Evertiq - Generac inks deal to buy Neurio Technology Inc.
Generac inks deal to buy Neurio Technology Inc.
Generac Power Systems, headquartered in Wisconsin, has agreed to buy Neurio Technology Inc., an energy data company specializing in metering technology and analytics to optimize energy use in a home or business.
Generac’s Chief Marketing Officer Russ Minick said in a media statement, “The addition of Neurio’s data expertise, devices and advanced technologies will help us strengthen our home energy management capabilities and accelerate our efforts around connectivity and remote monitoring… all of which are critical parts of our ‘Powering Our Future’ strategy. Customers using Neurio’s technology get real-time access to their power consumption data and have the ability to make informed decisions that allow them to save on their energy use.” Generac was founded in 1959 and employs more than 5,000 people worldwide. Neurio Inc., based in Vancouver, British Columbia, was founded in 2005 and began as a university project, according to the company’s website. According to Bloomberg.com, Neurio technology uses a Wi-Fi power sensor and a cloud service to monitor a home's electrical devices to determine how much energy they use and where energy waste is occurring. It also provides an Android and iOS application that offers real-time feedback to homeowners for their homes.