Exide Expands Motive Power Offering with Acquisition of Aker Wade Power Technologies
Transaction Brings Best-In-Class Solutions to the Motive Power Industry
Atlanta, Georgia – (May 21, 2018) – Exide Technologies (www.exide.com), a global provider of stored energy solutions for the transportation and industrial markets, announced today the acquisition of Aker Wade Power Technologies, LLC, which designs and manufactures advanced charging systems for industrial forklifts. The addition of Aker Wade chargers to Exide’s GNB Industrial Power battery portfolio will provide best-in-class total power solutions to the motive power industry.
“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.
About Aker Wade® Power Technologies
Aker Wade Power Technologies designs and manufactures advanced opportunity and fast charging systems for industrial forklifts. Founded in 2000, Aker Wade is a market-leading provider of fast charging technology for Fortune 1000 companies servicing markets in the U.S., Europe, and Asia. Aker Wade’s goal is to deliver advanced solutions for the future generation of electric lift trucks. For additional information, please visit www.akerwade.com.
About Exide Technologies
Exide Technologies (www.exide.com) is a global provider of stored electrical-energy solutions for the transportation and industrial markets. Exide’s 129 years of technology innovation combined with operations in more than 80 countries enables the company to deliver compelling solutions for the world’s current and future power needs. Exide produces and recycles a broad range of products, serving the Transportation, Network Power and Motive Power market segments with battery and energy storage systems and specialty applications for a broad range of industries including: agricultural, automotive, electric, light and heavy-duty truck, marine, materials handling, military, mining, powersport, railroad, security, telecommunications, utility and uninterruptible power supply (UPS), among others. Exide is Powering the World Forward – history and scale combined with a start-up mentality make Exide the right choice for customers who want more than simply a battery supplier.