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All the latest news from Steatite

Solid State Plc enters agreement to acquire battery pack manufacturer Custom Power LLC.

Solid State Plc, our parent company, has entered into a conditional agreement to acquire Custom Power LLC for a maximum consideration of $45.0m.

Custom Power is a battery systems manufacturer and energy solutions provider based near Los Angeles in the United States of America.

Commenting on the acquisition, Solid State Plc CEO Gary Marsh said: “After lengthy negotiations, we are delighted to be able to announce this very exciting news. This will be Solid State’s largest acquisition to date and brings huge benefits to the group as well as to Custom Power.”

Solid State’s strategy for expansion, through both organic growth and highly targeted acquisitions, is providing increased scale to the group’s capabilities in addition to providing access to lucrative markets that have historically had high barriers to entry.

The acquisition of Custom Power further builds upon this by bringing many benefits that are highly complementary to the group and in-line with the group’s strategic aims to internationalise the business, further develop its “our brand” product portfolio, broaden its complimentary product portfolio, and invest in developing its talent. In particular, the move will bring new and increased capabilities to the group’s power business, specifically within the defence, medical and industrial markets.

Mel Weis, CEO of Custom Power, commented: “This is an exciting move that will combine the battery power capabilities of Custom Power with those of Solid State Plc. allowing our customers access to highly customised power solutions on an international level. Both businesses are leaders in this field and together they will benefit from increased reach, resource and expertise. We are very much looking forward to joining the Solid State family and the opportunities that the increased scale will bring.”

BAE announcement

Solid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that following a pre-qualification stage and a competitive tender process, BAE Systems has awarded Steatite Ltd, the manufacturing arm of Solid State Plc, a multi-million pound contract to design, develop and qualify computer consoles for maritime platforms. The multi-function use of the console will need to comply with many industry and MOD specific standards. This challenging set of requirements required an approach that offered innovation, value and agility.

A BAE Systems’ representative, said: “This is a critical path programme and our expectations are high.  Steatite provided us with the assurance that they have the technical skills, resources and commitment to deliver against challenging timescales and meeting commercial constraints.  We are looking forward to working with the team on the project.”

Matthew Richards, Managing Director at Steatite, added: “We have worked with BAE Systems for many years on maritime and land based systems. I am delighted that our recent investments in test and security infrastructure and personnel combined with our existing engineering expertise has been recognised by BAE Systems.  We have hit the ground running on the project and look forward to a long and mutually beneficial relationship with BAE Systems.”

The project will be led from the Redditch site utilising the new EMC facility installed in 2021 whilst drawing on technical skills from the Solid State Group.