FARMINGTON, Conn. —Carrier, a part of UTC Building and Industrial Systems, a unit of United Technologies Corp., signed an agreement with Robert Bosch North America Corp. to form a joint venture to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial segments. The transaction completion is pending necessary regulatory approvals. The financial terms of the agreement were not disclosed.

“The Carrier team is excited by the opportunities this agreement will provide,” said Chris Nelson, president, residential and commercial systems, Carrier. “By bringing together the strengths of both companies, from Carrier’s rich legacy of innovation to Bosch’s well-equipped manufacturing plant in Fort Lauderdale, we will deliver a high level of value to our customers.”

Geothermal heat pumps use 25 to 50 percent less electricity than conventional heating or cooling systems, according to the U.S. Department of Energy. Carrier said that with sales of geothermal heat pumps expected to nearly triple by 2020, the company decided to enter into the agreement to enhance its offerings and service to the growing market. Moving forward, Carrier geothermal and watersource heat pumps will be developed and manufactured at the joint venture’s Florida Heat Pump manufacturing plant in Fort Lauderdale, Fla. Sales channels and the respective brands for each company will remain independent of one another.

“Geothermal heating is one of the most cost-effective and environmentally responsible heating and cooling options available to consumers,” said Richard Soper, president, Bosch Thermotechnology Corp. “Establishing a relationship between Carrier and Bosch will allow us to leverage our research and development resources and continue to deliver high quality manufactured products to our customers.”

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