OpTree

Ambit Energy (OpTree Profile) has just announced that they have acquired all of the retail electric service contracts in Texas from Commerce Energy, Inc, which is the operating subsidiary of Commerce Energy Group, Inc. The deal is reportedly worth roughly $14.8 million dollars.

The purchase prices includes $8.5 million in cashed due at closing and a second payment of $2.7 million in a second payment which is the reduced price after customer deposits and final customer count. The first two payments will become due on or before November 24th, and the remaining balance will be paid over a two year period.

Commerce Energy Group will continue to provide retail electric power and natural gas in its other markets.

“This is a significant, positive step in both paying down debt as well as strengthening the core platform of the company,” said Commerce chief operating officer, Michael Fallquist. “We found a buyer in Ambit that shares our commitment to great technology, products and customer service. Ambit has agreed to preserve the terms and conditions of the customer contracts and this transaction will be seamless to all our customers.”

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Ambit Energy (OpTree Profile) a provider of de-regulated energy and electricity has announced that David Biegler, a former Vice Chairman, President and COO of TXU has just joined Ambit as an advisor to the executive management team.

In addition to coming on as an advisor, Biegler has also invested in the company. Biegler’s former company, TXU is also a supplier of energy and electricity and a competitor of Ambit. Biegler retired from TXU in 2001.

Biegler brings with him over 40 years of experience in the energy industry. Currently, he serves as Chairman of natural gas transportation and processing firm, Estrella Energy-www.estrellaenergy.com- Along with his experience in the industry, Biegler also brings a great deal of credibility as well as an impressive resume. He has served as President, Circle Ten Council of the Boy Scouts, and he has chaired the Greater Dallas Chamber of Commerce, and the United Way of Dallas. Currently he sits on the board of Southwest Airlines.

“This is the first time I have invested in a Texas-based electric retail provider. I like Ambit’s experienced management team, its home-grown systems, its expansion into New York and Illinois, and its remarkable business model. The company has had phenomenal growth and has demonstrated its ability to manage that growth very well. Ambit’s strategic partnership with Shell Energy Trading speaks a lot about the respect Ambit has earned from the giants in the industry in such a short amount of time. I am excited about the opportunity to play a role in helping Ambit reach its potential and about joining this group of investors,” said Mr. Biegler.

“David Biegler’s experience in the energy industry is invaluable. He is a perfect addition to our investor group,” stated Ambit Energy Co-founder and CEO, Jere Thompson, Jr. “His standing and respect in our industry and our local community is enormous. We look forward to tapping into his expertise and wisdom.”

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