Business Wire

Wärtsilä Completes Acquisition of Greensmith Energy Management Systems Inc.

Del

The technology group Wärtsilä, today announced that it has closed the acquisition of Greensmith Energy Management Systems, Inc., a market leader in grid-scale energy storage software and integrated solutions. The companies announced the acquisition in May following a year-long global cooperation on stand-alone energy storage and hybrid energy solutions.

In 2016, Greensmith’s revenue was USD 32 million with over 40 employees. The transaction is valued at USD 170 million (enterprise value). Greensmith will operate as a business unit within Wärtsilä Energy Solutions providing both stand-alone energy storage as well as hybridized energy systems, control software, and integration expertise.

The acquisition will enable Wärtsilä to rapidly expand its footprint in the energy storage market globally and position itself as a premier energy system integrator. Growth in the energy storage market is expanding from the United States to new regions including the United Kingdom, Asia and Australia. When Wärtsilä engine plants are further optimized with energy storage, new sources of value can be offered to customers and partners. Also, the growing capacity of renewable generation, including solar PV, becomes more sustainable and attractive when integrated with advanced energy storage.

“The acquisition of Greensmith positions Wärtsilä as a global leader in energy system integration and hybrid solutions,” said Javier Cavada, President of Wärtsilä Energy 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.”

As a proven energy storage solutions and software company, Greensmith has integrated and installed over 60 grid-scale systems including an 80MWh turn-key system recently deployed in California in under 4 months to address a capacity emergency. The company provides a full range of capabilities – from full turn-key solutions to design and integration services and a fifth generation software package (GEMS) that today supports multiple energy and power applications. Since 2013, Greensmith has also deployed five grid-scale systems in the PJM frequency regulation market (Pennsylvania, Jersey, Maryland power pool), the world’s largest wholesale market, and serves a growing number of independent power producers, investor-owned utilities, and engineering procurement and construction companies around the world.

“The Greensmith team is excited and honored to become an integral part of Wärtsilä, a global leader in energy solutions”, said John Jung, Greensmith President & CEO. “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.”

Wärtsilä Energy Solutions in brief

Wärtsilä Energy Solutions is a leading global energy system integrator offering a broad range of environmentally sound solutions. Our offering includes ultra-flexible internal combustion engine based power plants, utility-scale solar PV power plants, energy storage & integration solutions, as well as LNG terminals and distribution systems. The flexible and efficient Wärtsilä solutions provide customers with superior value and enable a transition to a more sustainable and modern energy system. As of 2017, Wärtsilä has 63 GW of installed power plant capacity in 176 countries around the world.

www.smartpowergeneration.com

Wärtsilä in brief

Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2016, Wärtsilä's net sales totalled EUR 4.8 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

www.wartsila.com

Greensmith in brief

As the leading provider of energy storage software and integration services, Greensmith’s mission is to make energy storage a fundamental part of a cleaner, more intelligent and distributed energy infrastructure. Now in its fifth generation, Greensmith’s GEMS software platform optimizes the performance of energy storage by lowering costs and maximizing system return on investment.

Greensmith Energy designs and deploys the world’s most advanced energy storage systems. From grid-scale to behind-the-meter and microgrid solutions, the Greensmith GEMS software platform enables effective and efficient delivery of stable power with unsurpassed performance and profitability.

Facts:

  • 180 megawatts of energy storage
  • Powering over 60 sites globally
  • Working with over 25 customers, including utilities and independent power producers (IPPs)
  • Unparalleled expertise in integrating 16 different batteries and 14 different inverters

www.greensmithenergy.com

Contact information

For further information please contact:
Wärtsilä Energy Solutions
Javier Cavada
President
+358 10 709 5297
javier.cavada@wartsila.com
or
Risto Paldanius
Director, Energy Storage
+358 40 584 2767
risto.paldanius@wartsila.com
or
Greensmith Energy
Mallory Sass
Director of Marketing
+1 408.966.5950
msass@greensmithenergy.com
or
For investor information, please contact:
Wärtsilä Corporation
Natalia Valtasaari
Director, Investor and Media Relations
+358 10 709 5637
natalia.valtasaari@wartsila.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

California Sports Surfaces Announces New Senior Leadership22.9.2017 20:21Pressemelding

The California Sports Surfaces (CSS) brand, as part of ICP Construction (ICP), today announces the appointments of Steve Lock as global vice president; John Graham as leader, strategic accounts and global relationships; and Malcolm Parkes as managing director, Australia California Sports Surfaces. CSS is the leading supplier of such prestigious sports surfacing solutions as DecoTurf, Plexicushion Prestige, Rebound Ace, Premier Sports Coatings, Premier Court and Plexitrac. These world-renowned product lines supply the US Open, the Australian Open and other distinguished sporting events. Steve Lock has assumed the role of global vice president, responsible for managing the US and global sales and marketing teams for California Sport Surfaces. He was previously the leader for California Sports Surfaces in Australia and the Asia/Pacific region, and will be relocating to ICP global headquar

CORRECTING and REPLACING Smiths Detection Wins Biggest Ever Single Order for Next-Generation Hold Baggage Scanner for Frankfurt Airport22.9.2017 16:02Pressemelding

Please replace the release with the following corrected version due to multiple revisions to the headline, subhead and body of the release. The corrected release reads: SMITHS DETECTION WINS BIGGEST EVER SINGLE ORDER FOR NEXT-GENERATION HOLD BAGGAGE SCANNER FOR FRANKFURT AIRPORT Advanced HI-SCAN 10080 XCT hold baggage scanners offer flexible, sophisticated detection capabilities Smiths Detection has won its largest single order ever for its advanced HI-SCAN 10080 XCT hold baggage scanners, with an associated eight-year service agreement. The contract covers 35 of our HI-SCAN 10080 XCT next-generation scanners to support the upgrade to the ECAC Standard 3 explosives detection systems. The solution will deliver increased security and operational efficiency, and can easily be upgraded to mee

California Sports Surfaces’ Rebound Ace Portable Court to be Used at Inaugural Laver Cup22.9.2017 14:37Pressemelding

California Sports Surfaces (CSS), a brand under ICP Construction (ICP), is pleased to announce its innovative Rebound Ace Portable sport surfacing system is being used in the inaugural Laver Cup in Prague, Czech Republic, Sept. 22-24, 2017. CSS’s Rebound Ace system was selected to provide comfort, consistency and playability to the Laver Cup participants, who represent the best tennis players in the world. For this event, organizers worked with California Sports Surfaces to create a stunning black surface that would keep spectators focused on the game play. Rebound Ace Portable is an interlocking, temporary court system that provides premium cushion and comfort to maximize players’ performance. It has been chosen for use for several high-profile events, including the Fed Cup, Davis Cup, and the Singapore-based WTA Finals, for which it was specifically created. Laver Cup is modeled afte

Mobile RPG ‘King’s Raid’ Set to Launch in European Markets22.9.2017 11:00Pressemelding

Mobile RPG “King’s Raid” which was launched in February in Korea, North America and SEA, is officially launching in European Markets (Google Play and Apple App Store) this month. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170922005006/en/ Mobile RPG King’s Raid is officially launching in European Markets (Google Play and Apple App Store). It is a Character Collection mobile RPG game full of charming characters and high-end graphics. It includes real-time PvP and large scale Raid content. King’s Raid was launched in February in Korea, North America, and SEA. King’s Raid developed by Vespa Interactive went viral and became a hot Mobile RPG even with limited marketing and lack of brand recognition. As it slowly made the charts in Popularity and Grossing Sales in both markets, it succeeded in reaching the Top 5 in both major App markets in Korea within a month

IBC2017 Reports Record Visitor Numbers in Its 50th Year22.9.2017 09:32Pressemelding

In its 50th anniversary, IBC2017 has confirmed a year-on-year increase in visitor numbers, marking a record attendance of 57,669 across the six day event. Visitors from across the expanding media ecosystem had the opportunity to learn about the opportunities offered by technologies - including social media TV, OTT, VR, AR, Cloud, IP, Bots and 5G - and to meet the most intelligent robots. Visitors to the 15 exhibition halls witnessed many exciting new launches; Launch Pad grew year-on-year with a record number of exhibitors; the Future Reality Theatre and Content Everywhere Hub free programmes were packed with diverse and new exciting content, embracing the transformation. Conference delegates packed the Forum to hear from leading experts from Facebook, Google, CNN, HTC Viveport, Dolby, C4 and ITV to discuss and debate the hot topics challenging the industry with a focus on m

The Listing of Money Trade Coin on Cryptocurrency Exchange and the Rising Promise of a New Era in Dubai21.9.2017 17:45Pressemelding

MONEY TRADE COIN, the new age cryptocurrency, dazzled its investors’ expectations by listing on NovaExchange. Immediate trading began post the launch by Money Trade Coin’s founder and CEO, Mr. Amit Lakhanpal and H.E. Sheikh Saqer Al Nahyan. The listing event held on September 17 at Burj Al Arab was witnessed by a list of 40 VIP businessmen including H.E. Sheikh Jumaa Al Maktoum, Mr. Faisal Almaazmi, his principal advisor and director of Greenland Capital Properties, Mr. Charles Said Kiwan founder of MVP Tech and Mr. Khaled Abdulla, Head of Communications MENA at Barclays PLC. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170921006013/en/ Amit Lakhanpal greets H.E. Sheikh Saqer Al Nahyan (Photo: AETOS Wire) Money Trade Coin, the propagator of the “Cryptocurrency correct knowledge” l

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom