HiTek Power, a leading designer and manufacturer of high voltage and custom high voltage power supplies and systems, has confirmed that it has been acquired by Advanced Energy Industries.
Advanced Energy is a global leader in innovative power and control technologies for high growth, thin-film manufacturing and solar power generation. The company is headquartered in Fort Collins, Colorado, with dedicated design, support, service and manufacturing locations around the world.
HiTek Power’s product architecture, encapsulation technology and control algorithms, combined with deep knowledge of its customer-specific applications have made it a leading provider of critical, high-end, high voltage power solutions.
Yuval Wasserman, president of Thin Films at Advanced Energy said "From its OEM-oriented business model, to its shared semiconductor customers, familiar manufacturing process, and complementary engineering skills, HiTek strengthens our position. We plan to expand HiTek's high voltage offerings into new geographical regions by capitalising on our established global distribution network."
Gary Byfield, general manager of the HiTek Power Group, said: “The acquisition by Advanced Energy presents a perfect platform for HiTek Power to expand its sales of standard and custom products worldwide by the utilisation of an extensive global sales, service and distribution network with world-class manufacturing capabilities. The level of synergy and understanding between the companies will ensure a stable platform for existing customers, a highly focussed technology roadmap and a very positive long term growth outlook.”