By Jay FitzgeraldGLOBE CORRESPONDENT

When George P. Sakellaris start-ed in the energy efficiency business in the late 1970s, he often encountered skepticism

when he told potential clients that he could save them enough money on utility bills to cover the costs of brand new furnaces, air conditioners, and electric systems.

They were even more skeptical when he insisted that no upfront payments were

necessary. His company would take care of financing and installing the equipment, and money from energy savings would pay the loans and Sakellaris’s fees.

“Most people didn’t think energy ef-ficiency could save that much money,” re-called Sakellaris. “They just didn’t believe it was possible.”

They’re believers today. While flashy alternative energy compa-

nies with gee-whiz technologies have foun-dered in recent years, Sakellaris’s company,

Ameresco Inc. of Framingham, has grown, prospered, and significantly reduced car-bon footprints by doing boring things, such as changing lighting and replacing water heaters. Even as Marlborough solar panel maker Evergreen Solar Inc. went bankrupt, and advanced battery maker A123 Systems

A BASIC APPROACHAmeresco prospers by saving clients money with a straightforward view

of efficiency, focused on lighting, heating, cooling, and other simple fixes

BusinessT u e s d a y , s e p T e m b e r 1 1 , 2 0 1 2

DAVID L. RYAN/GLOBE STAFF

Pipe fitter Jerry Williams worked on new gas boilers being installed by Ameresco Inc. for the Boston Housing Authority.

PRINTED COPY FOR PERSONAL READING ONLY. NOT FOR DISTRIBUTION.

of Waltham has burned through cash, Ameresco’s revenues have nearly doubled and its profits more than tripled over the past five years.

“Ameresco isn’t sexy,” said Zach Larkin, an analyst at Stephens Inc., an investment bank in Little Rock, Ark. “Ameresco and others like it are more about blocking and tackling their way to energy reduction. It’s not glamorous, but it’s simple and very effective.”

Founded in 2000, Ameresco now com-mands a more than $700 million slice of the $6 billion energy services industry. The majority of its revenues come from its en-ergy efficiency unit, which uses a simple business model.

Ameresco audits a potential customer’s overall energy consumption, suggests ways to cut energy use, and secures loans from a third-party lender to finance upgrades. It then arranges for the customer to pay back the loan over a number of years from savings achieved through new lighting, insulation, furnaces, air conditioners, windows, roofs, electric systems, and water and sewer piping.

Ameresco oversees systems upgrades much like a contractor at a construction site. It makes a profit by getting a percent-age of a project’s overall cost, but does not get paid until a new energy audit is con-ducted to verify that clients are achieving the promised energy savings.

“It’s a wonderful business model,” said Dale Pfau, an analyst at Cantor Fitzgerald LLP, a New York financial services and bond trading firm. “The projects are self-funding. Cash-strapped institutions don’t have to come up with upfront capital to make expensive improvements.”

Sakellaris got started in the energy ef-ficiency business in 1979 when he helped launched energy services business Noresco for the old New England Electric System, which later was acquired by National Grid. Sakellaris bought the unit from New Eng-land Electric in 1990, and later sold it in 1997 to Equitable Resources Inc. of Pittsburgh. Noresco is now a unit of Hartford-based Unit-

ed Technologies Corp. Sakellaris founded

Ameresco three years after he sold Noresco. Today, Ameresco em-ploys more than 900 across North America, including about 100 in Massachusetts.

In recent years, Ameresco has pushed into renewable energy, providing customers with its own solar, bio-mass, and wind turbine technologies it acquired through acquisitions. Ameresco offers its re-newable products to customers who want alternative sources as part of their overall energy strategy. The renewable energy busi-ness accounts for about 25 percent of Ameres-co’s overall revenues, Sakellaris said.

But Ameresco’s pri-mary focus remains energy efficiency. The majority of that busi-ness comes from gov-ernment agencies and nonprofit institutions, such as universities and hospitals, which can’t always afford the up-front costs of multimil-lion-dollar projects.

One customer is the Boston Housing Author-ity, which in 2010 signed a $63 million agreement with Ameresco to up-grade energy systems at 13 of its sites across the city. In one case, a heating

T U E S D A Y, S E P T E M B E R 1 1 , 2 0 1 2 T h e B o s t o n G l o b e B5

Business

By Robert WeismanGLOBE STAFF

Danvers cardiac device makerAbiomed Inc. has won federal approv-al to sell a new heart pump that is lessinvasive and delivers greater bloodflow than a similar model it now mar-kets.

Abiomed said Monday that its Im-pella CP pump was approved by theFood and Drug Administration underthe agency’s 510(k) clearance process,which allows companies to skip clini-cal testing of medical devices that areconsidered “substantially equivalent”to those already on the market.

In the case of the Impella CP — nowavailable in European countries —Abiomed is rolling out a more power-ful version of its Impella 2.5 pump, de-livering 4 liters of blood per minuterather than 2.5 liters for patients whohave had heart attacks or are undergo-ing stent procedures. The device isused only for short periods.

Both of the Abiomed pumps aresmaller than competing devices andare inserted through the leg by inter-ventional cardiologists in catheteriza-tion labs. The technology is favored bymany doctors over the surgical “cut-downs” through the shoulder used

ABIOMED, Page B8

Steven Syre is not writing today.

Abiomed cleared to sell new heart pumpGets federal approval to sell more powerfulversion of a similar model without testing

By Jenn AbelsonGLOBE STAFF

The owner of three Boston restau-rants, including Sunset Grill & Tap,has agreed to pay 70 workers $675,000in back wages and damages for violat-ing federal labor laws, according to theUS Department of Labor.

The federal agency said that an in-vestigation it launched into wage prac-tices at Sunset Grill & Tap, Sunset Can-tina, and Big City Restaurant foundthe establishments — which are allowned by Marc Kadish — did not payemployees overtime for weeks whenthey worked more than 40 hours, anddid not combine hours for employeeswho logged more than 40 hours in aweek by working at two of the compa-ny’s locations.

Kadish, who could not be reachedfor comment Monday, also failed to re-cord cash payments made to employ-ees whose wages were paid by bothcheck and cash, and did not maintainaccurate daily and weekly records ofhours worked, according to the LaborDepartment.

The investigation covered May2009 to August 2011, and January toMay of this year. The deal calls for theemployees to receive $337,500 in backwages, as well as $337,500 in damag-es.

“This settlement reflects the de-partment’s determination to ensurethat workers receive the full amountthey’re entitled to under the law, in-cluding liquidated damages where thefacts justify that result,” said MichaelD. Felson, regional solicitor for the La-bor Department. The damages werepaid on July 15 and the back wages aredue by Oct. 15, the government said.

“We are putting the industry on no-tice that violations will not be tolerat-ed,” George A. Rioux, director of thefederal agency’s Boston District Office,said in a statement. “Such behaviornot only denies workers their hard-earned wages, it also places other em-ployers who comply with the law at acompetitive disadvantage.”

Jenn Abelson can be reached at abel-son@globe.com. Follow her on twitter@jennabelson.

Restaurantworkersawarded$675,000Owner told to paybackwages, damages

By Casey RossGLOBE STAFF

A group of real estate investors isselling a portfolio of six buildings inBoston’s Seaport District, hoping tocash in on rapidly rising rents in theneighborhood.

National Development and AngeloGordon & Co. are selling 407,000square feet of office space in turn-of-the-century buildings on Farnsworth,Congress, and Summer streets. Thespace is about 96 percent occupied bya range of companies, from the soft-ware company Bullhorn to IsaacsonMiller, an executive search firm.

“The market has moved significant-ly in terms of market rents and landvalue,” said Tom Alperin, National De-

SEAPORT, Page B8

Seaport Districtoffice buildingsare up for sale

By Katie JohnstonGLOBE STAFF

For tourists, Massachusetts is stillTaxachusetts.

Boston has the third-highest traveltax burden in the nation, with visitorspaying an average of $34.83 a day insales tax and fees for travel-related

services such as meals, car rentals,and hotels, according to the GlobalBusiness Travel Association, a tradegroup in Alexandria, Va.

Chicago and New York have thehighest rates of the 50 US cities sur-veyed, at $40.31 and $37.98, respec-tively.

Three cities in Florida — Fort Lau-derdale, Fort Myers, and West PalmBeach — have the lowest, with $22.21tacked on per day in each city. Whensales tax is taken out of the equation,Boston has the second-highest traveltax rate in the country, at $19.17 aday, behind only Portland, Ore., at$22.45 a day, according to the travelassociation.

What pushes Boston near the topis the $10 flat rate tax on rental cars,which helps pay for the Boston Con-vention & Exhibition Center. If not forthis fee, the travel association said,Boston would have the 12th lowesttravel taxes instead of the third high-est.

Patrick Moscaritolo, president ofTRAVEL, Page B8

Hub puts 3d biggest tax bite on tourists, survey findsCostshaven’tdissuadedvisitors, official says

The product is a“game-changer,”expected toboost Abiomed’sshare in the USmarket forheart pumps, ananalyst says.

By Jay FitzgeraldGLOBE CORRESPONDENT

When George P. Sakellarisstarted in the energy effi-ciency business in the late1970s, he often encoun-tered skepticism when he

told potential clients that he could savethem enough money on utility bills to cov-er the costs of brand new furnaces, air con-ditioners, and electric systems.

They were even more skeptical when heinsisted that no upfront payments werenecessary. His company would take care offinancing and installing the equipment,and money from energy savings would paythe loans and Sakellaris’s fees.

“Most people didn’t think energy effi-ciency could save that much money,” re-called Sakellaris. “They just didn’t believeit was possible.”

They’re believers today.While flashy alternative energy compa-

nies with gee-whiz technologies have foun-dered in recent years, Sakellaris’s company,Ameresco Inc. of Framingham, has grown,prospered, and significantly reduced car-bon footprints by doing boring things,such as changing lighting and replacingwater heaters. Even as Marlborough solarpanel maker Evergreen Solar Inc. wentbankrupt, and advanced battery makerA123 Systems of Waltham has burnedthrough cash, Ameresco’s revenues havenearly doubled and its profits more thantripled over the past five years.

“Ameresco isn’t sexy,” said Zach Larkin,an analyst at Stephens Inc., an investmentbank in Little Rock, Ark. “Ameresco andothers like it are more about blocking andtackling their way to energy reduction. It’snot glamorous, but it’s simple and very ef-

AMERESCO, Page B8

A BASIC APPROACHAmeresco prospers by saving clients money with a straightforward viewof efficiency, focused on lighting, heating, cooling, and other simple fixes

RENEWABLEENERGYTOWN OF NATICKª FACILITY:Photovoltaic systemcovering 417,000 sq.ft. of roofsª PROJECT SIZE:$6.1 million: 1.1megawattsª SUMMARY: Thetown and Amerescoentered a powerpurchase agreementto install a systemto provide electricitybelow utilityrates. Amerescofinanced and ownsand maintainsthe systems. The20-year agreementguarantees a setrate for the town andreduced exposure toincreases in energyprices.

ENERGYEFFICIENCYCHILDREN’SHOSPITAL OFBOSTONª FACILITY: 15buildingsª PROJECT SIZE:$4.9 millionª ANNUAL SAVINGS:$950,000ª SUMMARY: In2011, Children’sHospital andAmeresco enteredthe fifth phase of anenergy efficiencyagreement. Throughefficiency and otherinitiatives, Amerescohas helped Children’ssolidify its positionas an environmentaland energy efficiencyleader.

ENERGYPERFORMANCEWORCESTERHOUSING AUTHORITYª FACILITY: 2,110units; 15 sitesª PROJECT SIZE:$10 millionª ANNUAL SAVINGS:$1 millionª SUMMARY: Thehousing authorityand Amerescoimplemented anenergy performancecontract in October2008, to upgradeaging energy andwater systems. Theproject included236 thermostatreplacements,2,000 water savingtoilets, 4,864 newlighting fixtures, and6,000 water savingshowerheads andfaucet aerators.

GUARANTEEDENERGYSAVINGSCITY OF LOWELLª FACILITY: 47buildingsª PROJECT SIZE:$21.1 millionª ANNUAL SAVINGS:$1.5 millionª SUMMARY: Thecity entered intoenergy efficiencyand power purchaseagreements touprgrade equipmentand weatherizebuildings, installingnearly two dozenenergy conservationmeasures. In additionto new lighting,boilers, and airconditioning, theproject included theinstallation of solarenergy systems onfive roofs.

SOME OF AMERESCO’S AREA PROJECTS

REVENUE

2007$378.4 million

2011$728.2 millionSOURCE:

Ameresco Inc.

DAVID L. RYAN/GLOBE STAFF

Pipe fitter Jerry Williams worked on new gas boilers being installed by Ameresco Inc. for the Boston Housing Authority.

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PRINTED COPY FOR PERSONAL READING ONLY. NOT FOR DISTRIBUTION.

system at a BHA facility was more than 70 years old, said Dan Helmes, the housing authority’s energy manager.

Besides installing new heating systems, Ameresco is retrofit-ting BHA facilities, including 4,500 apartments, with new energy efficient lighting, roofs, and water-and-sewer systems, including low-flow toilets and showers, he said.

The estimated annual savings on the BHA’s utility bills: $5 mil-lion. Electric consumption is expected to fall by about 5 percent,

natural gas usage by 36 per-cent, and water consumption by 37 percent, said Helmes, who estimated the project should be completed by the end of this year.

“It’s been fabulous,” said Helmes. “We’re tackling all the stuff that we really needed to get done.”

Similar energy efficiency projects can save companies and institutions about 20 per-cent or more on their utility bills, according to industry ana-lysts, although Sakellaris said his firm averages energy savings of about 35 percent per project.

Analysts are optimistic about Ameresco’s future, but it has not always been a smooth ride. Last month, Ameresco reported a nearly 1 percent decline in second-quarter revenue, compared to the same period last year, a setback Ameresco attributed to delays in finalizing and processing customer contracts.

The company’s stock was trading earlier this week at about $12, down from its 52-week high of $14.73 but up from its low of $8.60.

Amresco also faces stiff competition. Among the company’s ri-vals are Honeywell International Inc. of New Jersey and Johnson Controls Inc. of Wisconsin, analysts said. In Massachusetts, Ener-NOC Inc. of Boston and World Energy Solutions Inc. of Worcester are also in the energy efficiency sector, although their main ser-vices and fields of expertise do not always compete directly with Ameresco’s.

Phil Adams, the chief executive of World Energy Solutions, said his company’s main focus has been organizing firms so they can jointly buy energy supplies together a lower prices. But the company, which posted $21 million in revenue in 2011, entered the energy efficiency sector last year by acquiring Northeast Energy Solutions LLC of Connecticut. “We see a pretty darn big market there,” said Adams.

Sakellaris said he welcomes new rivals. “I feel good about the future,” said Sakellaris. “Competition sharpens your mind.”

(#74325) Copyright © 2012 Globe Newspaper Company. Reprinted with permission. For subscriptions to The Boston Globe, please call 1-888-MY-GLOBE. Visit us online at www.bostonglobe.com. For more information about reprints contact PARS International Corp. at 212-221-9595 ext. 119.

© 2012 Ameresco, Inc. Ameresco and the Ameresco logo, the orb symbol and the tagline “Green. Clean. Sustainable.” are registered in the U.S. Patent and Trademark Office. All rights reserved. AR-5108-00-0/12 10 00.0

Please visit our website at www.ameresco.com.Please call 866-AMERESCO for more information on this project or how Ameresco

can help you save money with energy efficiency and renewable energy.

B8 Business T h e B o s t o n G l o b e T U E S D A Y, S E P T E M B E R 1 1 , 2 0 1 2

velopment’s chief executive.“There’s a lot of potential up-side on the leasing of these as-sets.”

Rents in the Seaport have in-creased nearly 14 percent sinceearly 2011, as an array of newcompanies has moved to the ar-ea, according to the real estatefirm Jones Lang LaSalle. Devel-opment activity has also pickedup, with Vertex Pharmaceuti-cals Inc. and State Street Corp.building new offices in the Sea-port; residential developers arealso constructing more than1,000 new apartments.

Mayor Thomas M. Meninohas renamed the area the Inno-vation District, emphasizingthe city’s effort to attract tech-nology and medical firms,along with a mix of new resi-

uSEAPORTContinued from Page B5

dences, retail shops, and res-taurants.

National and Angelo Gor-don have not specified an ask-ing price for their portfolio. ButAlperin said they expect to getsignificantly more than the$105 million Brickman Co. re-cently received for a similar mixof buildings in the neighbor-hood. The effort of selling theSeaport portfolio was first re-ported yesterday by Banker &Tradesman.

The buildings up for sale in-clude 33-41 Farnsworth St., 34Farnsworth, 44 Farnsworth,332 and 374 Congress St., and263 Summer St. The propertiesare being marketed by the realestate firm Holliday FenoglioFowler.

Casey Ross can be reached atcross@globe.com.

fective.”Founded in 2000, Ameresco

now commands a more than$700 million slice of the $6 bil-lion energy services industry.The majority of its revenuescome from its energy efficiencyunit, which uses a simple busi-ness model.

Ameresco audits a potentialcustomer’s overall energy con-sumption, suggests ways to cutenergy use, and secures loansfrom a third-party lender to fi-nance upgrades. It then arrang-es for the customer to pay backthe loan over a number of yearsfrom savings achieved throughnew lighting, insulation, fur-naces, air conditioners, win-dows, roofs, electric systems,and water and sewer piping.

Ameresco oversees systemsupgrades much like a contrac-tor at a construction site. Itmakes a profit by getting a per-centage of a project’s overallcost, but does not get paid untila new energy audit is conduct-ed to verify that clients areachieving the promised energysavings.

“It’s a wonderful businessmodel,” said Dale Pfau, an ana-lyst at Cantor Fitzgerald LLP, aNew York financial services andbond trading firm. “The proj-ects are self-funding. Cash-strapped institutions don’t haveto come up with upfront capitalto make expensive improve-ments.”

Sakellaris got started in theenergy efficiency business in1979 when he helped launchedenergy services business Nores-co for the old New EnglandElectric System, which laterwas acquired by National Grid.Sakellaris bought the unit fromNew England Electric in 1990,and later sold it in 1997 to Eq-uitable Resources Inc. of Pitts-burgh. Noresco is now a unit ofHartford-based United Tech-nologies Corp.

uAMERESCOContinued from Page B5

Sakellaris founded Ameres-co three years after he sold No-resco. Today, Ameresco em-ploys more than 900 acrossNorth America, includingabout 100 in Massachusetts.

In recent years, Amerescohas pushed into renewable en-ergy, providing customers withits own solar, biomass, andwind turbine technologies it ac-quired through acquisitions.Ameresco offers its renewableproducts to customers whowant alternative sources as partof their overall energy strategy.The renewable energy businessaccounts for about 25 percentof Ameresco’s overall revenues,Sakellaris said.

But Ameresco’s primary fo-cus remains energy efficiency.The majority of that businesscomes from government agen-cies and nonprofit institutions,such as universities and hospi-tals, which can’t always affordthe upfront costs of multimil-lion-dollar projects.

One customer is the BostonHousing Authority, which in2010 signed a $63 millionagreement with Ameresco toupgrade energy systems at 13 ofits sites across the city. In onecase, a heating system at a BHAfacility was more than 70 yearsold, said Dan Helmes, the hous-ing authority’s energy manager.

Besides installing new heat-

ing systems, Ameresco is retro-fitting BHA facilities, including4,500 apartments, with new en-ergy efficient lighting, roofs,and water-and-sewer systems,including low-flow toilets andshowers, he said.

The estimated annual sav-ings on the BHA’s utility bills:$5 million. Electric consump-tion is expected to fall by about5 percent, natural gas usage by36 percent, and water con-sumption by 37 percent, saidHelmes, who estimated theproject should be completed bythe end of this year.

“It’s been fabulous,” saidHelmes. “We’re tackling all thestuff that we really needed toget done.”

Similar energy efficiencyprojects can save companies

and institutions about 20 per-cent or more on their utilitybills, according to industry ana-lysts, although Sakellaris saidhis firm averages energy sav-ings of about 35 percent perproject.

Analysts are optimisticabout Ameresco’s future, but ithas not always been a smoothride. Last month, Ameresco re-ported a nearly 1 percent de-cline in second-quarter reve-nue, compared to the same pe-r i o d l a s t y e a r, a s e t b a c kAmeresco attributed to delaysin finalizing and processingcustomer contracts.

The company’s stock wastrading earlier this week atabout $12, down from its 52-week high of $14.73 but upfrom its low of $8.60.

Amresco also faces stiff com-petition. Among the company’srivals are Honeywell Interna-tional Inc. of New Jersey andJohnson Controls Inc. of Wis-consin, analysts said.In Massa-chusetts, EnerNOC Inc. of Bos-ton and World Energy Solu-tions Inc. of Worcester are alsoin the energy efficiency sector,although their main servicesand fields of expertise do not al-ways compete directly withAmeresco’s.

Phil Adams, the chief execu-tive of World Energy Solutions,said his company’s main focushas been organizing firms sothey can jointly buy energy sup-plies together a lower prices.But the company, which posted$21 million in revenue in 2011,entered the energy efficiencysector last year by acquiringNortheast Energy SolutionsLLC of Connecticut. “We see apretty darn big market there,”said Adams.

Sakellaris said he welcomesnew rivals. “I feel good aboutthe future,” said Sakellaris.“Competition sharpens yourmind.”

Energy servicesfirm profits withboring efficiency

DAVID L. RYAN/GLOBE STAFF

Ameresco’s Steve Turner next to an exhaust outlet at a Boston Housing Authority site.Ameresco has been outfitting BHA apartments with new lighting and water systems.

National Developmentto sell space in Seaport

to insert other heart pumps.Abiomed chief executive Mi-

chael R. Minogue said in astatement that the new pumpwould expand the company’sproduct portfolio and be “a sig-nificant tool in helping morepatients.” Minogue was notavailable to discuss the FDAclearance, a company spokes-woman said.

With many investors alreadyanticipating regulatory approv-al of the Impella CP, which hadbeen widely expected by theend of the summer, Abiomedshares edged down 64 cents to$20.36 on Monday, a decline ofmore than 3 percent on theNasdaq stock exchange.

But medical-device analystGreg Simpson, senior vice pres-ident at investment firm Wun-derlich Securities Inc. in St.Louis, called the new product a“game-changer.” He said it canbe expected to boost Abiomed’sshare in the more than $1 bil-lion-a-year US market for heartpumps as more physiciansmove away f rom bal loonpumps. Those devices are con-nected to a machine and oftenrequire surgery.

“Abiomed keeps expandingand extending the productline,” Simpson said. “And byraising the blood flow, the Im-pella CP provides doctors withan option to treat more patientswho previously had to use moreinvasive devices or older devic-es in the market.”

The company is hoping itsapproach of inserting pumpspercutaneously — by punctur-ing the skin with a needle cath-eter — will give it a competitiveadvantage over rivals such asGermany’s Maquet MedicalSystems and Teleflex Medical ofNorth Carolina, which marketballoon pumps.

Impella pumps are insertedthrough the patient’s leg in thefemoral artery, which feeds intothe aorta. From there, thepumps hook into the left ventri-cle of the heart, pulling theblood out, spinning it into theaorta, and pumping it into therest of the patient’s body.

Robert Weisman can be reachedat weisman@globe.com.

uABIOMEDContinued from Page B5

Abiomedheartpumpwins OK

the Greater Boston Convention& Visitors Bureau, said Boston’shigh tax rate doesn’t have a bigimpact on business travel,pointing out that the GlobalBusiness Travel Associationbroke attendance records whenit held its annual conferencehere in 2007, and broke it againin Boston earlier this summer.

Hotel occupancy rates are al-so the highest in years.

But for leisure travelers

uTRAVELContinued from Page B5

looking for deals in a downeconomy, the high tax burden ismore worrisome.

“This report is sort of ablinking yellow light,” he said.“If visitor industry taxes contin-ue to rise, it may have an im-pact on people’s decisionwhether or not they will cometo the Boston area.”

Katie Johnston can be reachedat kjohnston@globe.com. Fol-low her on Twitter @ktkjohn-ston.

Hub’s taxes on touristsamong highest in nation

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REVENUES OFAMERESCO INC.

SOURCE: Ameresco Inc.DAIGO FUJIWARA/GLOBE STAFF

’07

2007

2011

’08 ’09 ’10 ’11

At Tufts Health Plan, we believe flexibility is good for

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Ameresco’s Steve Turner next to an exhaust outlet at a Boston Housing Authority site. Ameresco has been outfitting BHA apartments with new lighting and water systems.

PRINTED COPY FOR PERSONAL READING ONLY. NOT FOR DISTRIBUTION.