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BidEnergy Ltd acquires U.S. energy rebate capture specialist

BidEnergy Ltd (ASX:BID) has acquired the business of U.S. energy rebate capture specialist, RealWinWin.
BidEnergy Ltd acquires U.S. energy rebate capture specialist
BidEnergy Ltd acquires U.S. energy rebate capture specialist

BidEnergy’s platform provides enterprises with multiple sites control over their energy spend, from sourcing to billing and accounts payable.

The acquisition delivers BidEnergy a functioning channel and immediate and direct access to energy category managers in over 100 multisite prospects.

RealWinWin secures rebates from utilities on behalf of customers via energy efficiency programs.

Acting as an agent, RealWinWin delivers a data service that is highly complementary to BidEnergy’s integrated source-to-pay platform in serving customers with large geographic footprints.

RealWinWin has established revenues from a proven sales and service team who have a deep utility knowledge.

The upfront consideration payable for the acquisition is comprised of (i) US$220,000 cash; (ii) 8,682,331 BidEnergy shares; and (iii) 3,858,814 unlisted options.

BidEnergy completed a backdoor listing on the ASX in July through Cove Resources Ltd after raising $7 million in new capital.

In July, the company clinched an agreement to supply its platform to BP plc's (LON:BP) Australian and New Zealand businesses.

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