Wärtsilä Corporation, Press release, 3 July 2017 at 5.00 pm EEST The technology group Wärtsilä today announces 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 an extensive sales and service 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." Link to image Caption: The agreement was signed by Mr Javier Cavada, President of Wärtsilä Energy Solutions and Mr John Jung, President & CEO, Greensmith Energy Management Systems Inc. For further information please contact: Javier Cavada President Wärtsilä Energy Solutions Tel: +358 10 709 5297 javier.cavada@wartsila.com Risto Paldanius Director, Energy Storage Wärtsilä Energy Solutions Tel. +358 40 584 2767 risto.paldanius@wartsila.com Mallory Sass Director of Marketing Greensmith Energy Tel: +1 408 966 5950 msass@greensmithenergy.com For investor information, please contact: Natalia Valtasaari Director, Investor and Media Relations Wärtsilä Corporation Tel: +358 10 709 5637 natalia.valtasaari@wartsila.com 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
