Acorn Energy Inc. (ACFN) is a “green” holding company focused on two goals: improving the efficiency of the energy grid and reducing the environmental impact of the energy sector. Acorn’s operating companies leverage advanced technologies to transform the existing energy infrastructure.
Acorn’s strategy is to take controlling positions in companies led by great entrepreneurs and add value by supporting those companies with marketing, strategy, and business development. Acorn has equity interests in three public companies: Comverge (NASDAQ: COMV), Toronto-listed GridSense, and Frankfurt-listed Paketeria AG. Acorn also has interests in four private companies: CoaLogix, Coreworx, Local Power, and DSIT.
On August 15, 2008 Acorn Energy announced the company’s 2nd quarter results. Revenues increased by 430% to $3.6 million while revenues for the first six months of 2008 increased by 359% to $7.9 million. Gross profit for the 2nd quarter increased by approximately $1 million, while the gross profit for the first six months of 2008 increased by $2.1 million to $2.4 million. The company also has no debt and a cash balance in excess of $19 million, including $2.5 million of restricted cash.
Commenting on the results, Acorn’s CEO John A. Moore said, “We are encouraged by the early success of our strategy of buying energy technology companies that have proven their significance with major reference customers but require a strong balance sheet and additional sales and marketing resources to reach the tipping point.”
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