Three-Year Avg. Growth: 59%
Headquarters: 5 Dartmouth Drive, Auburn
Product/Service: Supplier of natural gas to industrial, commercial and residential end users throughout New England
Director: August Gus G. Fromuth
Founded: 2007
Total Number of Employees: 13
Website: www.felpower.com
Freedom Energy Logistics is based on a simple yet profitable proposition-let businesses, municipalities and homeowners buy electricity at wholesale prices and take advantage of times when energy is cheaper.
We have a market-driven mechanism that determines the true cost of electricity as a commodity, says Gus Fromuth, managing director of the Auburn-based firm. Through Freedom Energy Logistics, customers can purchase power directly from the New England Power Pool. Over the course of the last six to eight years, savings have ranged from 5 to 23 percent, he says of the roughly 40 companies in New England buying energy this way.
The company has two divisions. Halifax American Energy started in 2007 and allows industrial, commercial, institutional and governmental customers to buy power at wholesale prices without joining the New England Power Pool. Halifax buys from the power pool, takes title and resells it to customers for a fee.
Its newest division, Resident Power, started last year as the first competitive electricity aggregator focused exclusively on residences and small businesses. It aggregates large clusters of households in New Hampshire and when we get a sizable component of these households, we secure power to serve them, Fromuth says. He expects by this month to have 10,000 households using the service. Among Freedom Energy's clients are St. Anselm College and Stonyfield Farm. The firm expects to increase its workforce by 40 percent by 2013, Fromuth says, and increase revenue 15 percent in 2012.
Current Issue - May 2024