Eaton (ETN) said Monday that it has formed a partnership with SPAN and invested $75 million in the company to support the development of residential power management technology.

The power management company said it plans to combine SPAN's smart electrical panels with Eaton's protection and control systems to manage electricity use in homes.

Eaton said the products will be sold through its existing distribution network and are scheduled for launch in Q2.

Shares of the company were down more than 1% in recent premarket activity on Monday.