Wärtsilä purchases Greensmith Energy Management Systems for $170m
Wärtsilä has closed its acquisition of Greensmith Energy Management Systems, which specialises in grid-scale power storage software and integrated solutions.
The acquisition was announced in May following a cooperation on energy storage and hybrid solutions for a year.
In 2016, Greensmith’s revenue touched $32m and employed more than 40 employees.
Valued at $170m, the deal will see Greensmith become a unit within Wärtsilä Energy Solutions.
Greensmith will offer stand-alone energy storage as well as hybridised energy systems, besides control software and integration expertise.
This deal enables Wärtsilä to bolster its footprint in the energy storage market across the world.
Wärtsilä Energy Solutions' president Javier Cavada said: “The acquisition of Greensmith positions Wärtsilä as a global leader in energy system integration and hybrid solutions.
“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. Wärtsilä’s global footprint with extensive sales and services network, besides its proven EPC expertise, will create significant synergies and growth.”
Greensmith has installed more than 60 grid-scale systems. Since 2013, the firm has also deployed five grid-scale systems in the PJM (Pennsylvania, Jersey, Maryland) market.
The firm's president and chief executive officer (CEO) John Jung said: “The Greensmith team is excited and honored to become an integral part of Wärtsilä, a global leader in energy solutions.
“With the accelerating growth in the energy storage market, as well as, the need for more integrated, intelligent hybrid energy solutions, the timing could not be better.”