Wartsila concludes acquisition of US energy storage co Greensmith

Finnish technology group Wartsila Corp (HEL:WRT1V) has finalised the takeover of US energy storage specialist Greensmith Energy Management Systems Inc, it said on Monday.

Wartsila bought Greensmith at an enterprise value of USD 170 million (EUR 150m) in a drive to rapidly grow its footprint in the energy storage market globally, it said.

Greensmith Energy designs and deploys advanced energy storage systems, from grid-scale to behind-the-meter and microgrid solutions, that run on its multi-application software and integration platform called GEMS. The company has integrated and installed more than 60 grid-scale systems, including an 80-MWh system in California, in under four months. Last year, it generated a revenue of USD 32 million.

“Greensmith brings an unmatched track-record of software and systems integration capabilities, having delivered a third of all 2016 energy storage installations in North America. Wartsila’s global footprint with extensive sales and services network, besides its proven EPC expertise, will create significant synergies and growth,” said Javier Cavada, president of Wartsila Energy Solutions.

(USD 1.0 = EUR 0.881)

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