January 22, 2024
ABB is investing in Lumin, the US-based provider of responsive energy management solutions, to bring new smart and sustainable technologies to homes in North America.
ABB led the strategic investment with participation from Lumin’s primary institutional investor, Carbon Drawdown Collective, and its other incumbent investors. Lumin’s innovative platform enables electrification upgrades without changing the home’s existing electrical panel. It provides unprecedented insights into behind-the-meter consumption data and dynamically shifts loads to support the energy transition for communities.
Globally, buildings contribute to 40% of total energy consumption, emphasizing the crucial role they play in the push towards electrification. In the US, the residential sector alone accounts for about 21 percent of the country’s total annual energy consumption1, a number set to surge with the ongoing shift toward electrification and decarbonization. Intelligent load management is vital for meeting the surging energy demand to increase sustainability, efficiency and lower emissions.
The investment by ABB Electrification’s Smart Buildings Division in Lumin enables them to develop a joint offering to accelerate and optimize accessible home energy management. Lumin offers leading-edge homeowner and installer hardware and software solutions that complement ABB’s robust residential portfolio. This collaboration will bring new innovations to the North American residential energy sector that support the safe, smart, and sustainable electrification of both new and existing homes. A first joint offering is expected to come to market in early 2024.
“Our focus is on meeting the growing demand for integrated, easy to use, flexible products and solutions to help customers effectively manage their energy usage and lower energy costs as fast as possible,” said Mike Mustapha, President of ABB Electrification’s Smart Buildings Division. “This latest collaboration is a testament not just to our commitment to the North American residential sector, but to strengthening customer value through partnerships globally. The data gathered through this partnership will hone future product innovation as customer needs evolve.”
“As an established player in the industry, Lumin’s agility and expertise, coupled with a strong competitive position, align perfectly with our investment criteria,” says Mads Moeller, Head of Ventures at ABB Electrification. “This collaboration allows us to expand our home energy management capabilities in the North American residential sector, where we aim to bring value and affordability to home energy solutions.”
“Lumin is thrilled to partner with ABB, setting the stage for jointly developed responsive energy management products,” said Kelly Warner, CEO of Lumin. “ABB’s strategic investment will empower Lumin, fostering innovation and scaling operations. We’re redefining how homes interact with and contribute to the energy grid while offering all homeowners unprecedented comfort, control, and cost savings easily via a single, intuitive app.”
The investment helps expand ABB’s ecosystem of innovation partners developing solutions that support decarbonization and energy efficiency. Since 2009 ABB has made investments of around $400 million from its venture capital arm that are aligned with its electrification, robotics, automation and motion portfolio.