Waukesha-based Generac Holdings Inc.
has again expanded into a new market through acquisition, acquiring Maine-based battery storage firm Pika Energy Inc.
in a deal that closed Friday.
[caption id="attachment_140511" align="alignright" width="367"]
Generac's headquarters in Waukesha.[/caption]
Pika Energy, founded in 2010, develops energy storage systems that allow users to capture, store and use solar energy. Its operations will remain in Maine.
Terms of the deal were not disclosed.
"Pika's integrated battery storage solutions are a crucial component in developing a comprehensive system to store and consume clean energy," said Aaron Jagdfeld, Generac president and CEO. "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."
The deal is the second acquisition Generac has made this year with an eye toward expanding into new markets. The company acquired Vancouver-based Neurio Technology Inc.,
which makes energy use monitoring software and hardware, in March. Jagdfeld announced earlier this year that Generac would move to add connectivity elements to its business.
Jagdfeld said combing Generac’s expertise in power products with Neurio’s understanding of home energy use and Pika’s battery storage would allow for “the first truly intelligent home energy management system.”
"Pika energy storage technology, combined with Generac's distribution strength and demand creation capabilities, will make this solution immediately available to more users,” said Ben Polito, CEO and co-founder of Pika Energy.