Generac buys sustainable solutions company Ecobee Inc for $770 million

Generac Power Systems, an electric generator company, has acquired Ecobee Inc, a developer of sustainable solutions for the smart home.

The transaction was agreed at 770 million dollars between both companies.

A pioneer in the smart thermostat market, Ecobee was founded in 2007 and is based in Toronto, Canada.

With a team of more than 500 employees around the world, 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.

Ecobee thermostats optimize heating and cooling systems to deliver significant energy savings to homeowners.

With more than two million homes connected, Ecobee customers in North America have saved more than 20 TWh (Terawatt-hours) of energy, which is equivalent to saving enough energy to unplug, for example, all the homes in Los Angeles from the network for a whole year.

“Ecobee’s solutions are an important addition to Generac’s extensive home energy technology portfolio,” said Aaron Jagdfeld, Generac president and chief executive officer.

“Residential HVAC systems represent the most energy consuming device in the home today and Ecobee’s smart thermostats and sensors offer the smartest way to balance comfort with conservation. The ability to combine Ecobee’s cutting-edge technologies with Generac’s generation, 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 It will help grid operators to meet the challenges of a power grid under enormous stress,” he said.

With information from Nicholas Lucas.

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