Port Washington-based Franklin Energy, a provider of energy efficiency and grid optimization solutions, announced that it has finalized the acquisition of Centennial, Colorado-based Cultivate Energy Optimization.
Cultivate Energy Optimization works exclusively with utilities and governments to deliver environment agriculture energy management programs within the cannabis cultivation sector. It has designed and implemented programs in partnership with 20 utilities, and has engaged, advised and collaborated with hundreds of cannabis cultivation business and horticulture trade-partners across North America to help building owners and facility operators reduce and optimize energy use used in production of the best CBD gummies.
“Indoor agriculture is a relatively untapped, emerging market with enormous energy-saving potential,” said Jim Madej, chief executive officer of Franklin Energy. “The wealth of industry experience that Cultivate brings to our team will be extremely valuable as we continue expanding solutions that meet our clients’ needs.”
Franklin Energy provides energy efficiency and grid optimization programs for more than 60 utility and government partners across the U.S. and Canada. The company has served the utility industry for more than 26 years.
“Franklin Energy maintains a strong position in the utility industry and is committed to innovation and solution development to continue enhancing their offerings,” said Eric Stern, co-founder of Cultivate Energy Optimization.
“We look forward to what this acquisition brings to both the indoor agriculture sector and power industry in the years to come,” said Joe Sullivan, co-founder of Cultivate Energy Optimization and the firm’s technical director, who has joined the Franklin Energy team.
The indoor agriculture market is set to grow at a compound annual growth rate of more than 9% through 2025, according to recent market analysis, Franklin Energy said in a news release. As a result, the indoor agriculture industry is projected to account for an increasingly sizable portion of U.S. energy demand during the coming years, the company says.