- Honeywell International Inc HON plans to make a strategic investment in Redaptive, an Energy-as-a-Service (EaaS) provider that funds and installs energy-saving and energy-generating equipment.
- The financial terms of the investment were not disclosed. The investment will accelerate a collaboration to bring EaaS capabilities to private sector-owned commercial and industrial buildings.
- Redaptive was founded in 2015 and is headquartered in San Francisco, California.
- The partnership combines Honeywell's experience in energy savings performance contracting (ESPC) and building controls capabilities with Redaptive's data technology and EaaS platform.
- It also offers accelerated technology deployment to upgrade existing building infrastructure, support capabilities such as on-site renewable energy assets, and deploy advanced controls software.
- As part of the collaboration, Honeywell will deploy the Redaptive platform in its own facilities.
- "Our work with Redaptive will enable us to help more commercial buildings deploy energy conservation projects with innovative capital deployment models and efficiently deliver asset-level analytical insights," said Del Misenheimer, president of Honeywell Building Solutions.
- Price Action: HON shares closed lower by 0.04% at $187.92 on Tuesday.
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