Lockheed continues push into energy market with latest acquisition
- By Mark Hoover
- Aug 25, 2014
Lockheed Martin wasn’t kidding when it said it was serious about moving into the energy market as well as adjacent markets.
The company has just acquired almost all of the assets of Sun Catalytix Corp. in a move that complements Lockheed’s energy management and efficiency capabilities. Financial terms were not disclosed.
Though small, with 25 employees, Cambridge, Mass.-based Sun Catalytix Corp. will bring its intellectual property, contracts, facilities and employees to Lockheed Martin.
Sun Catalytix Corp. will then operate as a wholly-owned subsidiary called Lockheed Martin Advanced Energy Storage LLC, reporting through the Missiles and Fire Control business unit, which according to Lockheed’s website brought in around $7.7 billion in 2013 sales.
This is not the first energy-focused acquisition that Lockheed has made; the company acquired Industrial Defender in April 2014, bringing on cybersecurity solutions for control systems in the oil and gas, utility and chemical industries.
Even before the acquisition of Industrial Defender, the company partnered with NASCAR and the American Council On Renewable Energy (ACORE) in a move clearly related to the company’s movement into the energy market and adjacent markets.
Mark Hoover is a senior staff writer with Washington Technology. You can contact him at email@example.com, or connect with him on Twitter at @mhooverWT.