Nasdaq Helsinki-listed power company Wärtsilä’s acquisition of software specialist, system integrator and turnkey energy storage system provider Greensmith has been completed.
The deal was announced back in May, with German utility E.On selling its stake in the tech company, which has offices in Virginia and California. Prior to the deal, Greensmith and Wärtsilä had worked together on hybrid and standalone energy storage systems for over a year.
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Wärtsilä said on Monday that the transaction is worth US$170 million, dwarfing the US$50 million price tag placed on Greensmith’s rival Younicos by Scottish power equipment firm Aggreko, which bought out Younicos this week.
Wärtsilä is targeting a system integration role for itself, leaning on Greensmith’s expertise and control platform GEMS. Greensmith will operate as a business unit of the Finnish company, continuing to provide standalone and hybrid systems, control software and system integration services.
Last year, Greensmith made US$32 million in revenues and had more than 40 employees. The company was picked out as one of six top energy storage system integrators in a feature article for Energy-Storage.News a few months ago, alongside Younicos Renewable Energy Systems (RES), NEC Energy Solutions, AES and S&C Electric.