Johnson Controls to buy EnergyConnect
The companies signed a merger agreement under which Johnson Controls would acquire the outstanding shares of EnergyConnect
Milwaukee, March 3, 2011 — Johnson Controls and EnergyConnect Group, Inc., a provider of smart grid demand response services and technologies, signed 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. Financial terms of the deal were not disclosed.
EnergyConnect's demand response technology and service platform provides 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 a rapidly growing segment of the energy market.