The share price of NRG Energy, Inc. (NRG) continues to maintain an upward trend, following its acquisition of Pure Energies Group, Inc., a leader in the residential solar industry. On Oct 2, 2014, NRG Energy’s share price stood at $31.49, up around 1% from the previous day’s closing figure, while on Oct 3, it closed at $31.56.
Pure Energies is engaged into developing web-based customer acquisition systems. The company primarily focuses on residential solar segment and has operations in Canada and the U.S. It has acted as a trusted advisor to the homeowners by easing the adoption of solar energy and home conservation products in North America. Pure Energies efficiently acquires web-based customers. The firm also advises residential customers on saving money spent on electricity bills.
Pure Energy’s acquisition was in sync with NRG Energy’s effort towards strengthening its operations under the NRG Home Solar business. The transaction will allow the company to curtail customer acquisition costs besides offering a simple solar adoption process. In addition, the company will be able to utilize Pure Energies' online capacities to promote the rest of its products and services, including the portable solar and energy storage products and retail solutions.
NRG Energy has a record of consistently adding new customers to its portfolio. During the second quarter of 2014, the company’s retail customer count increased by 35,000 across both Texas and the Northeast. In addition, the company has added 500,000 customers to its portfolio through the acquisition of the competitive retail electric business of Dominion Resources, Inc. (D).
NRG Energy is currently pursuing both organic and inorganic growth initiatives to meet the increasing customer demand besides strengthening its operations. The company recently acquired Goal Zero, a personal solar product provider. Previously, it had purchased a home solar direct sales and installation company, Roof Diagnostics Solar.
In addition, the company is also expanding its product and service offerings under the Residential Solar Solutions. Collectively, these initiatives will help NRG Energy to become a one-stop shop for potential solar customers.
NRG Energy currently holds a Zacks Rank #3 (Hold). However, some better-ranked stocks in the industry include American Electric Power Co., Inc. (AEP) and Consolidated Edison, Inc. (ED), each carrying a Zacks Rank #2 (Buy).
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