Tado wants to go public via Spac

The start-up relies on the Spac FJ ESG Acquisition from ex-Klöckner CEO Gisbert Rühl, investor Florian Fritsch and ex-Relayr CEO Josef Brunner.

Thermostat manufacturer Tado wants to go public in Frankfurt. To this end, the start-up wants to join forces with Spac GFJ ESG Acquisition, which was launched last October by former Klöckner CEO Gisbert Rühl, investor Florian Fritsch and former Relayr CEO Josef Brunner. A letter of intent has already been signed and Tado could be listed on the stock exchange in around three months.

The start-up is expected to be valued at around 450 million euros when it goes public. The Spac founders want to participate in the operational business in the future. According to start-up scene the new Managing Director, while Tado founders Christian Deilmann and Johannes Schwarz are to remain on the thermostat manufacturer's Management Board. Rühl and Brunner want to join the Supervisory Board.

"The entire tado team is very proud to be working with GFJ. We share the same beliefs and passion for environmental technologies. And we are determined to work together to help our customers save money and reduce their environmental footprint. Together we are able to create a more sustainable energy future," says Tado CEO Toon Bouten.

Tado was founded in Munich in 2011. The start-up produces intelligent thermostats that can be combined with heating and cooling systems regardless of the manufacturer. This enables users to save energy, as the thermostats detect whether windows are open, for example. According to Tado, it has already sold two million thermostats in more than 20 countries.