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Undo the queue: Enverus acquires Pearl Street Technologies to solve for a more reliable, resilient grid

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AUSTIN, Texas, March 13, 2025 ~ Enverus, the leading energy-dedicated SaaS company, has made a major acquisition that will help address the growing challenges in the energy industry. The company announced today that it has acquired Pearl Street Technologies, a top provider of automation solutions for interconnection studies.

The backlog of projects waiting in nationwide interconnection queues has become a pressing issue for the energy industry. According to Enverus, there are currently 2.4 terawatts of proposed projects waiting in these queues. This backlog is causing resource adequacy, renewable energy, and grid reliability challenges.

With this acquisition, Enverus aims to streamline interconnection and other grid planning studies to help alleviate the increasing queue volumes. Pearl Street Technologies brings to Enverus a portfolio of solutions that expedite interconnection processes and help investors and power developers future-proof their businesses.

Manuj Nikhanj, CEO of Enverus, stated that with project success rates remaining low, investors and power developers need a comprehensive solution to navigate risks and seize opportunities in today's evolving energy landscape. He believes that Pearl Street Technologies' expertise in streamlining interconnection studies for some of the largest balancing authorities and market participants will be invaluable in achieving this goal.

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David Bromberg, co-founder and CEO of Pearl Street Technologies, also expressed excitement about joining forces with Enverus. He believes that bringing new generation capacity online faster is the greatest challenge facing the energy industry today. With their innovative technology and expertise in cutting study timelines by orders of magnitude, Pearl Street Technologies has been able to assist transmission provider partners and developer customers alike.

Founded in 2018 as a spin-out from Carnegie Mellon University, Pearl Street Technologies' portfolio includes two software automation products: SUGAR™ (Suite of Unified Grid Analyses with Renewables) and Interconnect®. SUGAR™ is their core technology and power flow engine that has been used to process over 300 gigawatts (GW) of queued projects for transmission provider customers. Interconnect® serves developers, M&A firms, and financiers by providing customizable interconnection studies and risk assessments.

Enverus has rapidly expanded its power and energy transition solutions since 2017 and now serves over 1,200 customers. Bernadette Johnson, GM of Power and Renewables at Enverus, highlighted the company's success in delivering real-world results for its clients through data-driven insights and technology. In 2024, Enverus clients delivered 23 GW of new U.S. power, accounting for 44% of all new power in the country.

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With the addition of Pearl Street Technologies to its suite of solutions backed by 25 years of proprietary data, analytics, and intelligence, Enverus solidifies its position as the leading power and energy transition platform. This acquisition further strengthens their ability to provide end-to-end solutions that drive tangible results.

Pearl Street Technologies is headquartered in Pittsburgh and has been recognized as a leader in interconnection innovation. The company has been invited to participate in industry events organized by the Federal Energy Regulatory Commission, the White House, and state utility commissioners. Illuminav Advisors, Inc. advised Pearl Street Technologies in this transaction.

This acquisition marks a significant step forward for Enverus as it continues to lead the way in providing comprehensive solutions for the energy industry's challenges. With Pearl Street Technologies' expertise in automation solutions for interconnection studies, Enverus is well-positioned to help investors and power developers navigate risks and achieve success in today's rapidly evolving energy landscape.
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