Boston-based steam company Vicinity sold in $3 billion deal

Investment firm acquires majority stake in Vicinity Energy in $2.92B valuation

Sustainability

At Vicinity Energy, we are leveraging our existing district energy systems and deploying innovative technologies to reach net zero carbon emissions by 2050 or sooner.

To reach net zero carbon emissions, we are electrifying our operations using three proven technologies.

  • Industrial-scale heat pumps will efficiently utilize energy from adjacent water sources to produce eSteam™.
  • Electric boilers will use renewable electricity to power the industrial-scale electric boilers to produce eSteam™.
  • Thermal storage technologies will be used to produce eSteam™ from stored, off-peak renewable electricity.

How does eSteam™ work?

Vicinity will use a combination of heat pumps, electric boilers, and thermal storage technologies to create carbon-free eSteam™.

 

eSteam diagram

Procure

Vicinity will procure electricity from renewable, carbon-free energy sources and import the power through a co-located electric substation.

Produce

Powered by renewable electricity, electric boilers and industrial-scale heat pumps will transform water into eSteam™.

Optimize

Thermal storage provides on-demand eSteam™ production from stored, off-peak renewable electricity.

Distribute

Carbon-free eSteam™ will be distributed to customers through underground piping infrastructure.

Biogenic fuels

Vicinity utilizes waste cooking oil discarded by the local food service industry to generate steam to heat and cool businesses and institutions in the very same community. A truly circular solution, Vicinity is consuming this fuel in many of our central plants to reduce our reliance on fossil fuels.

To learn more about Vicinity’s plans to decarbonize, visit vicinityenergy.us, or email info@vicinityenergy.us.

Condensate heat recovery and reuse

Improve steam system efficiency, reduce operating costs, and support sustainability goals with condensate heat recovery and clean water reuse services from Vicinity.

Many steam systems discharge hot condensate that still contains valuable heat and clean, treated water. Vicinity helps customers capture and reuse this resource to lower energy and water costs, improve system performance, and reduce environmental impact.

Benefits of condensate recovery and reuse

  • Lower energy and water costs
  • Reduced steam consumption
  • Improved system efficiency
  • Reduced carbon emissions and water use
  • Potential support for LEED, ESG, or other sustainability objectives

Vicinity can evaluate, design, and install condensate heat recovery or reuse solutions tailored to each building’s system, operating needs, and sustainability goals.

Common applications include: 

  • Domestic hot water preheating
  • Low temperature heating
  • Air handler preheating
  • Swimming pool preheating
  • Snowmelt and surface heating for sidewalks, walkways, or loading docks
  • Greywater systems
  • Irrigation, green roof watering, fountains, reflecting pools, or other water features
  • Power washing

Maryland Center for History and Culture (MCHC) reuses condensate in outdoor reflective pool to reduce water costs

The Maryland Center for History and Culture developed a creative solution to pipe condensate into an adjacent outdoor reflecting pool, helping reduce sewer charges and city water costs. By recycling condensate instead of discarding it, MCHC conserves water, lowers costs, and reduces its environmental impact on the surrounding community.

Ready to see what your building could save?

Contact your Vicinity account manager or email info@vicinityenergy.us to schedule a condensate recovery walkthrough.

Steam trap inspection services

Maximize steam efficiency, safety, and cost savings and keep your steam system operating at peak performance with proactive steam trap inspections from Vicinity ProService.


Our trained technicians use advanced ultrasonic digital detection technology to identify failed, leaking, or blocked steam traps before they lead to energy waste, equipment damage, or safety concerns.

Benefits of a Vicinity ProService steam trap survey

Lower energy costs

Identify and eliminate steam losses that increase energy consumption and operating expenses.

Improve equipment reliability

Extend the life of steam system components and reduce unplanned downtime. Deliver high quality, dry steam throughout the system.

Enhance workplace safety

Reduce the potential for condensate buildup and dangerous water hammer incidents.

Support sustainability goals

Improve energy efficiency and lower associated greenhouse gas emissions.

Identify immediate savings opportunities

DOE analysis shows that repairing a single failed steam trap can save thousands of dollars annually, depending on operating conditions.

According to the U.S. Department of Energy, 15% to 30% of steam traps in systems that have not been maintained for 3 to 5 years may have failed, resulting in significant energy losses. Regular inspection programs can reduce failed trap populations to less than 5%.

Contact Vicinity ProService today

Schedule a site walkthrough to get a scope and proposal for steam trap testing. Upon approval, qualified Vicinity technicians will perform inspections using thermal and ultrasonic equipment. First-time surveys include trap tagging and cataloging for future tracking.

Receive a comprehensive report that includes:

  • Status of each steam trap
  • Identified failures and deficiencies
  • Recommended corrective actions
  • Estimated energy and cost savings opportunities
To schedule a walkthrough, reach out to your Vicinity account manager or email info@vicinityenergy.us

Preventative maintenance services

Vicinity’s comprehensive maintenance services are offered year-round—during peak usage or before system turn-ons—to optimize steam efficiency, reliability, and cost savings.

Why preventative maintenance?

  • Improve reliability before peak heating season
  • Reduce outages, disruptions, and comfort complaints
  • Catch small issues before they become costly repairs
  • Support safer, more efficient equipment operation
  • Extend critical system life and performance

Available services

Steam trap surveys

Ensure steam traps function correctly and prevent issues that can lead to energy waste, equipment damage, and safety hazards.

Pressure Regulating Valves (PRVs)

Maintain PRVs for efficient system operation and prevention of system over-pressurization.

Strainers

Reduce rust and pipe scale damage to valves and pumps. Ensure heat transfer surfaces are kept free of efficiency-reducing deposits.

Heat exchanger and water samples

Ensure heat exchangers are operating efficiently, tube bundles are not leaking, and that water is not entering the system through leaks.

Steam pipe

Inspect steam pipe and insulation integrity to ensure safe and reliable delivery of steam to the facility.

Condensate return line

Ensure proper evacuation of condensate from system lines, and identify the presence of leaking steam traps in the system.

Mechanical room hot water loop

Confirm efficient operation of key energy transfer equipment such as heat exchangers, which supply building heat, hot water, or other process loads.

Seasonal and maintenance shutdowns/turn-ons

Prevent pipe deterioration and prepare systems to be dormant for an extended period by draining the systems for shutdowns.

To learn more about Vicinity’s ProService program and schedule a walkthrough, email info@vicinityenergy.us.

ProService overview

Vicinity ProService provides responsive expert support to help keep heat, hot water, and steam systems operating safely, efficiently, and reliably.

Vicinity ProService benefits

  • Improve reliability before peak heating season

  • Reduce outages, disruptions, and comfort complaints

  • Catch small issues before they become costly repairs

  • Support safer, more efficient equipment operation

  • Extend critical system life and performance

Why Vicinity ProService?

District energy expertise: Specialists who understand customer-side equipment and Vicinity’s network.

Responsive support: Help for urgent needs plus proactive maintenance plan

Practical recommendations: Targeted improvements to strengthen reliability, efficiency, and performance.

Available services

Emergency services & repairs

Emergency response, service calls, heat and hot water troubleshooting, leak identification, shutdowns, and urgent steam support.

Operations and maintenance

Seasonal tune-ups, inspections, steam trap testing, valve cleaning and repairs, and system turn-ons or shutdowns.

Energy efficiency and system optimization

Domestic hot water review, heat exchanger inspections, pressure reducing valve service, condensate equipment evaluation and beneficial reuse, and insulation checks.

Equipment installation, repair and upgrade

Support for pumps, PRVs, heat exchangers, condensate equipment, heating equipment, steam valves, domestic hot water systems, and insulation.

Schedule your ProService assessment

Contact your Vicinity account manager or email us at info@vicinityenergy.us today to schedule an assessment, request a quote, or learn more about services available in your market.

The CFG Bank Arena utilizes district energy to maximize building space and improve guest experiences

Industry

Hospitality

Location

Baltimore, MD

Square footage

400,000

The customer

Opened in 1962, the CFG Bank Arena is a multipurpose venue home to Baltimore’s premier sporting and entertainment events. The building stands at the original site of Old Congress Hall, where the Continental Congress met in 1776. Since then, it’s hosted monster truck rallies, NBA games, arena football games, and iconic musicians like The Beatles. The CFG Bank Arena can accommodate up to 14,000 guests and spans approximately 400,000 square feet in downtown Baltimore.

In 2023, the Oak View Group began managing the facility and renamed it CFG Bank Arena. During that transition, the Oak View Group and CAAIcon, a strategic management firm representing the arena owner, completed a $250 million renovation, which included the addition of modern acoustics, premium seating, and updated heating and cooling systems to the building. When it reopened in 2023, CFG Bank Arena was named the 10th highest-grossing venue in the world (10,000 -15,000 capacity) by Billboard magazine.

The challenge

Looking to expand the scope of services within the arena, the Oak View Group and CAAIcon partnered with Vicinity Energy to provide steam and chilled water to the building. To replace the facility’s onsite chillers and update its heating and cooling systems, CFG Arena needed to either install its own equipment or use a district energy system to source steam and chilled water. If the venue installed onsite boilers and chillers, they would occupy significant space and require large upfront investment. Not only does that mean less functional space for guest experiences, but it also requires a team to operate, maintain, and monitor this equipment.

The other challenge was compliance with Maryland’s Building Emissions Performance Standards (BEPS), which requires large buildings to reduce greenhouse gas emissions to net- by 2040. This local policy applies to any building over 35,000 square feet and mandates annual reporting and performance improvements. To meet these standards, the CFG Arena would need a heating and cooling solution that’s both affordable and sustainable.

The solution

Vicinity was an ideal match for CFG Bank Arena because not only does our Baltimore district energy system provide steam and chilled water solutions, but there was existing pipe infrastructure in place to connect to the building. This enabled an easier installation, leading to more usable space within the building, reduced costs related to installation and maintenance, and compliance with Maryland’s Building Emissions Performance Standards.

Maximizing building space through district energy solutions

By choosing district energy, CFG Bank Arena connected to Vicinity’s system without installing boilers or chillers in the building. That opened up more square footage and opportunities for new infrastructure such as additional club levels, premium seating, food and beverage stations, and other attractions that drew more guests to the arena. Rather than occupying valuable space with industrial equipment, CFG Bank Arena leveraged district energy to improve guest experience overall.

Reducing installation and ongoing maintenance costs

Vicinity’s solution saved the venue significant building space, but it also reduced installation and maintenance costs. By partnering with Vicinity, CFG Bank Arena did not have to install onsite equipment, saving upfront costs during the renovation. It also meant they didn’t have to monitor or maintain the equipment over time. Vicinity’s team would handle these operations for the arena, reducing staffing needs and payroll expenses.

Complying with local building emission standards

One of the most important solutions that Vicinity provides is clean energy that aligns with local policies like BEPS. In fact, Vicinity’s chilled water service allows buildings to comply immediately with BEPS. That’s because Vicinity’s district energy system is affordable and sustainable, helping large buildings like the CFG Bank Arena adhere to local policy without compromising heating and cooling needs. Buildings that are subject to emissions standards need to comply fully or risk being charged fees and other penalties by local government.

CFG Arena also has the option to transition to Vicinity’s eSteam™ services which is 100% carbon-free thermal energy. While the building is not required to connect to these services, the future flexibility makes Vicinity an affordable solution both now and in the future.

With the completion of these renovations in 2023, CFG Bank Arena continues to stand as a landmark venue in the city of Baltimore. By choosing district energy, it continues to create memorable guest experiences while meeting all of its unique heating and cooling needs.

Benefits

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Maximized building space

Blue and green gradient icon representing the benefit of lower costs

Upfront capital savings

Blue and green gradient icon representing energy cost reduction

Reduced operational and maintenance costs

Blue and green gradient icon representing district energy service

Recycled condensate

Blue and green gradient icon representing the benefit of 24/7 monitoring service

99.99% reliability

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Achieve sustainability goals

‘Snowtorious B.I.G.’ uses steam heat to devour snow at M&T Bank Stadium

UMD professor wins pitch competition hosted by Vicinity Energy and MEIA to turn data center heat into community energy