Moen Faucet Acquires Equity in Smart Water Safety System Company
Moen Faucets has acquired a majority stake in Flo Technologies, a smart water management and leak detection company, according to the Business Journal, but did not disclose details of the investment.
Moen Faucets had previously partnered with Flo Technologies to develop the Flo by Moen smart water security system, which is controlled via a mobile app to check household water consumption and bills.
Gabriel Halimi, CEO of Flo Technologies, said the deepened collaboration provides both companies with the opportunity to provide consumers with smart water safety and management technology.” By bringing the two together, we can transform an entire industry and provide whole-house water system management solutions,” Halimi said in a statement.
According to the U.S. Environmental Protection Agency, leaky homes waste nearly 1 trillion gallons of water each year. Smart water systems are designed to minimize the risk of water damage to people’s homes. In addition to other products and innovations, Moen Faucets aims to save 1 T gallons of water by 2030, thereby minimizing water bills.A recent study by Lexis Nexis showed that after Moen Smart Shutoffs were installed with Flo, the number of claims for water leaks in houses decreased by 96 percent compared to two years prior to installation. This compares to a 10% increase in the number of claims in a control house over the same period.