While there are quite a few smart thermostat options on the market today, two of the best have long been regarded as Google’s Nest Thermostat and Ecobee. Today, Ecobee has announced that it is being acquired by Generac.
In a deal worth up to $770 million, Generac will acquire Ecobee. The deal is contingent on “the achievement of certain performance targets” and will add Ecobee’s smart thermostats to Generac portfolio of products. The company is best known for its home generators, but it also offers backup power, clean energy storage, pressure washers, and other products.
According to The Verge, current Ecobee CEO Stuart Lombard will stick around in the role of CEO. Going forward, Ecobee will function as a subsidiary of General, out of its same Toronto-based office.
Residential HVAC systems represent the largest energy-consuming device in the home today and ecobee’s smart thermostats and sensors offer the most intelligent way to balance comfort with conservation. In addition, the ability to combine ecobee’s cutting-edge technologies with Generac’s power generation, energy storage and energy management devices will allow us to create a clean, efficient, and reliable home energy ecosystem that will not only save homeowners money, but also help grid operators meet the challenges of an electrical grid under enormous stress by providing solutions to better balance supply and demand.
Ecobee hasn’t released a new thermostat in around 2 years at this point, while the competition has continued to advance. Google released a $130 Nest Thermostat last year, and next month Amazon will start selling a $60 smart thermostat of its own, developed with Honeywell.
More on Smart Home:
- How does the Ecobee Smart Thermostat stack up in the Nest world?
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- Nest Thermostat (2020) Review: Just the basics, but it works
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