Through this acquisition, Briggs & Stratton will accelerate its growth into the energy storage system market, expanding the business to offer a comprehensive range of products that provide safe, reliable and affordable energy solutions to a broader group of customers in this fast-growing market.
There is rapidly-growing demand for energy storage systems that provide power in the event of an outage, store excess energy to offset high electricity costs during peak times and supplement power from the utility grid. SimpliPhi Power designs and manufactures efficient, non-toxic and enduring energy storage and management systems that utilize lithium-ion batteries to store power generated by residential solar panels, among other sources.
“This acquisition quickly establishes a strong position for Briggs & Stratton in the high-growth energy storage system market,” says Steve Andrews, President and CEO of Briggs & Stratton.
“Combining forces with Briggs & Stratton will provide SimpliPhi Power with new growth opportunities and substantial resources to lead the energy storage system market,” says Catherine Von Burg, CEO of SimpliPhi Power.
Briggs & Stratton intends to offer SimpliPhi Power products through its own distribution channels in addition to continuing to service SimpliPhi Power’s existing distribution channels.
The terms of the deal were not disclosed.