ATTLEBORO – Industrial technology company Sensata Technologies Holding PLC on Wednesday completed its acquisition of Dynapower Co. LLC from private equity firm Pfingsten Partners for $580 million in cash.
Dynapower, based in South Burlington, Vt., provides energy storage and power conversion solutions including inverters, converters, rectifiers and custom transformers for renewable energy generation, green hydrogen production, electric vehicle charging stations, and microgrid applications, as well as industrial and defense applications.
“My team and I are looking forward to joining Sensata and continuing to drive growth and innovation in the clean energy space as a part of an organization with Sensata’s resources, reach and commitment to engineering excellence,” said Dynapower’s CEO Adam Knudsen.
The acquisition of Dynapower adds to Sensata’s Clean Energy Solutions strategy and complements the company’s recent acquisitions of Gigavac, Lithium Balance and Spear Power Systems. Dynapower is expected to represent more than 50% of the $500 million of acquired revenue needed to reach Sensata’s goal of $2 billion in revenue from its electrification segment by 2026.
“We are very pleased to bring Dynapower’s leading energy storage and power conversion solutions into Sensata’s portfolio through this acquisition,” said Jeff Cote, Sensata CEO and president. “Dynapower enables us to deliver highly engineered, mission-critical power conversion solutions to fast-growing renewable energy storage, electric vehicle charging, industrial and defense customers and provide a foundational piece to accelerate our electrification growth vector.”
Sensata Technologies reported a $22.4 million profit, 14 cents per diluted share, in the first quarter of 2022, a decline from $53.7 million one year prior.
