May 27, 2022 – Caterpillar Inc. has purchased Tangent Energy Solutions, an energy-as-a-service (EaaS) company that offers turnkey solutions “for reducing energy costs, increasing energy efficiency, reducing emissions, monetizing electric grid support, and providing resiliency for customer operations”.
Tangent’s software solution monitors, manages and monetizes onsite energy assets, including natural gas and renewable power generation, storage and microgrids.
Managing over 6000 MW at nearly 6500 customer sites, Tangent has been beneficial to customers with high peak energy demands, says Caterpillar, such as large commercial and industrial customers, data centres, mining operations, and energy utilities.
“Tangent’s EaaS offerings serve as perfect complements to Caterpillar’s broad portfolio of electric power products, enabling us to better serve customers for reliable, efficient, sustainable, and connected power solutions that support business operations while generating new revenue streams,” said Jason Kaiser, vice-president, Caterpillar Electric Power.
The acquisition also positions Caterpillar to work directly with utilities and energy providers to supply distributed energy resources (DERs), says the company.
Dean Musser, president & CEO of Tangent, said “[…] we look forward to working together to help deliver additional value through the compelling combination of our cutting-edge technologies with the customer relationships established by Caterpillar and the Cat dealer network”.
Tangent Energy Solutions will continue to offer services under its own brand while and operating under Caterpillar’s Electric Power Division.
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