Companies Combine Analytics and Automation to Make It Easy for Consumers to Implement Cost- and Energy-Saving Changes
WASHINGTON, D.C., Sept. 13, 2011 – Honeywell (NYSE: HON) and Opower today announced plans to jointly develop energy management tools to help consumers cut their energy use and expenses. The companies will combine Honeywell's expertise in residential automation and control systems with Opower's industry-leading energy data analytics and customer engagement techniques to create intuitive, reliable and cost-effective technology that will provide energy savings in the home and across the entire electrical grid.
Honeywell and Opower will initially launch a platform that includes a Web-connected programmable thermostat to help utilities boost energy efficiency programs, driving deeper savings in the home and maximizing return on investment. The technology will measure, analyze and report homeowners' electricity use, including detailed information from the thermostat, which controls heating and cooling systems - equipment that accounts for almost 50 percent of all residential energy consumption.
Utility customers will be able to access the data from a Web portal or mobile application to get a clear and comprehensive snapshot of their energy use and spending. The technology will also suggest and automatically implement cost-saving changes, and will present equivalent data from similar families in the same geography to provide a benchmark and additional context.
"Empowering consumers to adjust how they use electricity starts with awareness," said Jeremy Eaton, vice president of energy solutions for Honeywell. "But it doesn't end there - they also need easy-to-use controls to implement changes and make them stick. We believe Honeywell and Opower will successfully combine information, motivation and control to help homeowners reduce energy consumption and costs."
The companies plan to pilot the new product with select utility partners over the next few months. The platform may eventually support utilities' efficiency programs for light commercial customers, as well as demand response programs, which help temporarily reduce electricity consumption when energy use spikes and strains the grid. Honeywell also plans to sell similar products through residential contractors and retailers.
"Honeywell is the clear leader in manufacturing reliable control technology and it's a brand trusted by millions all across the world" said Daniel Yates, CEO and co-founder of Opower. "We are very excited to work with Honeywell to help us extend our platform into the home, and deliver even more value to our utility partners and their customers."
Opower is the nation's leading energy information platform, currently delivering data to nearly 10 million residential consumers. The platform combines cutting-edge behavioral science with patent-pending data analytics to cost-effectively deliver actionable energy insights to millions of homes. Opower's products have helped consumers save over $50 million dollars on their energy bills to date, and the company projects that number to be more over $100 million as it progresses towards its goal of one terawatt hour of savings by the end of 2012.
Honeywell is a global leader in energy efficiency, with control technology in more than 150 million homes, 10 million buildings and thousands of industrial plants around the world. In addition to a full-line of home comfort products available through heating and air-conditioning professionals and retail outlets, the company has helped more than 5 million homeowners decrease their energy use through its work with utilities, which includes designing, marketing and implementing energy efficiency and demand response programs.
Opower is a leader in energy information software, providing the utility industry's only cross-channel platform proven to drive energy efficiency gains on a large scale. Using cutting-edge behavioral science and patent-pending analytics, the Opower platform enables utilities to provide targeted energy data and advice to each customer. More than 50 utilities - including 8 of the 10 largest in the U.S. - partner with Opower to significantly improve the effectiveness of their energy-efficiency portfolios and motivate their customers to become more energy efficient, while dramatically increasing the level of customer engagement and overall customer satisfaction. For utilities with Advanced Metering Infrastructure (AMI), the Opower platform represents a cost-effective way to convert hourly data into measurable energy savings, delivering a clear return on investment directly to the customers. Founded in 2007 and privately held, Opower is headquartered in Arlington, Virginia, as well as a second office in San Francisco, California. For more information, please visit www.opower.com.
Honeywell International (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements are based on management's assumptions and assessments in light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.