Choose Energy Acquires Excelerate Labs Alum Power2Switch

October 2, 2013

9:00 am

On September 30th, Choose Energy announced its acquisition of Chicago-based energy startup and Excelerate Labs alum, Power2Switch.

“Power2Switch has a stellar reputation and has made an enviable footprint in the Illinois market,” said Jay Webster, president of Choose Energy. “We are thrilled to welcome Power2Switch. We will now be able to offer more choices to our customers while expanding into new markets and working with additional service providers.”

Power2Switch was founded in 2010 by Seyi Fabode, a veteran of the electricity industry, and Phil Nevels, an electrical engineer. Their goal was to provide a platform to educate and empower consumers about energy suppliers while also promoting sustainable energy. Since their launch in 2010, they have helped thousands of consumers and businesses save over $2.5 million by switching energy suppliers

Choose Energy was started in 2008 as an online energy marketplace that allows consumers to compare retail electricity plans and enroll online.  ChooseEnergy.com is currently available in Pennsylvania, Texas, New York, Ohio, Connecticut, Illinois, Maryland and New Jersey.

Both companies share a commitment to providing significant energy cost savings to commercial and residential customers.  Power2Switch CEO and founder Seyi Fabode had the following to say about the acquisition:

“We believe this transaction is the best path forward for Power2Switch and its shareholders. We are committed to working toward a smooth transition for our customers, and we are excited to see Power2Switch continue to flourish.”

Power2Switch was featured by Tech Cocktail in 2012.  Also, check out an interview with Fabode here.

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Kristin is an aspiring entrepreneur who is enthusiastically navigating her way through the DC startup space. She has an unending passion for learning and is never satisfied with the status quo. During the day she is an ops, biz dev, and marketing maven for Fission Strategy

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