In this Research Note, we examine the Bosch Energy and Building Technology businesses, based on their 2021 annual results, M&A strategy, and related activities in energy, building automation, and security systems. Bosch Energy and Building Technology (EBT) business, the smallest of four reportable sectors, accounted for €5.9 billion revenues in 2021, just 7% of Bosch Group, a leading German diversified supplier of mobility solutions, industrial technology and consumer goods, with €78.8 billion total revenues. EBT Sales rose 11% in 2021 with the business benefiting from strong demand for climate-friendly heating technology, with the sector actually exceeding its pre-crisis level. Three divisions comprise Energy and Building Technology sector: Thermotechnology, Building Technologies, and Global Service Solutions. Bosch Thermotechnology, a leading European manufacturer of energy-efficient heating products and hot water solutions, with 2020 sales of €3.5 billion, accounting for around 64% of EBT revenues.  The division offers solutions for heating and indoor climate control, hot water, and decentralized energy management to customers worldwide. The portfolio includes condensing […]