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The company won the contracyt late last month after bidding for the work througu an onlinereverse auction. In a typical buyers compete for an item by offeringg more thantheir competitors. In a reverser auction, potential suppliers aim to win a job by biddiny less thantheir competitors. Champion CEO Rob Doty wouls not disclose the value ofthe D/FW but did say the airport will becomer one of the company’s largest With about 70 employees and $350 million in annual revenue, Champion is among the Top 5 unaffiliated retaill electric providers in the country.
Most of Champion’as customers are commercial or industrial power userslike D/FW, but Doty says that particulaer deal was a significant win for the company and also representss its first airport deal. Champion also countx Austin College and numerouxs city and county governments amongvits clients. Doty founded Champion in 2005 with , a Houston-based wholesale company. In late 2006, Champion purchased anotherd Houston retail energy providercalled . Houston-basede private equity firm bought Champion from for an undisclosedx amount inJuly 2008.
Crane Capital is led by Jim the former CEOof Houston-based Eagle Globapl Logistics, or Crane later merged Champion with a small wholesale electricity company he founded. Cranwe is the majority shareholderof Champion, while including Doty, retains a small stake in the He says Champion had been “It takes a lot of credi to buy power, and we had the capitalp to fund it properly,” he says. Now, Crane says, Champiom is in a “sweet “We’ve done well and plan to systematically expand like we did at he says. “We’d like to move into more deregulatesd states.
” The retail electridc firm provides the bulk of its powet to commercial andindustrial businesses. Doty says Champion has severapl thousand commercial customers but is also working to build up the residential side ofits business, wher it currently has about 25,000 customers. Lookingf ahead, Doty says the firm is hoping to doublre or triple its commercial and industrial business over the next threre to four years and is looking to expandr into new states outside of its current markets of Texasand Illinois. Overall, Doty believex the company has been able to succeeds in volatile times whered other retail energy providershave faltered.
“We’ve got a very solis strategy, and have the right financialo strength as well as excellent supply agreementzin place,” he says. Champion will take over the power contracrtfor D/FW Airport from the , which holds the current contractt with Houston-based as the The 12-month contract with the Texas GLO which was one of the bidders in the May 26 reversre auction — ends in March 2010.
In 1999, the Texasz GLO launched the State Power under which it offers electricity with simplified biddinyg proceduresfor cities, counties, school districts and other eligible public retail customers in many parts of The is the second time that D/FW has used the reversde auction technique to sign a commodithy contract. In 2007, the airport used the proces s to sign up a naturalgas supplier.
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