ABB announced the acquisition of Lumin, a U.S. provider of responsive energy management systems, to expand its home energy management capabilities in the North American residential sector. The acquisition follows a minority investment by ABB into the company in 2023. Financial terms of the transaction were not disclosed.
The acquisition brings Lumin’s intelligent solutions for electrification, as well as solar and storage systems, into ABB’s portfolio, creating a comprehensive residential energy management offering in North America. With the addition of Lumin’s technology, ABB is well positioned to meet the growing demand for home electrification solutions in the U.S., where approximately 48 million existing homes require electrification upgrades, a number that increases significantly when including new construction and other North American markets.
Lumin’s platform allows for the integration of any brand of load centers, battery systems and generators. It also provides insights into behind-the-meter consumption and dynamically manages energy loads, such as electric vehicle chargers, hot tubs and heat pumps, paving the way for more efficient and sustainable communities.
This acquisition supports ABB’s growth strategy in the North American residential market, where electrification and renewable energy are driving increased demand. With Lumin’s hardware and cloud-based software capabilities, including a mobile app for homeowners and installers, ABB can provide smarter, safer and more sustainable home energy solutions.
Electricity plays a significant role in residential energy consumption in North America, accounting for 44% in the U.S. and nearly 46% in Canada. In the coming years this share is expected to grow with residential electricity consumption in the U.S. projected to increase by 14% to 22% between 2022 and 2050. These trends present a strong opportunity for ABB’s newly acquired solutions to make all-electric homes more affordable for builders and to help homeowners maximize their energy efficiency.