There is rapidly-growing demand for energy storage systems that provide power in the event of an outage, store excess energy to offset high electricity costs during peak times and supplement power from the utility grid. SimpliPhi Power designs and manufactures efficient, non-toxic and enduring energy storage and management systems that utilize lithium-ion batteries to store power generated by residential solar panels, among other sources.
"This acquisition quickly establishes a strong position for Briggs & Stratton in the high-growth energy storage system market," says Steve Andrews, President and CEO of Briggs & Stratton. "The SimpliPhi Power team brings deep application expertise, strong technical support and proven, successful products to the Briggs & Stratton portfolio of power-agnostic products and technology solutions."
"Combining forces with Briggs & Stratton will provide SimpliPhi Power with new growth opportunities and substantial resources to lead the energy storage system market. Briggs & Stratton's expansive distribution network, power application expertise, and commitment to innovation will accelerate our growth and our mission of providing resilient energy storage systems that create universal access to safe, reliable and affordable energy to empower people, communities and enterprises globally," says Catherine Von Burg, CEO of SimpliPhi Power.
Briggs & Stratton intends to offer SimpliPhi Power products through its own distribution channels in addition to continuing to service SimpliPhi Power's existing distribution channels.
Godfrey and Kahn S.C. served as legal counsel to Briggs & Stratton. Needham & Company, LLC served as financial advisor and Wilson Sonsini Goodrich & Rosati served as legal counsel to SimpliPhi Power. Terms of the deal were not disclosed.
