Benzinga | Aug 12, 2021 12:33PM EDT

Johnson Controls, Apollo Infrastructure Partner To Provide Energy Efficiency Services

* Johnson Controls International PLC (NYSE:JCI) and funds managed by affiliates of Apollo Global Management Inc (NYSE:APO) have entered a strategic partnership to provide sustainability and energy efficiency services. The financial terms of the deal were not disclosed.

* The new venture intends to provide customers across the U.S. and Canada with performance-based energy efficiency and smart buildings services at no upfront costs and predictable monthly fees.

* The venture targets a range of efficiency offerings for schools, campuses, data centers, healthcare facilities, and commercial and industry facilities, as customers strive for environmental standards to combat climate change and reach carbon neutrality goals.

* The sustainability services will leverage Johnson Controls' experience in energy efficiency performance contracting, along with its OpenBlue smart buildings technology and services.

* Apollo uses its infrastructure expertise and fund capital to offer customers solutions to meet energy savings and decarbonization objectives.

* Price Action: JCI shares are trading lower by 0.29% at $72.82 and APO lower by 0.91% at $58.79 on the last check Thursday.