Wärtsilä Corporation, Press release, 15 May 2017 at 10:00 am EET
The technology group Wärtsilä has signed an agreement to acquire Greensmith Energy Management Systems Inc. (Greensmith), a US-based leader in intelligent energy storage technology and solutions, for an undisclosed amount. The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position itself as a leading global energy systems integrator. The closing of the transaction is subject to US regulatory approvals. Ownership of the company will be transferred to Wärtsilä after closing of the transaction which is expected to occur no later than July 2017.
Founded in 2008, Greensmith is a recognized leader in energy storage technology and systems integration, responsible for deploying about a third of total US energy storage capacity in 2016. Specializing in energy storage optimization and integration software, the company today employs over 40 people and has delivered in excess of 180 MW to some of the largest power companies globally.
Greensmith has developed a world-leading energy management software system called GEMS, currently offered in its fifth generation. This platform enables utilities, Engineering Procurement and Construction companies and Independent Power Producers to manage and monitor individual systems or entire fleet of systems, identifying and diagnosing equipment issues in real time, and extending system performance and longevity-therefore increasing return on investment. The company also offers a Commercial and Industrial (C&I) and micro-grid solution called OMNI4.
Energy storage is expected to grow exponentially as it becomes an integral part of any energy system. With this in mind Wärtsilä aims to become a global systems integrator with full in-house capabilities specializing in solutions that offer the combination and optimisation of different forms of power generation, energy storage and demand side management. Having an integration software platform is a must and acquiring Greensmith gives Wärtsilä an industry leading platform to offer across an installed base of over 63 gigawatts of power generation around the world.
"Together with Greensmith we will become a global energy systems integrator. Greensmith provides unparalleled software and energy storage knowledge and we provide our global footprint, EPC expertise and large sales network. A perfect match," says Javier Cavada, President at Wärtsilä Energy Solutions.
"We are very excited to become a key part of Wärtsilä, a global leader in advanced energy solutions," said John Jung, CEO of Greensmith. "The combination of Greensmith's proven technologies and Wärtsilä's global footprint in advanced energy and power plants - will fuel significant growth in both integration and solutions market."
Customer quotes:
"Greensmith is one of the true pioneers in the energy storage business. After a very successful partnership both as investor and business partner, we are very excited about continuing the great relationship with Greensmith as part of Wärtsilä, providing even better energy storage solutions for customers in the USA and Europe," says Dr. Philipp Ulbrich, VP of Strategic Co-Investments, the CVC arm of E.ON.
"GEMS is the de facto platform for storage systems integration and we see tremendous potential for Greensmith to continue innovating and shaping this industry in partnership with Wärtsilä," - Ram Sastry, Vice President of Infrastructure and Continuity at American Electric Power (AEP).
For further information please contact:
Javier Cavada
President
Wärtsilä Energy Solutions
+358 10 709 5297
javier.cavada@wartsila.com
Risto Paldanius
Director, Energy Storage
Wärtsilä Energy Solutions
Tel. +358 40 584 2767
risto.paldanius@wartsila.com
Atte Palomäki
Executive Vice President, Communications & Branding
Wärtsilä Corporation
Tel: +358 10709 5599
atte.palomaki@wartsila.com
For investor information, please contact:
Natalia Valtasaari
Director, Investor and Media Relations
Wärtsilä Corporation
Tel: +358 10 709 5637
natalia.valtasaari@wartsila.com
Wärtsilä Energy Solutions in brief
Wärtsilä Energy Solutions is a leading global systems integrator offering a broad range of environmentally sound solutions. Its offering includes ultra-flexible internal combustion engine based power plants and utility-scale solar PV power plants, as well as LNG terminals and distribution systems. The flexible and efficient Wärtsilä solutions provide customers with superior value and enable a transition to a more sustainable and modern energy system. As of 2017, Wärtsilä has 63 GW of installed power plant capacity in 176 countries around the world.
www.smartpowergeneration.com
Wärtsilä in brief
Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2016, Wärtsilä's net sales totalled EUR 4.8 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com
Greensmith in brief
As the leading provider of energy storage software and integration services, Greensmith's mission is to make energy storage a fundamental part of a cleaner, more intelligent and distributed energy infrastructure. Now in its fifth generation, Greensmith's GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing system return on investment.
Greensmith Energy designs and deploys the world's most advanced energy storage systems. From grid-scale to behind-the-meter and microgrid solutions, the Greensmith GEMS software platform enables effective and efficient delivery of stable power with unsurpassed performance and profitability.
Facts:
- 180 megawatts of energy storage, all running on the GEMS platform
- Powering over 50 sites globally on both sides of the meter
- Working with 50 customers, including utilities and independent power producers (IPPs)
www.greensmithenergy.com