Montvale-based Beneficial Holdings Inc. announced Thursday that its Energy Management subsidiary, BFHJ Energy Solutions LLC, completed its acquisition of Green Econometrics.
According to the announcement, the company issued 600,000 restricted common shares and assumed a two-year, $300,000 note to complete the transaction.
Michael S. Davies, managing director of Green Econometrics, will be the new executive vice president of Beneficial Holdings, and chief operating officer of BFHJ Energy, the announcement said. In his role as COO, Davies will be responsible for creating value from a new license agreement with Green RG.
"Mike Davies originated our transaction with Green RG. He has significant experience in the integration of sensor technology, 'Big Data' and analytics with energy management solutions. He and Green Econometrics have done significant research in the economics of energy management and have identified several break-through technologies and trends. The acquisition of Green Econometrics gives us a significant leg up on our energy management business segment and adds a credible, technology integrator for our solutions team," said Gregory N. Senkevitch, chairman, president and CEO, in a prepared statement.
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