Greensmith Energy Management Systems, Inc., a market leader in advanced energy storage technologies and software solutions, today announced that technology group Wärtsilä (Nasdaq OMX Helsinki: WRT1V) has signed an agreement to acquire the company. Wärtsilä is a global leader in advanced technologies and complete lifecycle solutions for the marine and energy markets, with 18,000 employees and 2016 net sales totalling EUR 4.8 billion.The closing of the transaction is subject to US regulatory approvals. The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position as a global energy systems integrator. Greensmith will operate as an individual business under Wärtsilä Energy Solutions. The transaction is expected to close no later than July 2017.
Since 2008, Greensmith has designed and deployed advanced energy storage systems for some of the largest power firms globally, installing approximately a third of total US capacity in 2016 – all running on a multi-application software and integration platform called GEMS.
“We are thrilled to be joining the Wartsila family of companies,” said John Jung, CEO of Greensmith. “The combination of Greensmith’s position and capability in energy storage technology with Wärtsilä’s global leadership in integrated energy solutions, with over 63 GW of installed power plant capacity across 176 countries – will bring both market and technology synergies to both organizations. We are excited and humbled by this incredible opportunity to accelerate growth in a changing energy market.”
Greensmith has designed and delivered some of the most successful energy storage systems in operations today, including five systems in the PJM frequency regulation market and recently, an 80MWh system installed in California to address the Aliso Canyon gas constraint.
The Greensmith energy management system, GEMS5, is a proven platform used in over 50 systems that enables utilities, EPCs and IPPs to maximize the life and performance of energy storage systems as well as integrate with, and increase the value of, a wide range of generation assets including solar.
“This is a perfect match,” says Javier Cavada, President at Wärtsilä Energy Solutions. “The addition of Greensmith’s capabilities and expertise will allow Wärtsilä to offer our installed base significant opportunities for hybrid and energy storage solutions along with full in-house capabilities that combine and optimize different forms of power generation, energy storage and demand-side management.”
“Greensmith is one of the true pioneers in the energy storage business. After a very successful partnership both as investor and business partner, we are very excited about continuing the great relationship with Greensmith as part of Wärtsilä, providing even better energy storage solutions for customers in the USA and Europe.” – Dr. Philipp Ulbrich, VP of Strategic Co-Investments, the CVC arm of E.ON.
“GEMS is the de facto platform for storage systems integration and we see tremendous potential for Greensmith to continue innovating and shaping this industry in partnership with Wärtsilä.” – Ram Sastry, Vice President of Infrastructure and Continuity at American Electric Power (AEP).