Finland's Wartsila to buy US Greensmith Energy Management Systems

Finnish ship and power plant engine maker Wartsila Corp (HEL:WRT1V) said on Monday it has agreed to buy US intelligent energy storage technology and solutions provider Greensmith Energy Management Systems Inc to expand its presence in the energy storage market.

The deal, whose financial terms remained undisclosed, will also enable Wartsila to position itself as a leading global energy systems integrator.

The acquisition will add an energy management software platform, called GEMS, which enables utilities, engineering procurement and construction companies and independent power producers to manage and monitor systems, identifying and diagnosing equipment issues in real time.

“The combination of Greensmith’s proven technologies and Wartsila's global footprint in advanced energy and power plants – will fuel significant growth in both integration and solutions market,” John Jung, CEO of Greensmith, commented

Completion of the transaction is expected no later than July 2017, subject to regulatory clearance in the US.

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