Technology group Wärtsilä has signed an agreement to purchase US-based energy storage solutions provider Greensmith Energy Management Systems for an undisclosed sum.
The acquisition will help Wärtsilä expand its business and function as a global energy systems integrator.
Greensmith Energy Management Systems' chief executive officer (CEO) John Jung said: “We are very excited to become a key part of Wärtsilä, a global leader in advanced energy solutions.
“The combination of Greensmith’s proven technologies, and Wärtsilä’s global footprint in advanced energy and power plants, will fuel significant growth in both integration and solutions market.”
Closing of the transaction, which is expected to occur by July this year, is subject to US regulatory approvals. After closing, the ownership of Greensmith Energy Management Systems will be transferred to Wärtsilä.
Greensmith has developed energy management software system GEM, which allows several utilities; engineering procurement, and construction (EPC) companies; and independent power producers (IPP) to manage and monitor individual or multiple systems.
The platform helps recognise and diagnose equipment issues in real time to enhance system performance and longevity, increasing return on investment. The company also provides a commercial and industrial (C&I) micro-grid solution OMNI4.
Wärtsilä Energy Solutions' president Javier Cavada said: “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.”
With the acquisition, Wärtsilä aims to become a global systems integrator with full in-house capabilities, particularly in solutions that provide the combination and optimisation of different forms of power generation, energy storage, and demand side management.