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Farmington, Conn.-based Carrier signed an agreement with Robert Bosch North America Corp. to form a joint venture to develop and manufacture geothermal and water-source heat pumps for the North American residential and commercial segments.
The transaction completion is pending necessary regulatory approvals. The financial terms of the agreement were not disclosed.
Carrier, a world leader in high-technology heating, air-conditioning and refrigeration solutions, is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp.
Geothermal heat pumps, which use the constant below-ground temperature of soil or water to heat and cool buildings, use 25% to 50% less electricity than conventional heating or cooling systems, according to stats from the U.S. Department of Energy. With sales of geothermal heat pumps expected to nearly triple by 2020, Carrier entered into the agreement to enhance its offerings and service to the growing market, the company said.
Moving forward, Carrier geothermal and watersource heat pumps will be developed and manufactured in Fort Lauderdale, Fla.
Sales channels and the respective brands for each company will remain independent of one another.
“The Carrier team is excited by the opportunities this agreement will provide,” said Chris Nelson, president, residential and commercial systems, Carrier. “By bringing together the strengths of both companies … we will deliver a high level of value to our customers.”
“Geothermal heating is one of the most cost-effective and environmentally responsible heating and cooling options available to consumers,” said Richard Soper, president, Bosch Thermotechnology Corp.