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Sensata Technologies (NYSE: ST) has finalized its acquisition of Spear Power Systems, a company specializing in next-generation scalable lithium-ion battery storage systems for various applications. This acquisition enhances Sensata's ability to provide comprehensive energy storage solutions, particularly in specialty transportation markets, contributing to its electrification growth and clean energy strategy. Spear's solutions are characterized by their high energy density, modular architecture, and safety.
Positive
Enhances product portfolio with Spear's scalable lithium-ion battery technology.
Strengthens Sensata's position in the specialty transportation markets.
Supports electrification growth and clean energy initiatives.
Negative
None.
SWINDON, England--(BUSINESS WIRE)--
Sensata Technologies (NYSE: ST) today announced that it has completed the previously announced acquisition of Spear Power Systems.
Spear Power Systems develops next generation scalable lithium-ion battery storage systems for demanding land, sea and air applications. Spear Power Systems’ energy storage systems are cell-agnostic and include proprietary battery management and monitoring for all lithium-ion chemistries from multiple battery suppliers offering high energy density, modular architecture, light weight, and extreme safety and reliability.
“The acquisition of Spear Power Systems enables us to deliver more comprehensive energy storage solutions to our OEM customers in specialty transportation markets. These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy,” said Jeff Cote, Sensata Technologies CEO and President.
About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 19,000 employees and operations in 13 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, more electrified, and more connected. Learn more at www.sensata.com and follow us on LinkedIn, Facebook and Twitter.
About Spear Power Systems
Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, President & CEO, and Dr. Joon Kim, CTO, Spear designs and manufactures safe, high performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Based in Kansas City, Missouri, Spear takes a chemistry agnostic approach towards integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize the value for its clients. For more information, visit www.spearpowersystems.com.
