ABB invests in Lumin to accelerate the development of accessible home energy management solutions

Rhea-AI Summary

ABB invests in Lumin, a US-based provider of energy management solutions, to bring new sustainable technologies to homes in North America. The partnership aims to increase sustainability and cost savings for homeowners by leveraging Lumin's software and cloud capabilities in responsive load control along with ABB’s electrical distribution portfolio and channels to market.

Cary, North Carolina, Dec. 12, 2023 (GLOBE NEWSWIRE) --

• Joint development of new accessible energy management solutions to increase sustainability and cost savings for homeowners in North America
• Partnership leverages the strengths of Lumin’s software and cloud capabilities in responsive load control along with ABB’s electrical distribution portfolio and channels to market
• New investment is another step in ABB’s commitment to enhancing energy management in the residential energy sector

In its continual efforts to enhance customer experience, ABB is investing in Lumin, the US-based pioneer and leading provider of responsive energy management solutions, to bring new smart and sustainable technologies to homes in North America. ABB led the strategic investment with participation from Lumin's primary institutional investor, Carbon Drawdown Collective, and its other incumbent investors. Lumin’s innovative platform enables electrification upgrades without changing the home’s existing electrical panel. It provides unprecedented insights into behind-the-meter consumption data and dynamically shifts loads to support the energy transition for communities.

Globally, buildings contribute to 40% of total energy consumption, emphasizing the crucial role they play in the push towards electrification. In the US, the residential sector alone accounts for about 21 percent of the country’s total annual energy consumption¹, a number set to surge with the ongoing shift toward electrification and decarbonization. Intelligent load management is vital for meeting the surging energy demand to increase sustainability, efficiency and lower emissions.

The investment by ABB Electrification’s Smart Buildings Division in Lumin enables them to develop a joint offering to accelerate and optimize accessible home energy management. Lumin offers leading-edge homeowner and installer hardware and software solutions that complement ABB’s robust residential portfolio. This collaboration will bring new innovations to the North American residential energy sector that support the safe, smart, and sustainable electrification of both new and existing homes. A first joint offering is expected to come to market in early 2024.

 “Our focus is on meeting the growing demand for integrated, easy-to-use, flexible products and solutions to help customers effectively manage their energy usage and lower energy costs as fast as possible,” said Mike Mustapha, President of ABB Electrification’s Smart Buildings Division. “This latest collaboration is a testament not just to our commitment to the North American residential sector, but to strengthening customer value through partnerships globally. The data gathered through this partnership will hone future product innovation as customer needs evolve.”

“As an established player in the industry, Lumin’s agility and expertise, coupled with a strong competitive position, align perfectly with our investment criteria,” says Mads Moeller, Head of Ventures at ABB Electrification. “This collaboration allows us to expand our home energy management capabilities in the North American residential sector, where we aim to bring value and affordability to home energy solutions.”

“Lumin is thrilled to partner with ABB, setting the stage for jointly developed responsive energy management products,” said Kelly Warner, CEO of Lumin. “ABB’s strategic investment will empower Lumin, fostering innovation and scaling operations. We’re redefining how homes interact with and contribute to the energy grid while offering all homeowners unprecedented comfort, control, and cost savings easily via a single, intuitive app.”

The investment helps expand ABB’s ecosystem of innovation partners developing solutions that support decarbonization and energy efficiency. Since 2009 ABB has made investments of around $400 million from its venture capital arm that are aligned with its electrification, robotics, automation, and motion portfolio.

¹ Energy Data Facts, Office of Energy Efficiency and Renewable Energy

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-​efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 140 years of excellence, ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com

About ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and management from source to socket. As the world’s demand for electricity grows, our 50,000+ employees across 100 countries collaborate with customers and partners to transform how people connect, live and work. We develop innovative products, solutions and digital technologies that enable energy efficiency and a low carbon society across all sectors. By applying global scale with local expertise, we shape and support global trends, deliver excellence for customers and power a sustainable future for society. go.abb/electrification

About Lumin

Lumin® is the pioneer and leading provider of responsive energy management solutions. Through its innovative Control What MattersTM approach, Lumin offers the only universally compatible, retrofit-ready load management platform on the market that is out-of-the-box compatible with all residential batteries and load centers. By making ordinary circuits smart, Lumin grants comprehensive control over the home microgrid, enabling whole-home backup, electrification, and participation in demand response programs. Through the user-friendly Lumin app, homeowners can monitor their energy use, create on-grid and off-grid circuit management schedules, and automate time-of-use rate avoidance, providing maximum energy control. Backed by a network of installers across the U.S. and Canada, Lumin’s technology is paving the way for an all-electric, clean energy future. Discover more at www.luminsmart.com. 

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• ABB invests in Lumin

FAQ

What is the partnership about between ABB and Lumin?

The partnership aims to increase sustainability and cost savings for homeowners in North America by leveraging Lumin's software and cloud capabilities in responsive load control along with ABB’s electrical distribution portfolio and channels to market.

What is ABB's investment in Lumin for?

ABB's investment in Lumin is to bring new smart and sustainable technologies to homes in North America and enhance energy management in the residential energy sector.

How does Lumin's platform enable electrification upgrades for homes?

Lumin's platform enables electrification upgrades without changing the home’s existing electrical panel and provides unprecedented insights into behind-the-meter consumption data.

What is the significance of the partnership in the context of energy consumption?

Globally, buildings contribute to 40% of total energy consumption, and the partnership aims to support the energy transition for communities by providing innovative energy management solutions for homes in North America.