The press release states, “Johnson Controls (NYSE: JCI), the global leader in delivering products, services and solutions that increase energy efficiency in buildings, and EnergyConnect Group, Inc. (OTC Bulletin Board: ECNG), a leading provider of smart grid demand response services and technologies, today 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. 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.
“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 Controls and president, Building Efficiency. “Coupling EnergyConnect’s expertise in demand response with Johnson Controls’ strength in smart building technologies would enable us to expand our offerings and help our customers better manage their overall energy spend.”
“We are excited about the prospects of joining forces with Johnson Controls,” said Kevin Evans, president and Chief Executive Officer of EnergyConnect. “In addition to the natural synergies in our businesses, the Johnson Controls’ global footprint and distribution channels would enable us to accelerate the transformation of electricity use in response to market prices while enhancing the efficiency and reliability of the grid.”"
Read more: Johnson Controls Press Release