Generac Holdings announced the signing of an agreement to acquire sustainable smart home solution provider ecobee in a transaction valued up to $770 million which will be contingent on the achievement of certain performance targets.
Ecobee was founded in 2007 has become a pioneer in the smart thermostat market and is headquartered 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. Ecobee’s smart thermostats intelligently optimize heating and cooling systems to deliver significant energy savings for homeowners.
“ecobee’s solutions are an important addition to Generac’s extensive residential energy technology portfolio,” said Aaron Jagdfeld, president and CEO 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.”