Power generation technology group Wärtsilä has signed an agreement to buy Greensmith Energy Management Systems Inc. (Greensmith), a US-based energy storage technology company, for an undisclosed amount.
The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position itself as a global energy systems integrator. The closing of the transaction is subject to US regulatory approvals. Ownership of the company will be transferred to Wärtsilä after closing of the transaction, which is expected to occur no later than July 2017.
Founded in 2008, Greensmith specializes in energy storage technology and systems integration, responsible for deploying about a third of total US energy storage capacity in 2016. The company employs over 40 people and has delivered in excess of 180 MW to some of the largest power companies globally.
Greensmith has developed an energy management software system called GEMS, currently offered in its fifth generation. This platform enables utilities, engineering procurement and construction companies and independent power producers to manage and monitor individual systems or entire fleet of systems, identifying and diagnosing equipment issues in real time, and extending system performance and longevity-therefore increasing return on investment. The company also offers a commercial and industrial (C&I) and microgrid solution called OMNI4.
Energy storage is expected to grow exponentially as it becomes an integral part of any energy system. With this in mind Wärtsilä aims to become a global systems integrator with full in-house capabilities specializing in solutions that offer the combination and optimisation of different forms of power generation, energy storage and demand side management. Having an integration software platform is a must and acquiring Greensmith gives Wärtsilä an industry leading platform to offer across an installed base of over 63 GW of power generation around the world.