RTTNews | Aug 12, 2021 07:32AM EDT

07:32 Thursday, August 12, 2021 (RTTNews.com) - Johnson Controls (JCI), a maker of smart, healthy and sustainable buildings, announced Thursday a strategic partnership with funds managed by affiliates of Apollo Global Management, Inc. (APO).

The partnership would provide sustainability and energy efficiency services mainly for commercial buildings to help address decarbonization and operating cost goals for the buildings.

In the deal, Johnson Controls' experience in energy efficiency performance contracting, along with its OpenBlue smart buildings technology and services, including the recently launched OpenBlue Net Zero Buildings as a Service, will be combined with Apollo's infrastructure expertise and fund capital.

With the new venture, the companies plan to provide customers across the United States and Canada with performance-based energy efficiency and smart buildings services at no upfront costs and with predictable monthly fees.

The new venture would provide efficiency offerings to schools, campuses, data centers, healthcare facilities as well as commercial and industry facilities.

Johnson Controls Executive Vice President and CFO Olivier Leonetti said, "Meeting decarbonization, energy efficiency and sustainability goals while managing risk and reducing cost is a clear priority for our customers. This new venture with Apollo combines strategic capital with our cutting edge OpenBlue services to provide customers with guaranteed outcomes and risk management models to achieve emission reductions and sustainability commitments and contribute to healthier buildings, people, places and planet."

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