ICF (ICFI) announced it has acquired Applied Energy Group, an energy technology and advisory services company with over 100 utility management and demand-side energy experts from Ameresco (AMRC). AEG provides a suite of integrated technology and advisory solutions to a growing set of electric and gas utilities, state and local governments, and state energy offices nationwide. AEG is projected to generate approximately $30M in annual revenue in 2024 at margins comparable to ICF’s overall commercial energy business. AEG’s revenues are expected to increase at least at a mid-teens rate in 2025, and the transaction is anticipated to be immediately accretive to ICF’s Non-GAAP EPS.
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