Solid State announced its completed acquisition of battery systems and energy solutions provider Custom Power LLC on Monday.
The company acquired the Los Angeles based firm for a maximum consideration of £36 million on a debt-free, cash-free and normalised working capital basis.
“We are delighted to have completed the transformational acquisition of Custom Power, which represents a step-change in our power business,” said Solid State CEO Gary Marsh.
“The newfound scale and increasingly international offering open up opportunities in specialist and growth markets driven by decarbonisation and the drive for cordless power.”
“We look forward to integrating Custom Power and welcoming our new colleagues to the Solid State Group.”
Solid State shares dipped 0.2% to 1,122.6p in early morning trading on Monday.
