News Releases 2013
October 3, 2013
- Contact Information
- ORIX Corporation, Corporate Planning Department
- TEL : +81-3-3435-3121 / Fax : +81-3-3435-3154
- URL : www.orix.co.jp/grp/en/
ORIX to Invest in the US Energy Services Company Enovity
- Expansion of Energy Services Business in Asia, Harnessing Know-How and Technology in the United States -
TOKYO, Japan - October 3, 2013 - ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, announced today that it has invested in one of the leading building energy management service company Enovity, Inc. (hereinafter, "Enovity"). It has acquired 80% of outstanding shares from Enovity's founders.
Established in 2002, Enovity provides energy-focused and technology-driven professional services to new and existing buildings. Enovity services include energy management, building automation, commissioning, facility operations and maintenance. The San Francisco-based firm works with publicly-owned facilities, energy utilities, multinational corporations, and commercial properties to achieve the long-term benefits of healthier and better-performing buildings. Enovity's integrated energy, operations, and sustainability consulting services support clients with building systems optimization and cost-effective energy solutions at every stage of the building life cycle, from design through construction and throughout the life of an operating building. Enovity's core operating area, California, is considered one of the most mature and advanced markets for commercial energy efficiency services in the world.
With the purpose of preparing for the future rise in energy prices and reducing environmental impact, companies with fixed targets for the reduction of energy consumption and CO2 emission amount in relation to their business activities are increasing, mainly among international companies expanding their business globally. In the future, it is expected that these measures will expand to their production and business bases in Asia. Furthermore, the energy saving market is expected to expand in the Asian region, including China, which announced an energy consumption reduction target of 16% per unit of GDP in five years from 2010, Singapore, which requires energy saving construction certification for large scale buildings, and the Philippines where power demand is expected to grow in accordance with its economic growth.
In Japan, ORIX is expanding into energy related businesses across a wide range of areas including energy saving service business (ESCO), electric power trading and power generation using renewable energy such as solar, geothermal and wood chip biomass. Overseas, ORIX intends to expand its energy related business in Asia where high demand is expected along with the growing economies in the region, as it has done so with the capital participation in the Philippines energy services company Global Business Power Corporation in June 2013.
In addition to supporting the expansion of Enovity in the US, ORIX aims to expand its energy and environment related business in Asia by leveraging its Asian business network and the expertise of Enovity.
Enovity co-founders Greg Cunningham and Jonathan Soper stated that “ORIX brings to Enovity the critical leverage to expand our footprint across the United States as well as into new markets in Asia, while enhancing our strategy of providing the best technology the world can offer to our clients in any region. With one of the largest financial services companies in the world as our partner, we are excited to build more value for new and existing clients through our unique integrated service offering.”
■Overview of Enovity
： Enovity, Inc.
ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 34 countries and regions outside of Japan, ORIX's activities include corporate financial services, such as leases and loans, as well as automobile operations, rental operations, real estate, life insurance, banking and loan servicing. For more details, please visit our website: http://www.orix.co.jp/grp/en/
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “4. Risk Factors” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2012– March 31, 2013.”
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