Wärtsilä buys Greensmith Energy for undisclosed sum
Wärtsilä, the Finland-based technology group, announced on May 15 it had bought software company, Greensmith Energy Management System, in a transaction that should close in July. No price tag has been announced by the companies.
The acquisition should give Wärtsilä, which provides technologies and lifecycle products for the marine and energy sectors, a foothold in the energy storage market.
The acquisition follows a clear trend within the industry as foreign players seek to enter the hopefully lucrative US energy storage market.
Recent acquisitions in the past two years include Italian utility buying Demand Energy, French utility buying a controlling stake in Green Charge Networks. France’s EDF buying Groom Energy Solutions and Doosan’s acquisition of 1Energy Systems,
US-based Greensmith — whose software is adapted to be chemistry neutral — says it has deployed about a third of new total US energy storage capacity last year.
Greensmith’s investors include AEP, E.ON. Cota Capital and TDF Ventures.
Greensmith CEO John Jung said: “The combination of Greensmith’s position and capability in energy storage technology with Wärtsilä’s global leadership in integrated energy solutions will bring both market and technology synergies to both organizations.”