Acquisition Expands Wartsila Footprint in Energy Storage
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 180MW 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 WÃ¤rtsilÃ¤ aims to become a global systems integrator with full in-house capabilities specializing in solutions that offer the combination and optimization of different forms of power generation, energy storage and demand side management. Having an integration software platform is a must and acquiring Greensmith gives WÃ¤rtsilÃ¤ 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 WÃ¤rtsilÃ¤ Energy Solutions.
"We are very excited to become a key part of WÃ¤rtsilÃ¤, a global leader in advanced energy solutions," said John Jung, CEO of Greensmith. "The combination of Greensmith's proven technologies and WÃ¤rtsilÃ¤'s global footprint in advanced energy and power plants - will fuel significant growth in both integration and solutions market."
"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 WÃ¤rtsilÃ¤, 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 WÃ¤rtsilÃ¤," - Ram Sastry, Vice President of Infrastructure and Continuity at American Electric Power (AEP).