Wartsila plans to continue investing in the ES&O business as the review continues. Credit: Bert Braet from Pixabay.

Finnish technology company Wärtsilä has commenced a strategic review of its energy storage and optimisation (ES&O) business to assess alternatives including a divestment.

The company will consider all potential options for ES&O under the review process, including ownership alternatives for the business, or a full or partial sale.

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The options evaluated in the review are aimed at speeding up profitable growth and benefitting staff, clients and shareholders.

Wärtsilä president and CEO Håkan Agnevall stated: “We have made solid progress in our energy storage and optimisation business and the market continues to show remarkable growth.

“Thus, this is an opportune moment for us to assess future options and define the best way to support the growth of the business and create shareholder value.”

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Wärtsilä has not provided a specific timeline for the review to conclude but stressed that it will continue investing in the ES&O business as the assessment goes on.

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Wärtsilä issued a press statement saying: “On a twelve-month rolling basis, the ES&O net sales by the end of Q3 2023 amounted to €983m ($1.04bn). On the same twelve-month rolling basis, the business turned to profitability.”

In August 2023, Wärtsilä and AGL Energy completed construction at the Torrens Island grid-scale battery energy storage system in South Australia.

The 250MW/250 megawatt-hour ESS installed at Torrens Island is expected to generate sufficient power to meet the needs of nearly 75,000 South Australian homes for an hour.