Wartsila to buy US energy storage specialist Greensmith

Greensmith Energy energy storage project in Illinois, USA All rights reserved.

May 16 (Renewables Now) - Finnish technology group Wartsila Corp (HEL:WRT1V) has inked a deal to take over US energy storage specialist Greensmith Energy Management Systems Inc, the parties announced on Monday.

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. According to the announcement, last year the firm installed a third of total US capacity.

Commenting on the transaction, Greensmith CEO John Jung said that it will bring market and technology synergies to both organisations.

Wartsila specialises in advanced technologies and complete lifecycle solutions for the marine and energy markets. It has its own energy storage division called Wartsila Energy Solutions that offers both internal combustion engine-based power plants and utility-scale solar photovoltaic (PV) power plants.

The transaction is pending US regulatory clearance and is seen to close no later than July 2017.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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