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Smart home technology company Savant Systems, Inc. has acquired Racepoint Energy, which makes smart electrical panels, automated power, storage and energy resiliency solutions for consumers, home builders, businesses, and utility companies.
Renamed Savant Power, the company now joins GE Lighting, a Savant company, as the two newest additions to Savant Systems’ diverse portfolio of smart home solutions. Savant says that in adding automated power to the line-up, they can now address every pillar of the connected home: climate, lighting, entertainment, security, and energy.
“Over the past 12 months, we have made significant strategic acquisitions triggering rapid revenue growth and projections for our brands,” says Bob Madonna, Chairman and CEO or Savant Systems, Inc. “Savant Power’s innovative smart electrical panel and microgrid solutions align perfectly with trending investment in a rapidly growing energy sector.
“Savant Power,” Madonna continues, “is helping to transform the grid by utilizing our unique automation capabilities, increasing the effectiveness of alternative power sources such as solar, batteries or generators without compromising comfort and convenience,”
Savant says 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, adds the company, 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 brings 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 to market the key components needed to achieve a smart living experience as well as a modernized energy infrastructure, says the company.
“The way we produce and consume power is changing in ways not seen since the inception of the grid well over 100 years ago,” says Anna Demeo, President, Savant Power. “Thomas Edison famously remarked that he hoped we didn’t wait until supplies of oil and coal were exhausted before utilizing 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 resilience around the world.”