Managed Services Agreement (MSA) Expected to Contribute $7 Million in Revenue During 2025
MSA Poised to Deliver Long-Term Sustainable Growth for ConnectM
MARLBOROUGH, Mass., Jan. 14, 2025 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) ("ConnectM” or the "Company”), a leader in the electrification economy, today announced its wholly owned subsidiary, ConnectM Technology Services LLC, has entered into a Managed Services Agreement (the "MSA”) with County Comfort Home Solutions Inc. ("County Comfort,”) a Westchester County, New York-based company specializing in energy audits, insulation, weatherization, solar and battery systems and advanced HVAC systems, among other services. This strategic partnership is expected to drive growth and operational efficiencies for both organizations, leveraging ConnectM's comprehensive platform consisting of its Energy Intelligence Network, vendor management, and enhanced procurement amongst its features.
Under the terms of the MSA, the parties have also signed a non binding Letter of Intent to acquire County Comfort at a 5X multiple of EBITDA, contingent upon County Comfort meeting predefined financial milestones. This partnership aims to further enhance revenue and profitability through joint initiatives.
As part of the MSA, County Comfort now offers ConnectM's Electrification Flywheel suite of services, which includes its proprietary AI-powered Heat Pump and distributed energy products. This collaboration underscores ConnectM's mission to advance the electrification economy while delivering measurable savings and sustainability benefits to customers.
Joseph Jensen, CEO of County Comfort, and Michael Jensen, COO, bring decades of energy-related expertise and a commitment to innovation. In 2023, County Comfort was recognized as Con Edison's Weatherization Contractor of the Year in Westchester County and a Top 3 NYSERDA Weatherization Contractor of the Year. County Comfort's recognition as "The Face of the Green Energy Transition” by Westchester Magazine and the top producer within Contractor Nation's Attic Systems group highlights County Comfort's operational excellence in delivering energy-efficient solutions.
Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, "Partnering with County Comfort represents further progress in our strategy to integrate growing energy transition service companies into our electrification ecosystem. With this partnership, we further enhance ConnectM's Energy Intelligence Network, providing benefits to County Comfort's operational efficiency and helping scale their electrified offerings which include heat pumps, solar, and home batteries.”
Joseph Jensen, CEO of County Comfort, added, "Joining forces with ConnectM allows us to tap into their robust managed services platform and economies of scale, ensuring we deliver unparalleled value to our customers. Together, we are positioned to redefine the electrification services landscape in the U.S. Northeast region and beyond.”
About ConnectM Technology Solutions, Inc.
ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company's vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.
For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.
About County Comfort
County Comfort is a family-owned company dedicated to advancing energy efficiency and sustainability in Westchester County and surrounding areas. With a proven track record of delivering high-quality energy solutions, County Comfort has become a trusted partner for homeowners and businesses alike. Recognized for their excellence by Con Edison and NYSERDA, they continue to lead in innovation, customer satisfaction and industry leading installation experience.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "project" or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the "Cautionary Note Regarding Forward-Looking Statements" section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
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