Acquisition enables E Source to help customers safely and efficiently connect new power generation sources to the grid—an increasingly critical capability as utilities expand non-hydrocarbon capacity to meet rising demand from data centers and sustainability goals.
CLEVELAND and DALLAS, September 23, 2025 | Align Capital Partners’ (“ACP”) utilities-focused portfolio company E Source (the “Company”) has acquired CF Power, a leading power systems engineering firm with a strong track record in grid modernization and interconnection studies. This strategic acquisition enhances E Source’s ability to support utilities and developers from early-stage planning through to engineering execution—solidifying its position as one of the industry’s most capable partners for energy infrastructure transformation.
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. The CF Power team of engineers, each with advanced degrees in electrical engineering, 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.”
Since partnering with ACP, E Source has acquired fourteen companies and will continue to invest in strategic add-ons to accelerate innovation and transformation across the utility sector by bringing in top talent and expanding its capabilities through targeted acquisitions. Rob Langley, Matt Iodice, Stuart Schardin, Sarah Whitney and Ryan Schmidt worked alongside management on the transaction. E Source was advised by McGuireWoods and CF Power was advised by FMI Capital Advisors and Linmac LLP.
Disclosures: This press release is not an offer to sell securities or interests in any fund managed by ACP.