Mitsubishi Electric Corporation will pay $1.4 billion to acquire PCI Energy Solutions, the Norman-headquartered energy software company announced Aug. 20. It is the largest acquisition in Mitsubishi Electric's history.

The deal will make PCI, which employs roughly 300 people and is headquartered at 301 David L. Boren Blvd., a wholly owned subsidiary of the Japanese industrial and technology giant. PCI has operated as a privately held, independent company since its founding in 1992 under the name Power Costs, Inc. It has never been sold.

The two companies signed a definitive agreement Thursday and expect the transaction to close later in 2026, pending regulatory approval, the Norman Transcript reported. Until then, PCI said there will be no immediate changes to its day-to-day services, active projects, customer support or existing commitments.

The company's software platform optimizes more than half the power generated in North America and serves more than 75% of Fortune 500 energy and utility companies in the United States, according to PCI's website. PCI counts more than 120 corporate customers, mainly in the U.S. electricity market.

PCI's revenue has grown sharply in recent years. Net sales rose from $59.3 million in 2023 to $81.4 million in 2025, according to Mitsubishi Electric's announcement materials reported by TipRanks.

Mitsubishi Electric said it plans to combine PCI's energy optimization platforms with its own power-control technologies to expand smart-energy services globally. The company aims to double its energy solutions business sales to 200 billion yen (roughly $1.4 billion) by fiscal 2030, up from an estimated 100 billion yen in fiscal 2026.

PCI president and COO Javier Martin has led the company through its recent growth. In August 2022, when the company rebranded from Power Costs, Inc. to PCI Energy Solutions, Martin said PCI was "poised to match the pace of an industry in constant transformation."

Beyond its Norman headquarters, PCI maintains offices in Houston, Raleigh, Mexico City, Sydney and Lima. The company describes itself as a "tight-knit team" and has local community ties, including employee participation in the Norman Conquest cycling event that raises funds for the J.D. McCarty Center.

No details about potential changes to PCI's Norman workforce after the deal closes have been disclosed. The transaction is expected to complete by the end of 2026.