Conservation Services Group Inc to Use Sale Proceeds to Continue with its Mission
Published By : 28 Aug 2015 | Published By : QYRESEARCH
Conservation Services Group Inc., a nonprofit energy conservation group sold its business to a Texas-based enterprise for a whooping price of US$48.5 million. The company will now move to Natick and will be known as E4TheFuture. However, it is still unsure of how it will use the sale proceeds for promotion of home energy efficiency.
The name denotes company’s focus on the environment, energy, equity, and the economy. Stephen L. Cowell, was chief executive of CSG will lead this organization. According to him the company still works on the same fundamentals as it was founded on in 1984.
He further added that CSG used to be a nonprofit outfit with a mission, which hasn’t changed. Despite its sale to CLEAResult Consulting Inc. of Austin, Texas, the board retained the mission as their own. It was a mere legal incorporation. Ever since the start, CSG’s mission has been to focus on energy efficiency in residential sector. The legality only brought about a name change.
In the past 31 years, CSG has managed several home energy efficiency programs. To begin with it created an awareness about leaky windows and taught homeowners to seal them with caulk and plastic. It also distributed energy-efficient bulbs to homeowners.
It was only last year that the company came to a realization that it could not compete with better financed companies engaging in the kind of work. Thus the deal to sale came about to CLEAResult. The sale has only emphasized that there is more work that needs to done by the newly funded organization. Once the debts are settled, E4TheFuture will have US$33 million for a new venture in the coming future.