Smart thermostat maker tado takes over German energy supplier

Smart thermostat maker tado is acquiring energy supplier aWATTar, a German company with Time of Use energy rates. With this, the companies say they want to enable the ‘growth of renewable energy sources’ on the European market.

Tado says in a press release that it wants to capitalize on the energy transition to the electrification of heating with renewable energy sources, but that electricity prices are increasingly fluctuating as a result. The thermostat maker says aWATTar’s Time-of-Use energy rates can help customers save on energy costs. “The acquisition makes tado a key technology platform that enables customers to automatically adjust their energy usage for times of low prices through a suite of intelligently managed applications.”

In addition to the acquisition aimed at reducing energy costs for users, the two companies also claim that together they will enable the ‘growth of renewable energy sources’ in the European market. “The combination of tado’s and aWATTar’s technologies enables customers to take a proactive role in a more flexible energy system, allowing the share of renewable energy to grow across Europe.” No further information is provided. Tado says it wants to acquire more energy companies in the future that can stimulate consolidation in the energy market.