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
André’s planted its flag in KC 70 years ago; chocolatier says that’s just a taste of what’s to come
Nearly 5,000 miles from Switzerland, a small group toured the inner sanctum of an iconic 70-year-old Kansas City company — a family-run brand that helped redefine accessible luxury in the Midwest, one Swiss chocolate-covered almond at a time. “What people get excited about André’s is the legacy, that we take a lot of pride in…
Here’s how ULAH’s new boutique model aims to rack success for local brands, not inventory debt
The new KC Collective consignment-based program for local brands at ULAH is a win for both the Westwood boutique and Kansas City creatives, said Joey Mendez and Buck Wimberly, announcing a fresh model to help the struggling store stay open and financially stable. “We’ve always had local brands,” said Mendez, co-founder of ULAH, explaining the…
Tiki Taco ticks up giving alongside expansion; CEO owns up to taco shop’s neighborhood impact model
A month-long campaign in the popular Kansas City-based chain offers easy add-on: joining KC GIFT’s network of donors Restaurant executive Eric Knott wants Tiki Taco’s operators to own the neighborhoods into which the popular taco shop expands, he said, but that doesn’t just mean dominating the fast-casual market in each pocket of Kansas City. “Our…