Ozop Surgical Corp (OTCMKTS:OZSC) announced that it has completed its acquisition of Power Conversion Technologies Inc (PCTI), a 29-year-old manufacturer of high power solutions for energy storage, defense, maritime power, and other industries.
In addition, Ozop said it will adopt its new name, Ozop Energy Solutions, to reflect the new strategy resulting from the acquisition.
"This merger signifies a milestone in a strategic vision to capture a major portion of the $36 billion global power technology market,” said Brian Conway, CEO of Ozop Energy Solutions.
READ: Ozop Surgical says Power Conversion Technologies shipped equipment to Fortune 500 defense firm
“PCTI has carved a unique niche that has made it a global player in the high-powered engineered products sector. There is great demand for their products across myriad applications, and they are one of the few companies in the world that can manufacture and deliver innovative customized products in the higher power ranges. That presents a tremendous opportunity to create significant shareholder value,” Conway added.
PCTI designs, develops and manufactures standard and custom power electronic solutions.
PCTI has served the growing demand for power electronics in the highest power ranges since 1991. Customers include the US military and many of the world’s largest industrial manufacturers. All of its products are manufactured in the US, and its facilities have remained open throughout the COVID-19 pandemic because of its status as an essential, defense-related enterprise.
“This transaction takes PCTI public, and allows us to drive our investment into the booming energy storage market, which Forbes estimates will grow from $59 billion in 2019 to $546 billion by 2035,” said Catherine Chis, president and CEO of PCTI. “Our products, technologies and expertise are a linchpin of this emerging industry.”
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