Ecobee has today announced that it will be acquired by Generac for 770 million and will become a subsidiary of Generac. Ecobee is a smart thermostat maker and was founded in 2007 and is based in Toronto, Canada, with a team of over 500 employees globally. Ecobee currently offers several ENERGY STAR-certified thermostats and a suite of home monitoring products, all designed with a focus on “conservation, convenience, peace of mind and comfort”.
Generac is a leading generator and energy technology company that provides backup and prime power systems for home and industrial applications, solar + battery storage solutions, advanced power grid software platforms and engine and more and was founded in 1959.
Ecobee acquired by Generac
“ecobee’s solutions are an important addition to Generac’s extensive residential energy technology portfolio,” said Aaron Jagdfeld, president and chief executive officer of Generac. “Residential HVAC systems represent the largest energy-consuming device in the home today and ecobee’s smart thermostats and sensors offer the most intelligent way to balance comfort with conservation. In addition, the ability to combine ecobee’s cutting-edge technologies with Generac’s power generation, energy storage and energy management devices will allow us to create a clean, efficient, and reliable home energy ecosystem that will not only save homeowners money, but also help grid operators meet the challenges of an electrical grid under enormous stress by providing solutions to better balance supply and demand.”
“Generac’s evolution into an energy technology solutions company creates many opportunities to integrate our ecobee products with their residential device offerings, enabling direct monitoring and control of a significant portion of the home’s electrical load,” said Stuart Lombard, founder and chief executive officer of ecobee. “We are excited to join the Generac team so together we can deliver a cleaner, more resilient and sustainable energy future for our customers and communities.”
Source : Ecobee
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