FMI Advises CF Power in Sale to E Source
FMI Capital Advisors is pleased to announce that CF Power, a leading power systems engineering and consulting firm with a strong track record in grid modernization and interconnection studies, has been acquired by E Source. The acquisition enhances E Source’s ability to support utilities, power developers, and large load customers from early-stage planning through engineering execution — solidifying its position as one of the industry’s most capable partners for energy infrastructure transformation. FMI Capital Advisors served as the exclusive financial advisor to CF Power for this transaction.
With over 35 years of experience, E Source helps utilities navigate complex challenges through data-driven insights and strategic guidance. CF Power brings more than a decade of experience in interconnection studies, high-precision power system analysis and transmission planning across North America. Their team of engineers, each with advanced degrees in electrical engineering and supported with in-house technology, strengthens E Source’s ability to deliver technically rigorous, cost-effective solutions for grid reliability, renewable integration and regulatory compliance.
“Adding CF Power to the E Source team is a major step forward in our mission to lead the energy transition,” said Joe Eazor, CEO of E Source. “Together, we can offer utilities and developers a unified partner — from strategic planning to hands-on engineering — ensuring smarter, more resilient energy systems.”
“CF Power has always been committed to delivering sustainable, data-driven and result-oriented solutions,” said Feng Chen, CEO and president, CF Power. “E Source shares that vision. By joining forces, we can help clients navigate the complexities of grid modernization with clarity, precision and long-term impact.”
Backed by Align Capital Partners, this acquisition reflects E Source’s continued investment in expanding its technical depth and service breadth — positioning the company to lead the utility sector’s transformation with greater scale, precision and impact.
ABOUT CF POWER
Founded in 2011, CF Power is a power systems engineering and consulting firm serving North American power grid participants. Learn more at https://www.cfpowerltd.com.
ABOUT E SOURCE
E Source combines industry-leading customer, grid, and technology solutions to help utilities make and implement better data-driven decisions that positively impact their customers, their bottom line, and our planet. Headquartered in Boulder, CO, E Source has teams across the US and Canada. Learn more at www.esource.com.
ABOUT FMI CAPITAL ADVISORS
FMI Capital Advisors has dedicated and experienced investment banking teams advising clients on merger and acquisition (M&A) transactions across the built environment. We maximize outcomes for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships. For more information, visit fmicapitaladvisors.com.
FMI Capital Advisors Contacts:
Russell Clarke
Managing Director
[email protected]
303.398.7213
Emma Lowry
Vice President
[email protected]
303.398.7218