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In the first half of 2026, 23% of strategic investments in smart building startups involved a major industry player, participating either as sole investor or as part of a funding round. The incumbents are no longer observing the startup ecosystem from a safe distance. They are actively shaping it. Our new report, Startups in Smart […]

This Research Note examines Albireo Energy, the largest independent building control systems integration and energy services company in the U.S. We explore their 2025 financial highlights, their strategy, and their latest acquisition, PASCO Building Automation Systems.  This article updates our July 2025 Research Note on the company. Albireo Energy Profile Founded in 2014, Albireo Energy, […]

This Research Note examines the technology strategy of JLL, the $26.1B global real estate services firm, investing in startups in the smart buildings space.  We examine the investments of JLL Spark over the past 18 months and highlight their shift in focus, before commenting on their alignment with broader trends in the sector and how […]

This Research Note examines Limbach Holdings Inc, a NASDAQ-listed company that offers mechanical, electrical, and plumbing services for mission-critical facilities.  We explore their financial highlights, based on their March 2026 results and investor presentation, their key vertical markets and the acquisition of Pioneer Power.  This article updates our previous coverage of the company in November […]

This Research Note examines the Building Automation business of Honeywell Technologies presented at their Investor Day on 11th June 2026.  This article updates our previous commentary on Honeywell’s automation spinoff in October 2025 and their 2025 results in February 2026. Honeywell Technologies Simplified the portfolio into a pure-play automation leader, spinning off Aerospace and Advanced […]

This Research Note examines Carel Industries SpA, an Italian public company manufacturing control products for HVAC and refrigeration applications.  We highlight their latest 2025 financial results, revised strategy and product and service development in 2025. This article updates our previous coverage of the company in July 2023. Carel Group Profile Established in 1973, the Carel […]

This Research Note examines Azbil, a Japanese public company with a leading position in the domestic building automation market. The financial highlights and medium- to long-term outlook for the Building Automation (BA) business are based on its FY 2025 annual results, year-end 31st March 2026, investor presentation dated 13th May 2026, and Memoori analysis. See […]