A group of former Enron Corp. employees is looking to hit $50 million in revenue this year advising customers on ways to trim energy costs.
Costa Mesa-based EPS Corp., which had 2008 sales of $25 million, has been doubling every year since its 2001 start, according to Chief Executive Jay Zoellner.
EPS has about 70 workers and could add as many as 50 this year, half of them local, he said.
The company works with manufacturers, small companies and big corporations to cut energy costs by installing equipment, outsourcing operations and securing government rebates.
Customers include Walt Disney Co., Tyco International Ltd., Covidien Ltd., Praxair Inc., Harrah’s Entertainment Inc. and Cemex SA de CV.
Locally, it has worked with the Buena Park operations of Dallas-based Dean Foods Co., making its milk and ice cream warehouses more efficient.
Last year, EPS bought three power plants used by Dean Foods in City of Industry and Massachusetts for undisclosed terms. The purchase includes a 10-year, $100 million deal to provide energy to Dean Foods.
The plants conserve energy by taking wasted heat and turning it into steam and hot water.
At Irvine-based Royalty Carpet Mills Inc., EPS took excess heat from the carpet maker’s piston engines and put it to use boiling water and drying carpet.
Royalty also installed a monitoring system to track electricity, natural gas, water and weather conditions.
“From the moment we initiated the system we were able to identify several areas of improvement that were previously concealed,” said Steve Piwnica, chief financial officer of Royalty Carpet.
Environmental concerns are spurring interest in EPS’ services, Zoellner said.
But “we always look at what’s financially compelling first,” he said.
Higher energy costs have driven business demand to cut energy expenses. The price of natural gas, which powers many electric plants, has risen by a third in the past six years.
Rivals of EPS include Framingham, Mass.-based Ameresco Inc. and OnSite Energy Corp. in Carlsbad.
EPS is partially owned by Ngen Partners, a Santa Barbara private equity group focused on green technology, and Robeco, the investment arm of the Netherlands’ Rabobank Group.
Zoellner got his start in energy management as a submarine officer in the Navy.
He later served as Southwest regional director for Enron. After the company’s 2001 bankruptcy, he got together with three former colleagues to form EPS.
Shiva Subramanya is EPS’ chief business development officer. Staffan Akerstrom is chief operations officer. George Botich is a vice president.
