S&C Electric Co. and Intelligent Power & Energy Research Corp. signed a definitive agreement under which S&C would acquire all outstanding common shares of IPERC. Terms of the transaction were not disclosed.
"The acquisition of IPERC is part of our strategic plan to enhance our technical portfolio and drive profitable growth," said Kyle Seymour, S&C's CEO. "IPERC has highly skilled team members and technology that will complement our current product offerings and advance our presence in the military market. IPERC brings industry expertise in the area of microgrid controls and cyber security. We are extremely excited to enter into this relationship."
"We look forward to building our future with S&C Electric Co. Our organizations are customer focused and have common cultural values. With this acquisition, S&C will be uniquely positioned as a one-stop-shop for all microgrid equipment and services, worldwide," said Dr. Darrell Massie, IPERC founder and chief technology officer. "With S&C's commitment to innovation and smart grid development, and IPERC's expertise in intelligent microgrid technologies we believe IPERC and S&C are well matched for market growth."
IPERC will operate as a unit of S&C reporting to Wanda Reder, Chief Strategy Officer. Also as part of the transaction, Erik Svanholm, currently COO, will assume the role of CEO of IPERC and will be charged with guiding the future of the business. Dr. Massie will become IPERC's Chief Technical Officer, thereby allowing him to focus his time and talents on maintaining IPERC's position in the marketplace as a technological leader and subject matter expert. This organizational approach will facilitate continuity and uninterrupted focus on IPERC's mission to be the leader in providing transformational energy solutions in the areas of control, intelligent power management, cybersecurity and energy services.