service and smart energy product companies is a key tenet of our growth strategy.”
On October 4, 2009, Octus and Quantum announced a joint venture to commercialize OctusSEP and collaboratively pursue a pipeline of smart energy projects. On December 16, 2009, Octus and Quantum Secured four smart energy projects through the joint venture. Currently, the companies have developed a pipeline of more than $20m in potential smart energy projects.
The proposed transaction is subject to completion of due diligence and business negotiation by the companies, including the finalization of terms for a definitive agreement. If successful, the companies anticipate consummating the transaction in the next 45 days.
