Exclusive: Summit Energy aims to scale European market

US-based consultancy Summit Energy Services has opened a new office in the UK and revealed it is on the prowl for acquisitions as it seeks to expand its presence in the fast-expanding European energy services market.

The privately-held firm has already acquired five consultancies since snapping up Belgium-based GFE Energy two and half years ago and is now one of the few energy services firms with international reach, boasting a presence in Belgium, the Netherlands and France, as well as a recently opened office in the UK.

Speaking to BusinessGreen.com, marketing manager Kent Evans said that the company is now looking to expand in the UK and is targeting the growing market for consultancy services amongst those energy-intensive firms covered by the recently introduced Carbon Reduction Commitment (CRC) scheme.

Summit Energy has moved into the sustainability sector in recent years and already offers a Green Positioning System (GPS) service that aims to combine the company's traditional outsourced management of firms' energy supply contracts with detailed guidance on how to calculate, report and reduce carbon emissions, carry out energy audits and install onsite renewable energy systems.

"Some companies don't want to turn energy management into their core competency and they want to outsource it," said Evans. "Globally we are seeing it happen more and more, where a company says it wants to be more efficient and reduce emissions, but then needs specialist skills to deliver on that commitment."

The UK is likely to represent an expanding market for energy services firms over the next few years, as around 5,000 of the country's largest energy users come to terms with requirements under the CRC that they report on their carbon footprint and ultimately trade emission allowances.

"We are looking to expand in the UK, have looked at a number of options and will continue to look for the right fit," said Evans, adding that the company was also aiming to identify suitable acquisition targets in the US and Europe.

The company remains privately held and does not disclose sales figures, but with 350 staff, around 650 clients and $21bn of annual energy spend under management, it remains well positioned to access the capital required to continue its acquisition drive if it can identify the right targets.