- Combining ABB’s global expertise with Lumin’s flexible platform, sets a new standard for smarter, more sustainable homes
- Deal addresses significant opportunity for electrification and renewable energy solutions for new and retrofitted homes across the continent
- U.S.-based startup business integration will drive future innovations for smart homes and communities
ABB announced today the acquisition of Lumin, a U.S.-based pioneer and leading provider of responsive energy management systems, to expand its home energy management capabilities in the North American residential sector. The acquisition follows a strategic 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 homes¹ require electrification upgrades - a number that increases significantly when including new construction and other North American markets.
Lumin, an agile and dynamic startup business, has a proven track record in developing innovative energy management solutions. Its highly flexible platform allows for the seamless integration of any brand of load centers, battery systems and generators. It also provides deep 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.
“We’re excited to welcome Lumin into the ABB family at a time when electrification across North America is a transformative megatrend,” said Mike Mustapha, President of ABB Electrification’s Smart Buildings Division.
Electricity plays a significant role in residential energy consumption in North America, accounting for 44% in the U.S.² and nearly 46% in Canada³ʹ⁴. 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 2050⁵. 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.
“By acquiring Lumin, we gain not only an advanced product portfolio but also access to key partnerships within residential-renewable-focused organizations - an essential move in driving future innovations for smart homes and communities across the region,” added Mike Mustapha.
“Joining ABB is an exciting step for Lumin. We’re fully aligned with ABB’s mission to drive innovation, sustainability, and smarter energy solutions. This is an incredible opportunity to scale our platform and make energy management even more accessible to homeowners across North America,” said Alex Bazhinov, Lumin’s Founder and President. “As part of ABB, we’ll help empower homeowners to reduce energy waste, integrate renewable energy sources, and create more sustainable, efficient communities.”
Notes to editors:
1 Addressing an Electrification Roadblock: Residential Electric Panel Capacity
2 https://www.eia.gov/energyexplained/use-of-energy/homes.php
3 The Daily — Households and the Environment Survey: Energy use, 2021
4 Energy Use in Canada: Trends Publications | Natural Resources Canada
5 U.S. energy consumption increases between 0% and 15% by 2050 - U.S. Energy Information Administration (EIA)
ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com
ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are ‘Engineered to Outrun’, and we are passionate about helping our customers and partners do the same. go.abb/electrification
Founded in 2016, Lumin® is a leader in intelligent load management, transforming how homeowners interact with energy and providing solutions that enhance comfort, visibility and control. By turning ordinary electrical panels into intelligent energy systems, Lumin unlocks smarter home electrification. Its products are thoughtfully designed, engineered and assembled in Charlottesville, Virginia, to exceed rigorous standards for performance and reliability, reflecting Lumin’s strong commitment to quality and local craftsmanship. Backed by a passionate team and a network of installers across the U.S. and Canada, Lumin is paving the way for an electrified future. Discover more at www.luminsmart.com.
