GridBridge, a high-profile Raleigh startup focusing on power delivery systems technology, has been acquired by Tennessee-based ERMCO.
GridgeBridge, a spinout from N.C. State, will remain based in Raleigh and operate as an ERMCO subsidary. GridgeBridge CEO Chad Eckhardt will remain head of the subsidiary as its president, the firms said in a statement.
The deal was announced Monday. Financial terms were not disclosed.
ERMCO is a wholly owned subsidiary of Arkansas Electric Cooperatives and is based in Dyersburg, Tenn. It manufactures distribution transformers and transformer components.
“In a short period our team has demonstrated it can successfully transform our innovative R&D into viable products at the grid edge,” said Eckhardt in a statement. “As a combined entity, with access to ERMCO’s manufacturing capability, financial resources and market expertise, we can scale quickly to deliver a wider set of solutions to our customers.”
The two companies have already worked together as partners.
“Teaming up with GridBridge was a strategic decision prompted by increasing customer requests for advanced power management capability,” said Bill Reffert, ERMCO’s CEO. “GridBridge’s Grid Energy Router (GER) has proven it can solve grid related problems our customers are asking for help with now. Equally attractive is that their product pipeline and power electronics expertise enables us to continue to support customers over time as they seek to manage distributed generation and storage, while also improving efficiency and reliability.”