© tamas ambrits dreamstime.com
Components |
Ermco acquires GridBridge
Ermco signed a definitive agreement to acquire GridBridge Corporation, a privately held, power delivery systems company headquartered in Raleigh, NC. Financial terms were not disclosed.
“Teaming up with GridBridge was a strategic decision prompted by increasing customer requests for advanced power management capability,” said Bill Reffert, President and CEO of Ermco. “GridBridge’s Grid Energy Router (GER) has proven it can solve grid related problems our customers are asking for help with now. Equally attractive is that their product pipeline and power electronics expertise enables us to continue to support customers over time as they seek to manage distributed generation and storage, while also improving efficiency and reliability.”
“Ermco is the perfect partner for us to broaden our impact,” added GridBridge’s CEO, Chad Eckhardt. “In a short period our team has demonstrated it can successfully transform our innovative R&D into viable products at the grid edge. As a combined entity, with access to Ermco’s manufacturing capability, financial resources and market expertise, we can scale quickly to deliver a wider set of solutions to our customers.
Post-merger, GridBridge will remain in North Carolina and operate under its name as a wholly-owned subsidiary of Ermco, with Eckhardt serving as President. Bill Reffert will continue as President and CEO for Ermco, overseeing this new subsidiary.
