Skip to main content

Smart thermostat maker Ecobee acquired by Generac for $770 million

Generac says the acquisition will create a home energy ecosystem that would bring benefits to both homeowners and grid operators.

What you need to know

  • Smart home company Ecobee has been acquired by generator giant Generac in a $770 million deal.
  • Ecobee was founded in 2007 and currently has over 500 employees globally.
  • Generac expects the acquisition to be completed during the fourth quarter.

Generac Holdings announced on November 1 that it has signed an agreement with Ecobee to acquire the Toronto-based smart home company in a transaction valued at $770 million. The generator giant says the acquisition is likely to close during the fourth quarter of the year.

Stuart Lombard, founder and chief executive officer of Ecobee, said in a statement:

Generac's evolution into an energy technology solutions company creates many opportunities to integrate our ecobee products with their residential device offerings, enabling direct monitoring and control of a significant portion of the home's electrical load.

Ecobee, which is known to make some of the best smart thermostats, was founded in 2007 and has a team of over 500 employees globally. Last year, the company introduced its first indoor security camera that doubles up as an Alexa smart speaker. The security camera is also part of the company's "Haven" home security platform.

Due to the economic impact of COVID-19, however, Ecobee had to cancel a new Lighting product line that it had been working on. Additionally, the company also permanently laid off around 10% of its total workforce last year. Under Generac, Ecobee should be able to easily expand its product portfolio and better compete against rivals such as Google's Nest, Honeywell, and Amazon in the smart thermostat market.

Generac, founded in 1959, offers backup and power systems for both home and industrial use, solar + battery storage solutions, power grid software platforms, as well as engine- and battery-powered equipment.

As per a report published by The New York Times in September, Generac accounted for nearly 75% of all standby home generator sales in the U.S. The company's sales have grown by a whopping 70% over the past year, mainly due to the growing shift to clean energy.

Source: androidcentral

Popular posts from this blog

Black Friday: Get the latest updates on PS5 stock, games, and accessories- #BlackFriday

It's that time of year when we start getting ready for the Black Friday PS5 deals, and you certainly shouldn't be waiting until the day itself if you haven't bagged Sony's new console yet. Since launch, last November, the PS5 has never lasted more than a few minutes when it comes into stock, and we expect the feeding frenzy to be no different well into next year. Jump to Black Friday PS5 deals See PS5 stock Internal SSD Headsets Controllers TV PlayStation Plus We're here to help point you in the right direction of the stores most likely to get the PS5 in next. There won't be any discounts on the console, though, and Black Friday PlayStation 5 bundles that appear will likely feature a range of items all added at full price because people will pay it. Sad, but true. So, if you see a sensibly priced PS5 at any moment from now, just bag it while you can. It's not all bad news, as the genuine stars of the Black Friday PS5 deals will be found on so

Technics EAH-AZ60 review: Contending in stunning fashion

Technics serves notice that everyone should notice these earbuds. Technics ventured into the wireless earbuds category to go after the big dogs in the race. Think of the likes of Sony, Bose, and Sennheiser on sound quality, as well as the best you can find on design and functionality. It's a combination that comes at a price, but if done right, it gets easier to justify spending more. That's the case Technics makes with its EAH-Z60 earbuds. Its newest pair aims to take what the company has done in the past and make it even better. The results are easy to like and are significant enough to consider them as serious contenders. Technics EAH-AZ60 review: Price and availability What's good What's not good The competition Should you buy? At a glance Technics EAH-AZ60 Bottom line: Technics didn't just do one thing right with the EAH-AZ60. It covered almost the whole gamut of what makes wireless earbuds feel and sound exceptional. As a result, the p

The 100+ Best Amazon Black Friday Deals 2021

Amazon drops thousands of Black Friday deals every year, and this year is no different. The Tech Talk team is sorting through all of those price drops to find you only the best discounts on the best products. Bookmark this list of the best Amazon Black Friday deals worth your time, as we'll continue to update it through the weekend. And if you're interested in sales from other retailers, we have an even bigger list of the best Black Friday deals to help you find everything you want and need this holiday. Vacuum and smart home deals Take your home to the next level with deals on all of the best appliances, speakers and security systems . iRobot Roomba 694 Robot Vacuum Deal price: $180 ; street price: $250 . A robot vacuum, if your pets can tolerate it while it's in action, is one of the best ways for dog and cat owners to deal with the inevitable accretion of hair. This is a nice opportunity to save on a variant of one of our top robot vacuum picks. The 600 series comes i

PS5 restocks: Here are the latest PS5 stock updates & how to find one

PS5 stock is selling out fast, so be sure to have your credit card ready. Looking to buy a PS5 ? Well, so are millions of other people. It doesn't help that stock levels remain really tight, even nearly a year after its launch. Every time a retailer puts stock up for sale, it sells out super quickly. The longest we here at Android Central have seen PS5s stay in stock is between 15 to 20 minutes (often just a few minutes, though). That's also at random times, so finding a PS5 is a truly challenging task. Sony warned it will be hard to find stock throughout the year and well into 2022, but retailers promise more are coming and that Sony has secured additional semiconductor chips to make them. In our PS5 review, we called the system a technical marvel with a groundbreaking controller. And after spending a few months with the PS5, it's nearly impossible to go back to the PS4. Everything about the PS5 is better , from the games to the DualSense haptic feedback . So you'