A Massachusetts tech company’s strategy to advance into new clean energy markets is now electrified thanks to the completed acquisition of Grandview-based Spear Power Systems — a leader in next generation battery storage systems for demanding land, sea and air applications.
“The acquisition of Spear Power Systems enables us to deliver more comprehensive energy storage solutions to our OEM customers in specialty transportation markets,” said Jeff Cote, CEO and president of Sensata Technologies, a more than 100-year-old industrial technology firm specializing in customized, sensor-rich solutions for clients in automotive, heavy vehicle and off-road, aerospace and industrial spaces.
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Spear’s technology takes a chemistry agnostic approach toward integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize value, the companies said.
“These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy,” Cote added.
Financial terms of the transaction — first announced in late August — were not disclosed, although more than 40 members of Spear’s team were expected to join Sensata, the company said previously. With headquarters in Attleboro, Massachusetts, Sensata already boasts more than 21,000 employees and operations in 12 countries.
Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, president and CEO, and Dr. Joon Kim, CTO, Spear boasted local investors like Evergy Ventures, formerly GXP Investments; Demetree Investors; and KCRise Fund.
“We’re really proud of the Spear team,” Dennis Odell, a cleantech venture investor and vice president of Evergy Ventures, told Startland News previously. “Evergy Ventures has partnered with Jeff and team since 2015 as they’ve grown their business and added international investors. In fact, Spear was the very first investment of Evergy Ventures, so they hold a very special place in our hearts.
“The announcement is a further testament to the great work that this exciting Kansas City-based company is doing.”
Click here to explore Sensata’s industrial solutions for clean energy.