Pika Energy Inc., a Westbrook company that sells clean energy products, has been acquired by Generac Holdings Inc., a power products company based in Waukesha, Wisconsin.
Details of the transaction, which closed on April 26 and was announced Monday, were not disclosed.
Pika, founded in 2010, makes advanced power electronics, software and controls for smart energy storage and management. The company raised $1.9 million in venture capital last fall.
Generac, which is publicly traded on the New York Stock Exchange, makes residential, commercial and industrial power products, including backup generators.
“Pika’s integrated battery storage solutions are a crucial component in developing a comprehensive system to store and consume clean energy,” Aaron Jagdfeld, Generac’s president and CEO, said in a statement. “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.”
Pika’s energy systems, which include solar energy and microgrids, can capture, store and use solar energy to reduce energy costs and minimize grid disruptions.
“Generac is dedicated to providing people with innovative and forward-thinking solutions to power their homes and businesses,” said Ben Polito, Pika Energy’s CEO and co-founder.
Generac also acquired Neurio in March of this year. That company, based in Vancouver, British Columbia, focuses on metering technology and analytics to manage energy use in homes and businesses.
Jagdfield said that by combining the expertise of the three companies it will be able to develop a “truly intelligent home energy management system.”