The companies will explore opportunities for global synergies around combined tech-driven solutions that predictively adapt climate and energy to users’ needs. Customers will range from commercial building owners and operators to smart districts and cities.

To underline the long-term nature of this partnership, Viessmann has acquired a minority interest in Priva. This allows Priva to accelerate its innovative technology agenda and international growth, while remaining an independent family business. Viessmann can rapidly develop its climate solutions for commercial buildings and explore horticultural environment business opportunities.

Both companies believe that partnerships, networks and smart ecosystems are crucial in providing the range and breadth of solutions needed to address the important issues of global warming, energy transition and food security in the world.

Meiny Prins, chief executive of Priva said: “We are a purpose-driven company. We are proud to offer innovative and sustainable solutions, which benefit our customers and society. We feel strengthened by Viessmann’s recognition of our vision and technology. Joining forces with Viessmann is an important next step towards fulfilling our ambition. It makes us both stronger while it maintains our independence and company values. This is an unprecedented opportunity for creating a climate for growth together.”

Maximilian Viessmann, Co-chief executive of Viessmann said: “Our purpose is to create living spaces for generations to come: sustainable, CO2-free and clean environments for living, working and recreation. Our partnership with Priva will enable both companies to substantially expand the breadth and variety of solutions we can offer and the customers that we serve. It is a big privilege to drive digital and climate-centric solutions forward as two like-minded, strong and tech-driven family businesses.”