On-site power generator Generac extends its diversification by entering the growing energy storage market with its acquisition of a Maine controls and software firm.
Generac Holdings announced it has bought Pika Energy Inc. Pika develops advanced power electronics, software and controls for energy storage and management.
“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.”
Generac is historically known for its onsite power generation products used in the residential, commercial and industrial markets. In March, it acquired Canadian energy metering and analytics firm Neurio to strengthen its energy management offerings.
“Pika, now together with Generac and Neurio, a leading energy management technology company recently acquired by Generac, share a vision to develop groundbreaking technologies that modernize the way electricity is generated, stored, and used in homes,” said Jagdfeld. “By combining Generac’s expertise in power products; Neurio’s unprecedented insight into home energy use; and Pika’s expertise in battery storage, we can bring to market the first truly intelligent home energy management system.”
The acquisition closed on April 26. Terms of the deal were not disclosed.
Pika Energy is based in Westbrook, Maine, and was founded in 2010. Generac is based in Waukesha, Wisconsin, and was founded in 1959.