Solid State has entered a conditional agreement to acquire Custom Power, a US-based battery systems manufacturer and energy solutions provider.
The acquisition brings complementary benefits, in-line with the group’s aims to internationalise its business, develop its ‘our brand’ product portfolio, broaden its complimentary product portfolio and invest in talent. In particular, the move will bring new and increased capabilities to the group’s power business, specifically within the defence, medical and industrial markets.
Solid State’s CEO, Gary Marsh, said: “After lengthy negotiations, we are delighted to be able to announce this very exciting news. This will be Solid State’s largest acquisition to date and brings huge benefits to the group as well as to Custom Power.”
Custom Power’s CEO, Mel Weis, added: “This is an exciting move that will combine the battery power capabilities of Custom Power with those of Solid State Plc allowing our customers access to highly customised power solutions on an international level.”