Johnson Controls and EnergyConnect Group, Inc., have 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 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.
“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