TerraPass sells retail business, adopts new name
May 21, 2014
San Francisco, CA -- TerraPass Inc. is pleased to announce it has completed the sale of its retail carbon offset business to JustGreen. TerraPass helped pioneer the voluntary carbon market in the U.S. over the past decade, but going forward will focus on serving large corporate clients seeking to reduce greenhouse gas emissions through renewable energy and carbon offset projects.
As part of this reorganization, JustGreen will assume the TerraPass brand and retail business. What is now TerraPass Energy & Wholesale will be renamed Origin Climate.
Erin Craig, CEO of TerraPass, said: “This transaction is a big step forward for us, for our customers, and for the environment. Just Energy’s scale and expertise in serving the retail market means greater support for our retail customers, while allowing us to focus on more tailored carbon offset and renewable energy solutions for our large commercial and industrial clients."
“Like many of our strategic acquisitions, the TerraPass retail business is a natural fit for Just Energy,” said GP Manalac, EVP of JustGreen. “This business clearly compliments and enhances our JustGreen initiative, and we look forward to rolling out new sustainability solutions for retail customers."
Based on its existing portfolio and client engagements, Origin Climate will originate over 1 million metric tons of new carbon offsets and support the implementation of 500 MW of new renewable energy projects over the next two years.
About TerraPass/Origin Climate
Founded in 2004, TerraPass (now Origin Climate) is a mission-driven business and certified B Corporation that supports the implementation of renewable energy and emission reduction projects to fight climate change. The firm works with Fortune 500 companies and other organizations to identify, assess, finance, and implement projects across a broad range of technologies, such as anaerobic digesters, biomass, solar, wind, and hydropower.
JustGreen is Just Energy Group’s green energy initiative that can help us all work towards a cleaner planet by pursuing renewable and sustainable energy solutions that support green projects across North America. The Company's JustGreen Lifestyle products provide consumers and businesses with the ability to help them reduce the environmental impact of their everyday energy use through carbon offsets and renewable energy credits. See www.terrapass.com for further info.
About Just Energy Group, Inc.
Established in 1997, Just Energy is primarily a competitive retailer of natural gas and electricity. With offices located across the United States, Canada and, commencing in July 2012, the United Kingdom, Just Energy serves close to 2 million residential and commercial customers through a wide range of energy programs and home comfort services, including fixed-price or price-protected energy program contracts, the rental of water heaters, furnaces and air conditioners and the installation of solar panels. Just Energy is the parent to Amigo Energy, Commerce Energy, Hudson Energy, Hudson Energy Solar, National Home Services, and Tara Energy.