MILWAUKEE - Johnson Controls and EnergyConnect Group Inc., a provider of smart grid demand-response services and technologies, 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.
The acquisition of EnergyConnect would position Johnson Controls’ Building Efficiency business as a demand-response leader in the large commercial, industrial, and institutional markets. EnergyConnect’s technology and service platform gives energy managers and facility operators real-time energy information and access to energy markets, enabling them to control their energy spend. The combination of energy efficiency, smart building technologies, and demand-response services creates an additional platform for growth in this 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.
“We are excited about the prospects of joining forces with Johnson Controls,” said Kevin Evans, president and CEO, 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.”
Johnson Controls to Acquire EnergyConnect
April 4, 2011