Worcester-based energy trader World Energy Solutions said it had reached an agreement to acquire EnergyGateway LLC, a private online electricity and natural gas broker, for $5 million in cash and just over 5 million shares of common stock.
EnergyGateway is based near Columbus, Ohio, and provides energy purchasing services for more than 150 customers using its own online retail energy transaction system.
According to World Energy, the acquisition is expected to close May 31, and would “enhance our presence in the natural gas market, and will complement our substantial position in electricity,” said Richard Domaleski, World Energy’s president and CEO.
Domaleski said EnergyGateway’s employees would be kept on as an “addition to our team.”
