Smart Buildings

Another Failed PropTech SPAC: Enocean Terminates Merger Agreement with Parabellum

PropTech SPAC Parabellum Acquisition Corp. (OTC:PRBM) announced last week that energy harvesting IoT specialist, EnOcean GmbH had terminated their merger agreement. This Research Note highlights the company background to this announcement and our overall view of PropTech SPAC companies in the smart buildings market. EnOcean, based in Germany, looked well-positioned to become a successful publicly listed company. The firm is a pioneer of energy-efficient IoT devices for commercial buildings and smart spaces. It maintains extensive OEM partnerships with more than 350 product manufacturers and is a founding member of EnOcean Alliance, a non-profit international association of companies that promotes interoperable eco-systems for smart homes, smart buildings and smart spaces with over 300 members. According to the company, Enocean products are deployed in over 1 million buildings. In October 2022, EnOcean announced the acquisition of the assets of Renesas’ edge computing solutions business, which includes much of what remains of the original IoT pioneer, Echelon. Their […]

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