Power-One

In 1973, a company that would become a key player in the power conversion space was founded in California. Initially established as Power CA, the business focused on making AC/DC power supplies. The journey toward becoming an independent entity began with a management buyout in 1995, led by Steven J. Goldman and backed by the Stephens Group investment firm. This move set the stage for significant growth. A pivotal moment arrived in 1997 when Power-One went public with an initial public offering (IPO), providing capital to fuel its expansion plans. The company initially concentrated on the telecommunications industry, a strategy that paid off with revenues more than doubling in 1999. As the new millennium progressed, Power-One recognized another booming market: renewable energy. The company pivoted to become a leading manufacturer of solar inverters, which are crucial components for converting solar energy into usable electricity. This strategic shift established Power-One as the second-largest player in the global solar inverter market. The company's success and strong market position attracted the attention of a major industrial player. In 2013, the Swiss engineering giant ABB acquired Power-One for approximately $1 billion in an all-cash deal. The acquisition was part of ABB's strategy to become a global leader in solar inverters, a market forecasted for significant growth. Following the acquisition, the Power-One brand was integrated into ABB, marking the end of its journey as an independent company but cementing its legacy within a global technology powerhouse.