World electrical know-how firm ABB mentioned it has acquired Lumin, a U.S.-based group that gives responsive power administration methods, to increase its residence power administration capabilities within the North American residential sector. The acquisition introduced Jan. 14 follows a strategic minority funding by ABB into Lumin in 2023. Monetary phrases of the transaction weren’t disclosed.
The acquisition brings Lumin’s clever options for electrification, in addition to photo voltaic and storage methods, into ABB’s portfolio, making a complete residential power administration providing in North America. With the addition of Lumin’s know-how, ABB is well-positioned to fulfill the rising demand for residence electrification options within the U.S., the place about 48 million current houses require electrification upgrades, a quantity that will increase considerably when together with new development and different North American markets.
Lumin develops revolutionary power administration options. Its extremely versatile platform permits for the seamless integration of any model of load facilities, battery methods and turbines. It additionally supplies deep insights into behind-the-meter consumption and dynamically manages power masses—similar to electrical car chargers, scorching tubs and warmth pumps—paving the way in which for extra environment friendly and sustainable communities.
This acquisition helps ABB’s progress technique within the North American residential market, the place electrification and renewable power are driving elevated demand. With Lumin’s {hardware} and cloud-based software program capabilities—together with a cellular app for householders and installers—ABB can present smarter, safer and extra sustainable residence power options.
“We’re excited to welcome Lumin into the ABB household at a time when electrification throughout North America is a transformative megatrend,” mentioned Mike Mustapha, president of ABB Electrification’s Good Buildings Division.
Electrical energy performs a big position in residential power consumption in North America, accounting for 44% within the U.S. and almost 46% in Canada. Within the coming years this share is predicted to develop with residential electrical energy consumption within the U.S. projected to extend by 14% to 22% between 2022 and 2050. These tendencies current a robust alternative for ABB’s newly acquired options to make all-electric houses extra reasonably priced for builders and to assist householders maximize their power effectivity.
“By buying Lumin, we acquire not solely a sophisticated product portfolio but in addition entry to key partnerships inside residential-renewable-focused organizations—a necessary transfer in driving future improvements for good houses and communities throughout the area,” mentioned Mustapha.
“Becoming a member of ABB is an thrilling step for Lumin. We’re totally aligned with ABB’s mission to drive innovation, sustainability, and smarter power options. That is an unbelievable alternative to scale our platform and make power administration much more accessible to householders throughout North America,” mentioned Alex Bazhinov, Lumin’s founder and president. “As a part of ABB, we’ll assist empower householders to cut back power waste, combine renewable power sources, and create extra sustainable, environment friendly communities.”
—POWER edited this content material, which was contributed by the media relations group at ABB.
