NH electric supplier No. 33 on Inc.'s list of fastest-growing firms
Deregulation of the market for electricity has not only helped New Hampshire consumers lower their electric bills, it has propelled one of the state's competitive suppliers into the top 100 on Inc. magazine's prestigious list of the nation's 5,000 fastest growing companies.
Provider Power, the parent company of ENH Power, broke into the list this year at No. 33, thanks to revenue growth of 7,224 percent over a three-year period, according to information provided to the magazine by the Auburn, Maine, based company.
The company was founded in 2009 and achieved revenue of $775,136 that year, compared to 2012 revenue of $56.8 million, as customers came on board by the thousands in Maine and New Hampshire.
ENH Power began advertising aggressively for energy supply rates below Public Service of New Hampshire's rates in late 2012, and now has 60,000 customers in New Hampshire and 175,000 customers in Maine, according to company President Kevin Dean.
The company had a New Hampshire office at Pease International Tradeport until three months ago, when it was closed due to a lack of customer traffic.
"We thought people would want to come by, but most people seem content to contact us by phone or email, so we just closed it," said Dean.
He expects the company to continue to grow at a rapid rate as it expands into every deregulated state in the nation. Provider Power subsidiaries are scheduled to launch by the end of the year in Massachusetts and shortly thereafter in Connecticut, he said.
The top New Hampshire-based company on the 2012 list is Waveguide. The Nashua-based builder of fiber-optic networks ranked 1,066, with three-year growth of 396 percent. Revenue of $4.7 million in 2009 grew to $23.3 million in 2012.
The company moved from Chelmsford, Mass., to the old Post Office building off Somerset Parkway in Nashua last February. Waveguide is the construction contractor for the Broadband Technology Opportunities Program — a project in cooperation with New Hampshire Optical Systems and University of New Hampshire to extend broadband connections in the state.
"As that project comes to completion, we still have plenty of work that will continue to enable us to grow as we have," said Waveguide spokeswoman Meghanne Bamberg.
Dyn Inc., the Internet services company with offices in the Manchester Millyard, made the list once again, this time second only to Waveguide among New Hampshire firms.
Three companies owned by Bank W Holdings in Bedford also made a repeat appearance — KBW Financial Staffing & Recruiting, the Nagler Group and Alexander Technology Group all made the list for the second year in a row.
The list measures revenue growth from 2009 through 2012. To qualify, companies must have been founded and generating revenue by March 31, 2009.
Additionally, they had to be U.S.-based, privately held, for profit and independent — not subsidiaries or divisions of other companies — as of Dec. 31, 2012. The minimum revenue required for 2009 was $100,000; the minimum for 2012 was $2 million.
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