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Note 2 - Acquisitions
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

2.   Acquisitions

 

Fiscal 2024 Acquisitions

 

On June 26, 2024, the Company closed on the acquisition of the C&I BESS product offering from SunGrid Solutions Inc. located in Cambridge, Canada.

 

On April 1, 2024, the Company acquired Huntington, headquartered in Shelton, Connecticut. Huntington is an industrial and residential generator distributor as well as a provider of maintenance and repair services. 

 

The combined preliminary purchase price for both acquisitions is $17,812, net of cash acquired. The Company recorded its preliminary purchase price allocation for C&I BESS and Huntington during the second quarter of 2024, based on its estimates of the fair value of the acquired assets and assumed liabilities. Purchase accounting will be finalized prior to June 30, 2025, and there have not been any material changes to the balances acquired as of June 30, 2024. The accompanying condensed consolidated financial statements include the results of C&I BESS and Huntington from their dates of acquisition through June 30, 2024. Pro forma and other financial information are not presented as the effects of the C&I BESS and Huntington acquisitions are not material to the Company's results of operations or financial position. 

 

Fiscal 2023 Acquisitions

 

On February 1, 2023, the Company acquired REFUstor, headquartered in Pfullingen, Germany. REFUstor is a developer and supplier of battery storage hardware products, advanced software, and platform services for the C&I energy storage market.

 

The Company recorded its preliminary purchase price allocation for REFUstor during the first quarter of 2023, based on its estimates of the fair value of the acquired assets and assumed liabilities. Purchase accounting for REFUstor was finalized in the first quarter of 2024 and did not result in material adjustments to the Company's preliminary estimates. The accompanying condensed consolidated financial statements include the results of REFUstor from the date of acquisition through June 30, 2024. Pro forma and other financial information are not presented as the effects of the REFUstor acquisition are not material to the Company's results of operations or financial position.