FARMINGTON, Conn., Nov. 11, 2013 /PRNewswire/ -- Carrier signed an agreement today with Robert Bosch North America Corporation 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. (NYSE: UTX).
Geothermal heat pumps, which use the constant below-ground temperature of soil or water to heat and cool buildings, use 25-50 percent less electricity than conventional heating or cooling systems, according to 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. Moving forward, Carrier geothermal and water-source heat pumps will be developed and manufactured at the JV's Florida Heat Pump manufacturing plant 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, from Carrier's rich legacy of innovation to Bosch's well-equipped manufacturing plant in Fort Lauderdale, 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. "Establishing a relationship between Carrier and Bosch will allow us to leverage our research and development resources and continue to deliver high quality manufactured products to our customers."
ABOUT CARRIER Carrier is the world's leader in high-technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy-efficient products, building controls, and energy services for residential, commercial, retail, transport and food service customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.