Mitsubishi Electric agreed on August 20 to buy all of PCI Energy Solutions, a software company based in Norman, Oklahoma, for a base price of $1.4bn. The purchase takes the conglomerate's stake from zero to 100%, and the two sides signed the equity-transfer contract the same day the deal was announced. Mitsubishi Electric expects to close within 2026, subject to regulatory approval and other customary conditions, and says the $1.4bn figure is a baseline that will be adjusted at closing for the target's cash, debt and working capital.
PCI, registered as Power Costs, Inc. and founded in 1992, employs roughly 370 people and is run by chief executive Dr. Fred N. Lee. Its software handles power trading, generation scheduling, demand forecasting and settlement for energy companies across North America, and Mitsubishi Electric says platforms built on PCI's technology already support 60% of US power generation. The company's revenue rose from $59.3mn in 2023 to $81.4mn in 2025 on a consolidated basis, according to the disclosure filed with Tokyo's exchange. A separate investor presentation put 2025 revenue at $82mn, with annual recurring revenue growing 21.2%, net revenue retention of 113% and gross revenue retention of 98% across more than 120 customers.
| Feature | Detail |
|---|---|
| Target | PCI Energy Solutions (registered as Power Costs, Inc.), Norman, Oklahoma |
| Stake acquired | 100%, up from 0% previously held |
| Base purchase price | $1.4bn, subject to closing adjustments for cash, debt and working capital |
| Contract signed | August 20, 2026 |
| Expected closing | Within 2026, pending regulatory approval and customary conditions |
| Platform reach | Used by platforms covering 60% of US power generation |
The acquisition slots into the smart-energy push Mitsubishi Electric named as a priority in the mid-term management strategy it published on May 29, 2026. The company plans to combine PCI's optimization software with its own control technology and components knowhow, plus two existing platforms: the BLEnDer energy management system and the Serendie digital foundation. Mitsubishi Electric's stated ambition is to grow its energy solutions business to ¥200bn in revenue with a 28% operating margin by fiscal 2030, a target the company links directly to combining PCI's US market reach with its own customer base and component businesses.
Mitsubishi Electric discloses no capital, personnel or trading relationship with PCI before the deal, and the seller is described only as US-resident individual shareholders. What is not yet known from the disclosure is the identity of those individual shareholders beyond that description, or the size of the post-closing purchase-price adjustment once cash, debt and working capital are finalized.