Direct Energy, one of North America’s largest energy and energy-related services providers, announced the completion of its acquisition of the New Jersey-based Energy Marketing business of Hess Corporation.
The new organization, which also now combines Direct Energy’s commercial and industrial retail business with the company’s wholesale supply business, will be led by Maura Clark, who assumes the role of president of Direct Energy Business. Clark headed Direct Energy’s commercial and industrial business prior to the acquisition.
The combination of Hess’ Energy Marketing business and Direct Energy Business creates an industry leading energy marketing organization serving commercial and industrial customers across deregulated markets in North America.
“By bringing together the expertise and capabilities of Hess Energy Marketing and Direct Energy Business we will be uniquely positioned to provide a full suite of energy and energy solutions to our customers,” said Maura Clark, president of Direct Energy Business. “We now have leading positions in business gas and power supply and energy solutions, creating a stand out dual fuel business in the U.S. and a robust platform for future growth.”
Badar Khan, president and CEO of Direct Energy,said: “We are building on a strong legacy of success in both organizations and bringing like-minded businesses together to drive value for our customers and shareholders. This transaction creates further momentum towards our growth strategy to double the profitability of our North American downstream business over the next three to five years.”