"Aker Wade has built a solid reputation as the experts for opportunity and fast charger systems in the material handling industry over the past two decades," said Vic Koelsch, President and CEO of Exide Technologies. "The acquisition of Aker Wade will enable us to provide complete energy storage, opportunity and fast charging and battery modeling /monitoring solutions to customers with high demand, multi-shift operations. Exide is dedicated to driving customer success and this investment is a part of our commitment to bring innovative solutions to the market that deliver operational efficiencies and increase profitability for our customers."
"We are excited to join Exide and begin leveraging their scale and positive market momentum to accelerate growth globally," said Bret Aker, Managing Director, Aker Wade Power Technologies. "As a charger company with a strong IoT background, we are a natural fit with Exide. Throughout our history we have invested heavily in power electronics technology while integrating sophisticated data analytics into our monitoring and system design software. We look forward to combining these technologies with Exide's renewed portfolio of motive power batteries to provide Exide's GNB Industrial Power customers with customized motive power solutions and the tools to manage them."
As a part of the agreement, Aker Wade's research, development and light manufacturing facility will remain in Charlottesville, VA, and will become the GNB Industrial Power global center of excellence for charger research and development. This new center will be led by John Aker, who will become the Vice President of Global Charger Development. Additionally, Bret Aker will become Vice President of Software Solutions leading development of Exide's new connected power solutions for the motive power industry. The combined company's chargers and battery monitoring solutions will be developed and marketed under both the Aker Wade and GNB Industrial Power brands with distinct solutions developed for targeted channels and segments.
Financial details of the acquisition were not disclosed.