While there are quite a few smart thermostat options on the market today, two of the best have long been regarded as Google’s Nest Thermostat and Ecobee. Today, Ecobee has announced that it is being acquired by Generac.

In a deal worth up to $770 million, Generac will acquire Ecobee. The deal is contingent on “the achievement of certain performance targets” and will add Ecobee’s smart thermostats to Generac portfolio of products. The company is best known for its home generators, but it also offers backup power, clean energy storage, pressure washers, and other products.

According to The Verge, current Ecobee CEO Stuart Lombard will stick around in the role of CEO. Going forward, Ecobee will function as a subsidiary of General, out of its same Toronto-based office.

Residential HVAC systems represent the largest energy-consuming device in the home today and ecobee’s smart thermostats and sensors offer the most intelligent way to balance comfort with conservation. In addition, the ability to combine ecobee’s cutting-edge technologies with Generac’s power generation, energy storage and energy management devices will allow us to create a clean, efficient, and reliable home energy ecosystem that will not only save homeowners money, but also help grid operators meet the challenges of an electrical grid under enormous stress by providing solutions to better balance supply and demand.

Ecobee hasn’t released a new thermostat in around 2 years at this point, while the competition has continued to advance. Google released a $130 Nest Thermostat last year, and next month Amazon will start selling a $60 smart thermostat of its own, developed with Honeywell.

More on Smart Home:

FTC: We use income earning auto affiliate links. More.

Check out 9to5Google on YouTube for more news:

You’re reading 9to5Google — experts who break news about Google and its surrounding ecosystem, day after day. Be sure to check out our homepage for all the latest news, and follow 9to5Google on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our exclusive stories, reviews, how-tos, and subscribe to our YouTube channel

About the Author

Ben Schoon

Ben is a writer and video producer for 9to5Google.

Find him on Twitter @NexusBen. Send tips to schoon@9to5g.com or encrypted to benschoon@protonmail.com.