What happened: Neurio Technology Inc. acquired by Generac Holdings Inc.
Why it matters: Deal will bring Vancouver-based power analytics firm under umbrella of much larger American parent company
A Vancouver company known for analyzing the energy data running through people’s homes is getting a power boost of sorts in the form of an acquisition.
Generac Holdings Inc. (NYSE:GNRC) announced March 13 it’s buying Neurio Technology Inc., bringing the B.C. company under the umbrella of a larger American parent.
Terms of the deal were not disclosed.
Neurio has developed both hardware and software that connects to homes and businesses to monitor energy usage in real time and help improve energy efficiency.
The company initially focused on delivering basic energy-use information to users as their homes tapped into power from solar panels.
But as energy storage units have become cheaper and more numerous, Neurio began developing more intelligent software to tell systems when to use solar power, when to use battery power and when to draw from the grid.
Interim CEO Keith Marett told Business in Vancouver last fall that the company also planned to help customers turn their homes into mini-utilities as they generate solar power from their rooftops that can be sold back into the grid.
Marett said in a blog post that Neurio would remain a separate business unit under Generac.
“In fact, our team plans to double down on our focus on product enhancements and innovation. Generac’s resources, support and capabilities will only help to propel our vision and enable us to build upon and expand solution offerings,” he said, adding the company’s hardware and apps would continue operating without disruption.
Generac, headquartered in Wisconsin, designs and manufactures power generation equipment and other power products.