UL Expands in Distributed Energy Market with HOMER Energy Acquisition
Underwriters Laboratories (UL) announced the acquisition of Boulder, Colorado-based HOMER Energy, a leader in modeling and optimization software for microgrids. The acquisition combines UL's experience and recognized thought leadership in solar, wind and battery technology with HOMER Energy's system design capabilities and distributed energy project database enabling UL to expand services across the renewable energy value chain.
HOMER Energy is a privately-owned company that provides training, advisory and analytic services, and community tools to industry, government, researchers, and enthusiasts in the energy industry. HOMER Energy software set the global standard for decision making concerning the optimal mix of resources, system configuration, and capital and operating costs of microgrids.
"The distributed energy market is a fast-growing segment of the renewable power industry," said Jeff Smidt, vice president and general manager, UL's Energy and Power Technologies division. "By combining our expertise in product testing certification and HOMER Energy's expertise in system design capabilities, we will help customers along the microgrids value chain realize more value and reinforce UL's mission to make the world a safer place.'
HOMER Energy employees will join UL's existing Energy and Power Technologies division.
"We are excited to join forces with UL to offer expanded services in the renewable energy market," said HOMER Energy CEO Dr. Peter Lilienthal. "UL's footprint will enable us to expand rapidly into global markets that have demand." He continued, "Like UL, our primary focus is maintaining a high level of service to our existing clients while providing them additional services and expertise to increase their assets' value."
The transaction closed on December 16, 2019. Terms of the acquisition were not disclosed.