Industrial manufacturer Johnson Controls has agreed to acquire Hybrid Energy AS, a Norway-based semiconductor manufacturer, according to a Jan. 13 press release.
The company said in its press release that the acquisition will allow Johnson Controls to expand its heat pumps in the European heating and industrial markets. More widely expanding the use of hybrid heat pumps will help the European Union achieve its goal of reducing greenhouse gas emissions by 55% by 2030, Johnson Controls said.
"With many countries divesting from fossil fuels and customers seeking to reduce emissions and energy spending, now is the time for clean energy technologies to become available for use on a global scale," Nordic Technology Group CEO Rune Rinnan said in a statement.
The terms of the agreement to acquire the business from Nordic Technology Group AS were not disclosed. Nordic Technology said in its Jan. 13 press release that Johnson Controls will acquire 100% of Hybrid Energy's shares and its minority shareholders.
Hybrid Energy subsidiary Hystorsys AS was not included in the agreement. It will become a stand-alone entity under Nordic Technology once the transaction is complete.
Johnson Controls Chairman and CEO George Oliver said in a November earnings call that the company is seeing growth worldwide, especially in Europe.
While the company’s margins in Europe are “not where we want,” they are improving, CFO Olivier Leonetti said on the call.
“We expect that to be the case, still, as we go forward,” he said.