Published 9 years ago.
About a 2 minute read.
Google has announced an agreement to buy smart home appliance company Nest Labs, Inc. for $3.2 billion.
Nest’s mission is to reinvent oft-overlooked but important devices in the home such as thermostats and smoke alarms. Since its launch in 2011, Nest’s innovative, user-friendly Learning Thermostat has been a consistent best seller — and its recently launched Protect (smoke + CO detector) has received rave reviews.
Larry Page, CEO of Google, said: “Nest’s founders, Tony Fadell and Matt Rogers, have built a tremendous team that we are excited to welcome into the Google family. They’re already delivering amazing products you can buy right now — thermostats that save energy and smoke/CO alarms that can help keep your family safe. We are excited to bring great experiences to more homes in more countries and fulfill their dreams!”
Tony Fadell, CEO of Nest, said: “We’re thrilled to join Google. With their support, Nest will be even better placed to build simple, thoughtful devices that make life easier at home, and that have a positive impact on the world.”
Google says Nest will continue to operate under the leadership of Tony Fadell with its own distinct brand identity. The acquisition is expected to close in the next few months.
Last month, The Information reported that Google had been trialing its own Internet-connected home thermostats to help consumers monitor and adjust their energy use, in an apparent move to compete with Nest’s smart thermostat. No word yet on whether Google’s version was shelved in favor of the acquisition.
Last year, Nest Labs joined a strategic collaboration with Ford, Whirlpool, SunPower and Eaton called MyEnergi Lifestyle, aimed at demonstrating how combining renewable energy generation with time-flexible vehicle charging and appliance use can optimize energy consumption and reduce electricity bills in the home.
Published Jan 14, 2014 1pm EST / 10am PST / 6pm GMT / 7pm CET