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ROTTERDAM,
26
October
2015

Eneco and Quby join forces for international Toon-expansion

Summary

Eneco and Quby, the company that developed the smart Toon thermostat, is now fully owned by Eneco. The acquisition of the software company is in line with the targeted strategy of the sustainable energy company that encompasses major investment in innovation and collaboration with technology start-ups. Both companies now aim to launch Toon on the international market.

Hans Valk, director of Eneco Innovation & Ventures, explains the acquisition: 'The installed base of 175,000 Toon thermostats in the Netherlands shows that Eneco and Quby form a successful combination. In our view, there are many possibilities for exporting this success to other countries. Energy companies around the world are looking for a platform like Toon to provide their customers better understanding of and control over their energy consumption. We combine our expertise and networks to realise our shared ambition: one million European Toon users in 2017.'

Arjen Noorbergen, co-founder of Quby: “Quby has achieved an excellent result with the development of the technology behind the Toon thermostat. This is due, for a large part, to the good collaboration with Eneco. The acquisition enables us to takes steps that would otherwise not have been possible, such as international expansion. Following our success in the Netherlands, the team is eager to conquer the rest of the world.”

Full ownership
Since 2013, Eneco had a 53% interest in Quby. With this transaction, the sustainable energy company gains full ownership. Quby has around 100 employees who will continue to work from the existing office in Amsterdam and the management of the company will continue to operate independently with co-founder Ivo De La Rive Box as new CEO.

The financial details of the transaction shall not be made public.