Water & Energy Savings Corp. joins Constellation Energy

Baltimore's Constellation Energy, one of the largest electricity suppliers in the country, needed a way into Florida's energy consulting market.

The company bought a key Thursday: Water & Energy Savings Corp., a St. Pete Beach company specializing in energy efficiency and planning.

Both companies are keeping details of the deal under wraps until terms are finalized in September. But for the 40-employee Pinellas company, the sale means bigger clients, more employees and new office space in downtown St. Petersburg.

Gregory Jarosinski, the president of Constellation's projects and services division, said he hopes the purchase won't open up just Florida but the entire region to the Fortune 125 company.

"It's really hard to come from out of state and do business, but now we'll have a presence in the Southeast," Jarosinski said.

Gene Overmyer, founder of 16-year-old Water & Energy Savings, said his company intends to hire five more engineers and broker deals with several new clients in the coming weeks.

Overmyer and his staff are expected to stay with the company as it merges, but the business eventually will drop its name in favor of Constellation.

But, said Overmyer, "opportunities for our employees should grow exponentially."

Water & Energy's primary source of revenue has been working with the Department of Housing and Urban Development to retrofit public housing units with more efficient amenities, like toilets and lighting fixtures. Overmyer said his firm has worked with HUD on more than 60 of its building efficiency projects across the country.