KC startup’s sale charges strategy as battery innovator plugs into century-old tech firm
November 30, 2021 | Startland News Staff
A Massachusetts tech company’s strategy to advance into new clean energy markets is now electrified thanks to the completed acquisition of Grandview-based Spear Power Systems — a leader in next generation battery storage systems for demanding land, sea and air applications.
“The acquisition of Spear Power Systems enables us to deliver more comprehensive energy storage solutions to our OEM customers in specialty transportation markets,” said Jeff Cote, CEO and president of Sensata Technologies, a more than 100-year-old industrial technology firm specializing in customized, sensor-rich solutions for clients in automotive, heavy vehicle and off-road, aerospace and industrial spaces.
Click here to learn more about Sensata Technologies.
Spear’s technology takes a chemistry agnostic approach toward integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize value, the companies said.
“These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy,” Cote added.
Financial terms of the transaction — first announced in late August — were not disclosed, although more than 40 members of Spear’s team were expected to join Sensata, the company said previously. With headquarters in Attleboro, Massachusetts, Sensata already boasts more than 21,000 employees and operations in 12 countries.
Dr. Joon Kim, Spear Power Systems
Jeff Kostos, Spear Power Systems
Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, president and CEO, and Dr. Joon Kim, CTO, Spear boasted local investors like Evergy Ventures, formerly GXP Investments; Demetree Investors; and KCRise Fund.
“We’re really proud of the Spear team,” Dennis Odell, a cleantech venture investor and vice president of Evergy Ventures, told Startland News previously. “Evergy Ventures has partnered with Jeff and team since 2015 as they’ve grown their business and added international investors. In fact, Spear was the very first investment of Evergy Ventures, so they hold a very special place in our hearts.
“The announcement is a further testament to the great work that this exciting Kansas City-based company is doing.”
Click here to explore Sensata’s industrial solutions for clean energy.
Featured Business
2021 Startups to Watch
stats here
Related Posts on Startland News
Major network provider taps SquareOffs for ‘Rant Offs’
SquareOffs recently landed a client that may place its web-based debate technology in front of millions of more people. The company partnered with digital media network Rant Inc. to offer its online debate and polling tech to engage Rant’s readers and increase their advertising revenue. “It’s one of the bigger contracts that we’re apart of,”…
Week of events creates startups, builds entrepreneurial community
The Kansas City entrepreneurial community is prepping for a week-long celebration of startups and entrepreneurship. 1WeekKC, which kicks off on May 29 and continues throughout the entire first week of June, will include a series of events created to empower entrepreneurs to come together, share ideas, get inspired, celebrate and connect. A group of community…
Techweek, Launch KC winners have shot at more money
The winning company at a demo day competition during Kansas City’s coming Techweek conference will earn a chance at nabbing significantly more dough. In addition to a $50,000 LaunchKC grant, the winning firm would have a shot at an added $50,000 from a national competition. LaunchKC — an initiative to attract 10 tech firms to relocate to Kansas…