Moen Faucet has acquired a majority equity in Flo Technologies, a smart water management and leak detection company, according to a U.S. business magazine, but details of the investment were not disclosed.
Previously, Moen Faucet had worked with Flo Technologies to develop the Flo by Moen smart water security system, which is controlled by the mobile phone APP to view household water consumption and water charges.
Gabriel Halimi, CEO of Flo Technologies, said the deepened partnership provides the two companies with opportunities to provide consumers with smart water safety and management technologies. “Combining the two together allows us to transform the entire industry and provide a whole-house water system management solution,” Halimi said in a statement.
According to the U.S. Environmental Protection Agency, household water leaks waste nearly 1 trillion gallons of water each year. Smart water systems are designed to minimize the risk of water damage to people’s houses. Along with other products and innovations, Moen Faucet aims to save 1T gallons of water by 2030, thereby minimizing water expenses. A recent study by Lexis Nexis showed that after Flo was installed by Moen Smart Water Shutoff, the number of claims for water leakage in the house was reduced by 96% compared to two years before the installation. In contrast, houses in the control group experienced a 10% increase in claims over the same period.