Benzinga | Aug 23, 2021 07:34AM EDT

Sensata Technologies Acquires Spear Power Systems For Undisclosed Sum

* Sensata Technologies Holding PLC (NYSE:ST) has acquired Kansas City, Missouri-based Spear Power Systems, which designs and manufactures energy storage systems, for undisclosed financial terms.

* Spear Power Systems was founded in 2013 by energy storage entrepreneurs Jeff Kostos and Joon Kim.

* Spear Power Systems develops next-generation scalable lithium-ion battery storage systems for land, sea, and air applications.

* This acquisition advances Sensata's electrification portfolio and strategy into new clean energy markets. Spear Power Systems expands on Sensata's purchase of Lithium Balance in battery management systems and provides energy storage solutions for OEMs.

* Sensata held cash and cash equivalent of $1.86 billion as of Jun 30, 2021.

* Sensata and Spear Power expect to complete the transaction during Q4 2021.

* Price Action: ST shares closed higher by 0.52% a $57.86 on Friday.