MILWAUKEE - Johnson Controls and EnergyConnect Group Inc., a leading provider of smart grid demand response services and technologies, have announced the signing of a merger agreement under which Johnson Controls would acquire the outstanding shares of EnergyConnect. The transaction, which is subject to customary closing conditions, is expected to be completed by July.
According to Johnson Controls, the acquisition of EnergyConnect would position its Building Efficiency business as a demand response leader in the large commercial, industrial, and institutional markets. EnergyConnect’s demand response technology and service platform is designed to provide energy managers and facility operators real-time energy information and access to energy markets, enabling them to control their energy costs. Johnson Controls said the combination of energy efficiency, smart building technologies, and demand response services creates an additional platform for growth in a rapidly growing segment of the energy market.
“As our customers continue to demand more sophisticated capabilities to manage their energy costs, integrating demand response services with energy efficiency makes EnergyConnect and Johnson Controls Building Efficiency a natural fit,” said C. David Myers, vice president, Johnson Controls and president, Building Efficiency. “Coupling EnergyConnect’s expertise in demand response with Johnson Controls’ strength in smart building technologies would enable us to expand our offerings and help our customers better manage their overall energy spend.”
“We are excited about the prospects of joining forces with Johnson Controls,” said Kevin Evans, president and chief executive officer of EnergyConnect. “In addition to the natural synergies in our businesses, the Johnson Controls’ global footprint and distribution channels would enable us to accelerate the transformation of electricity use in response to market prices while enhancing the efficiency and reliability of the grid.”
For more information about EnergyConnect, visit www.energyconnectinc.com. For more information about Johnson Controls, visit www.johnsoncontrols.com.
Publication date: 03/14/2011
March 14, 2011: Johnson Controls Announces Agreement to Acquire EnergyConnect
March 14, 2011