Mitsubishi Electric agreed to buy all of PCI Energy Solutions, an Oklahoma-based maker of software for power trading, generation scheduling and energy-asset optimization, from its individual shareholders for $1.4 billion. PCI has about 350 staff and serves utilities and power producers. Mitsubishi Electric plans to keep PCI's management and pair its software with its own grid control systems and Serendie data platform. The deal The agreement was signed on August 20, 2026. Mitsubishi Electric will buy all equity interests in PCI, whose legal name is Power Costs, Inc., for $1.4 billion in cash, and PCI will become a wholly owned subsidiary. Mitsubishi Electric told investors that this is the largest acquisition in its history by price. Jones Day advised the seller. No adviser to Mitsubishi Electric was named in the sources reviewed. Asked by investors whether the roughly ¥220 billion price was justified, the company said a standalone valuation of PCI produced an internal rate of return above its 8% cost of capital, and that it also checked the price against outside expert valuations and comparable companies. About PCI PCI is led by its founder and CEO, Fred N. Lee. Its software covers portfolio optimization, generation scheduling, load and demand forecasting, risk management and settlement. It has more than 120 corporate customers, mostly in the US electricity market, including utilities, public power bodies and independent power producers. Strategy Mitsubishi Electric plans to combine PCI's tools with its BLEnDer energy management solution and its Serendie digital platform. It aims to double sales in its energy solutions business to ¥200 billion in fiscal 2030, from about ¥100 billion expected for fiscal 2026, with a 28% operating margin target. The company expects the deal to add ¥80 billion of that fiscal 2030 revenue: ¥25 billion from PCI on its own and ¥55 billion from synergies. In September 2025 it agreed to buy Nozomi Networks, another US software company, as part of the same shift toward software and services. Approvals and timeline Closing is expected in 2026, subject to regulatory approvals and customary conditions. Until then the two companies operate separately, and PCI said customer support, contracts and projects are unchanged. As of mid-October 2026, no completion announcement was found.
