Completion of Acquisition of Custom Power LLC.

RNS Number : 1672V

Solid State PLC

08 August 2022

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

8 August 2022

Solid State plc

("Solid State", the "   Group   " or the "Company" )

Completion of Acquisition of Custom Power LLC.

Solid State (AIM:SOLI), the specialist value added component supplier and design-in manufacturer of computing, power and communications products, is pleased to announce that it has completed the acquisition of Custom Power LLC., the battery systems and energy solutions provider based near Los Angeles in the United States, details of which were announced on 12 July 2022 and set out in the Circular dated 13 July 2022 both of which are available on the Company's website ( www.solidstateplc.com ) .

Gary Marsh, Chief Executive of Solid State, said:

"We are delighted to have completed the transformational acquisition of Custom Power, which represents a step-change in our power business.

"The newfound scale and increasingly international offering open up opportunities in specialist and growth markets driven by decarbonisation and the drive for cordless power.

"We look forward to integrating Custom Power and welcoming our new colleagues to the Solid State Group."

For further information please contact:

Solid State plc	01527 830 630
Gary Marsh - Chief Executive Peter James - Group Finance Director	[e-mail]
WH Ireland (Nominated Adviser & Joint Broker)	020 7220 1666
Mike Coe / Sarah Mather (Corporate Finance) Fraser Marshall (Corporate Broking/ Sales)
finnCap (Joint Broker)	020 7220 0500
Ed Frisby / Kate Bannatyne (Corporate Finance) Rhys Williams / Tim Redfern (Sales / ECM)
Walbrook PR (Financial PR)	020 7933 8780
Tom Cooper / Paul Vann	0797 122 1972
	[e-mail]

Analyst Research Reports:  For further analyst information and research see the Solid State plc website:   https://solidstateplc.com/research/

  Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying commercial, industrial and military markets with durable components, assemblies and manufactured units for use in specialist and harsh environments.  The Group's mantra is - 'Trusted technology for demanding applications'.  To see an introductory video on the Group -    https://bit.ly/3kzddx7    

Operating through two main divisions: Systems (Steatite & Active Silicon) and Components (Solid State Supplies, Pacer, Willow Technologies & AEC); the Group specialises in complex engineering challenges often requiring design-in support and component sourcing for computing, power, communications, electronic, electro-mechanical and opto-electronic products.

Headquartered in Redditch, UK, Solid State employs approximately 300 staff across UK and US, serving specialist markets in industrial, defence and security, transportation, medical and energy. 

Solid State was established in 1971 and admitted to AIM in June 1996.  The Group has grown organically and by acquisition - having made 12 acquisitions since 2002.

 

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