Racepoint Energy, a company known for smart electrical panels, automated power, storage, and energy resiliency solutions, has been acquired by smart home company, Savant Systems.
The acquisition will see Racepoint Energy now known as Savant Power, and it joins GE Lighting, a Savant company, as the two newest additions to Savant System’s portfolio of scalable and easy to use smart home solutions.
The addition of Savant Power means that Savant now addresses the main areas of the connected home – climate, lighting, entertainment, security, and now energy.
“Over the past 12 months, we have made significant strategic acquisitions triggering rapid revenue growth and projections for our brands,” commented Bob Madonna, chairman and CEO of Savant Systems. “Savant Power’s innovative smart electrical panel and microgrid solutions align perfectly with trending investment in a rapidly growing energy sector.”
He continued: “Savant Power is helping to transform the grid by utilising our unique automation capabilities, increasing the effectiveness of alternative power sources such as solar, batteries or generators without compromising comfort and convenience.”
According to the company, it has joined the energy space at a time when power has emerged as a focal point for consumers and utility companies. A rising number of power outages caused by an aging energy infrastructure and weather volatility along with a growing concern for the environment are driving significant investment in more resilient and sustainable power solutions. These factors, combined with an increase in renewable generation and EV adoption are forcing a paradigm shift in power distribution and consumption in order to lower cost and provide improved resiliency.
Savant Power provides a robust and scalable software platform to manage distributed energy resources such as solar, storage and flexible load management. By reimagining the concept of smart energy through an advanced automated platform, Savant Power brings all the components together to combine a smart living experience with a modernised energy infrastructure.
Anna Demeo, Savant Power’s president said: “The way we produce and consume power is changing in ways not seen since the inception of the grid well over 100 years ago. Thomas Edison famously remarked that he hoped we didn’t wait until supplies of oil and coal were exhausted before utilising alternative resources such as solar and wind. Now, Savant Power is poised to make these solutions a reality alongside GE Lighting, a Savant company, while improving quality of life and energy resiliency around the world.”