Generac Holdings Inc. GNRC announced Monday that it acquired the battery storage manufacturer Pika Energy, Inc.
What Happened
The deal closed April 26, according to Generac; the terms were not disclosed.
Pika develops advanced power electronics, software and controls for smart energy storage and management, and its integrated energy storage systems allow users to capture, store and use solar energy to reduce costs and minimize grid disruptions, according to Generac. The acquired company was founded in 2010 and is located in Westbrook, Maine.
Why It's Important
Aaron Jagdfeld, Generac's president and CEO, said in a statement that Pika's battery storage solutions are crucial to developing comprehensive clean energy systems.
“The visionary ideas and technology that Pika has developed give us a considerable edge as we expand into the rapidly developing market for energy storage.”
Ben Polito, Pika Energy's CEO and co-founder, said in a statement that Generac is dedicated to "innovative and forward-thinking solutions" to power homes and businesses.
“Pika energy storage technology, combined with Generac’s distribution strength and demand creation capabilities, will make this solution immediately available to more users. We are thrilled to be a part of the Generac team.”
What's Next
Generac shares were trading up slightly at $55.38 at the time of publication Monday.
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