© tamas ambrits dreamstime.com General | January 02, 2020
Elite Group executes binding LoI with Power Conversion Technologies Inc.
Elite Group, Inc., a Nevada corporation, entered into a binding letter of intent to acquire Power Conversion Technologies Inc. (PCTI) in late December 2019.
PCTI operates in the multi-billion dollar power electronics industry and designs and manufactures leading edge power electronic equipment for use in power conversion. The company serves clients in several industries including telecommunications, military, transportation, renewable energy and aerospace. PCTI is also entering the Utility Scale Energy Storage industry and is said to be well positioned to capitalise on the industry’s explosive growth by leveraging its expertise and market reputation. The Utility Scale Energy Storage industry is expected to grow tenfold by 2024 to reach USD 74 Billion according to Wood McKenzie Power & Renewable.