Gasoline engines manufacturer Briggs & Stratton has acquired SimpliPhi Power – a California-based manufacturer of energy storage and management systems that store solar and wind energy for future use by residential, commercial, and industrial users.
Through this acquisition, Briggs & Stratton will expand its business into the energy storage industry and provide a comprehensive variety of products that offer economical energy solutions to a wider spectrum of consumers.
SimpliPhi Power hopes to gain new growth prospects and resources by joining forces with Briggs & Stratton to lead the energy storage system market. Briggs & Stratton aims to accelerate this growth through its expansive distribution network and power application expertise.
Godfrey and Kahn S.C were the legal advisors of Briggs & Stratton, while Needham & Company, LLC, and Wilson Sonsini Goodrich & Rosati were the financial and legal advisors of SimpliPhi Power.
Briggs & Stratton plans to provide SimpliPhi Power products through its distribution channels, apart from servicing the latter’s existing distribution channels.
SimpliPhi Power creates energy storage and management systems utilizing lithium-ion batteries to store energy generated by household solar systems and other sources.
Energy storage devices that supply power during a power outage, store excess energy to balance high electricity costs during peak hours, and supplement power from the utility grid are in great demand.
President and CEO of Briggs & Stratton, Steve Andrews, stated, “This acquisition instantly creates a solid foothold for Briggs & Stratton in the high-growth energy storage system sector. To the Briggs & Stratton range of power-agnostic products and technology solutions, the SimpliPhi Power team contributes extensive application expertise, solid technical support, and proven successful products.”
Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited, had recently invested $144 million in Ambri, a U.S.-based energy storage company alongside Bill Gates, Fortistar, Paulson & Co., and a few other investors.
Battery storage companies raised $9.6 billion in corporate funding from 41 deals in the first half of 2021, compared to $716 million raised in 19 deals in the same period last year, according to Mercom Capital Group’s 1H and Q2 2021 Funding and M&A Report for Battery Storage, Smart Grid, and Efficiency. For more reports on M&A transactions and funding in solar, wind, energy storage, smart grid, and efficiency sectors, click here.
