Generac has closed on its acquisition of Pika Energy.
While the details of the deal have not been released, Generac announced that it had closed on April 26.
Pika, as many in the industry know, 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 this Matters
It is a significant step for the energy storage industry, to have a global leader in the design and manufacture of a wide range of residential, commercial and industrial power products (Generac), invest at this scale in energy storage technology—really means a shift in residential energy solutions is definitely happening.
As 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.”