PCI Energy Solutions to Join Mitsubishi Electric, Reinforcing Long-Term Commitment to Customers, Employees, and the Energy Industry

PCI Energy Solutions ("PCI"), a leading U.S.-based provider of enterprise software for energy management and optimization, announced today that it has entered into a definitive agreement to be acquired by Mitsubishi Electric Corporation. The agreement was executed on August 20, 2026 (Japan Standard Time).

The Transaction represents a strong endorsement of PCI's business, technology, employees, customer relationships and position in the energy industry. Mitsubishi Electric intends to retain PCI's core management team following completion of the Transaction, enabling PCI to preserve leadership continuity, industry expertise and its customer-focused operating model while benefiting from Mitsubishi Electric's global scale, complementary capabilities and long-term investment capacity.

The agreement has been signed, but the Transaction has not yet closed. PCI and Mitsubishi Electric will continue to operate as separate companies until closing, which is subject to applicable regulatory approvals and the satisfaction or waiver of other customary closing conditions. The announcement does not create any immediate change to PCI's day-to-day operations, customer support channels, account relationships, active projects, product access, or existing service commitments.

"This transaction is a powerful validation of the company our employees have built and the trust our customers and partners placed in us for more than 30 years. Our customers rely on PCI for mission-critical operations, and continuity is at the center of how we will move forward. Mitsubishi Electric intends to retain our core management team and provide a long-term platform for PCI to continue growing and excelling. We will remain focused on delivering our commitments, advancing our product roadmap and supporting customers for the long term. With Mitsubishi Electric's scale and complementary capabilities, we see an opportunity to invest more deeply, innovate faster and extend the value we provide across a rapidly changing energy industry." - Dr. Fred N. Lee, Founder & CEO

PCI develops and provides enterprise software supporting power trading, generation operations, transmission and distribution workflows, supply-demand planning, risk management, settlement and energy-asset optimization. Its platforms help utilities, generators and other energy-market participants manage increasingly complex operational and commercial requirements.

Mitsubishi Electric identified Smart Energy as a key focus area in its New Medium-term Corporate Strategy announced on May 29, 2026. Through the proposed combination, Mitsubishi Electric expects to bring together PCI's forecasting, scheduling, market management, and optimization capabilities with Mitsubishi Electric's control technologies, system operations expertise, digital platforms, and global commercial reach.

"PCI has built an exceptional business with trusted technology, deep market expertise, strong customer relationships, and an experienced management team. We intend to retain PCI's core management team following closing and support the continuity that employees, customers, and partners value. Our objective is to build on PCI's strengths while creating additional capacity for long-term innovation and global growth, as we further strengthen our smart energy area in response to customer needs shifting from equipment-level energy savings toward the optimization of total energy use through integrated demand-side management and market-based power trading." -Soichi Hamamoto, Executive Officer (Associate) Group President, Energy & Industrial Systems

Continuity for customers and partners

PCI will continue to focus on providing best-in-class software solutions to our customers and partners, supported by reliable service, strong customer support, and successful product delivery and implementations. Customers and partners should continue working with their existing PCI contacts. PCI remains committed to delivering the same high level of service, expertise, and support our customers and partners expect from us.

Mitsubishi Electric and PCI believe that preserving PCI's management continuity and domain expertise will support stable decision-making and consistent customer engagement during the transition. Over time, and following closing and appropriate planning, the combined capabilities may enable broader energy-management, optimization, digital and control solutions, as well as expanded access to global markets.

Continuity and opportunity for employees

PCI's employees will continue to be led by the current management team during the pre-closing period. Mitsubishi Electric's intention to retain PCI's core management team following closing reflects the importance of PCI's people, culture, market knowledge and operating capabilities to the strategic rationale for the Transaction. The signing of the agreement does not, by itself, change employee roles, reporting relationships, compensation or benefits.

PCI's leadership will communicate regularly with employees as the Transaction progresses and as plans are developed. The companies will continue to operate separately until closing, and integration planning and information sharing will be conducted through appropriate legal and governance processes.

Transaction timing

The Transaction is expected to close in 2026, subject to the receipt of applicable regulatory approvals and the satisfaction or waiver of customary closing conditions. Upon completion, PCI will become a wholly owned subsidiary of Mitsubishi Electric.

About PCI Energy Solutions

We empower energy companies to continuously optimize all aspects of energy production, trading, transportation, and consumption. We’re a tight-knit team of 350 diligent product experts, engineers, business analysts, and more, implementing software solutions in close partnership with energy companies from across the world — our customers literally keep the lights on. We’re based in Norman (Oklahoma) with offices in Mexico City (Mexico) and Lima (Peru). Learn more at pcienergysolutions.com.

About Mitsubishi Electric

Guided by its corporate philosophy, Mitsubishi Electric Corporation (TOKYO: 6503) places sustainability at the core of its operations and values stakeholder trust — encompassing society, customers, shareholders and employees. In pursuing profitability, capital efficiency and growth, Mitsubishi Electric works closely alongside customers to develop value-added solutions that address today’s complex challenges while enhancing the company’s sustainable corporate value.

Founded in 1921, Mitsubishi Electric has over a century of experience in delivering reliable, high-quality products and solutions. With over 200 group companies and approximately 150,000 employees worldwide, the company is a recognized global leader in manufacturing, marketing and selling electrical and electronic equipment and systems across a broad range of sectors, including public utility systems, energy systems, defense and space systems, factory automation systems, automotive equipment, building systems, air conditioning systems & home products, digital innovations, and semiconductor & devices. Mitsubishi Electric recorded consolidated revenue of 5,894.7 billion yen (U.S.$ 36.8 billion*) in the fiscal year that ended on March 31, 2026. For more information, please visit www.MitsubishiElectric.com.

*JPY 160=USD 1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2026

Forward-looking statements

This press release contains forward-looking statements regarding the proposed Transaction, including statements concerning the anticipated timing and completion of the Transaction; the intended retention of PCI's core management team; expected business continuity; potential strategic, commercial and product benefits; and future investment, innovation and growth opportunities. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results or events to differ materially. These risks include the possibility that required regulatory approvals may not be obtained or may be delayed, that other closing conditions may not be satisfied, that the Transaction may not be completed on the anticipated terms or timeline, and that expected benefits may not be realized. Neither PCI nor Mitsubishi Electric undertakes any obligation to update forward-looking statements except as required by applicable law.

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