Green Mountain Energy
Retails renewable energy to residential (home/condo/apartment) and commercial (business) customers in the United States.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
$350m Valuation: $350m | Acquisition | ||
| Total Funding | 000k | ||
Green Mountain Energy operates as a retail electricity provider exclusively focused on renewable energy. The company was established in Vermont in 1997 by Sam Wyly, originating as an offshoot of Green Mountain Power to capitalize on the deregulation of the Texas electricity market. Wyly, a Texas billionaire, described his motivation as a singular goal of achieving "clean air from clean energy".
The firm relocated its headquarters to Austin, Texas, in September 2000 and began serving the Texas market in January 2002, becoming the first provider to offer alternative energy in the state. A significant milestone occurred in November 2010 when NRG Energy acquired Green Mountain Energy for $350 million. Following the acquisition, Green Mountain operates as one of NRG's brands, gaining access to NRG's portfolio of clean-power generation plants while maintaining its focus as a marketer of electricity rather than a direct producer.
The company's business model centers on selling electricity products backed by renewable energy certificates (RECs) from sources like wind and solar. This serves residential and commercial clients in deregulated markets across several states, including Texas, New York, Pennsylvania, Illinois, Maryland, Massachusetts, and New Jersey. Revenue is generated from the sale of various electricity plans, which include fixed and variable pricing, different term lengths, and specialized options such as plans with free electricity during nights or weekends and plans tailored for electric vehicle owners. For commercial clients, the company provides customized sustainability solutions, including RECs, carbon offsets, and consulting on green marketing and corporate sustainability reporting.
A notable offering is the "Renewable Rewards" buy-back program, which credits homeowners for excess energy their solar installations send back to the grid. The company also engages in community support through its Sun Club, which provides grants to nonprofit organizations for sustainability projects. This initiative has donated over $13 million since 2002 for projects involving renewable energy, energy efficiency, and resource conservation.
Keywords: renewable energy retailer, green electricity, electricity provider, renewable energy certificates, RECs, wind power, solar energy, carbon offsets, deregulated energy markets, residential electricity, commercial energy, sustainability solutions, solar buyback program, EV charging plans, clean energy, Texas electricity market, NRG Energy subsidiary, Sun Club, green marketing, corporate sustainability