Active Power Sale Complete to Langley Holdings PLC
ACTIVE POWER (ACPW)
Company Research
Source: Marketwire
AUSTIN, TX -- (Marketwired) -- 11/19/16 -- Active Power (NASDAQ: ACPW), the flywheel energy storage specialist, has completed the sale of its business to Piller Power Systems, Inc. ("Piller") pursuant to the Asset Purchase Agreement ("APA") announced Sept. 30, 2016. The deal was approved at a special meeting of stockholders on Nov. 16, 2016. With its installed base of more than 5,000 kinetic energy storage units worldwide, Active Power complements Piller's business perfectly. Piller is the leading producer of large rotary uninterruptible power supply (UPS) systems and its own Power Bridge product is for higher capacity applications. Piller is now extremely well positioned in a global kinetic energy UPS market that is forecast to grow annually at nearly 9 percent between 2015 and 2024.1 "We are very pleased to have completed this acquisition," said Piller Group Managing Director - Global Businesses, Andrew Dyke. "The synergies between the two companies are clear and the
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