In May, Wärtsilä announced the acquisition of Greensmith Energy Management Systems Inc., a US-based leader in intelligent energy storage technology and solutions. The acquisition of Greensmith will enable Wärtsilä to expand its footprint in the energy storage market and position itself as a leading global energy systems integrator. In 2016, Greensmith’s revenues were USD 32 million with over 40 employees. The transaction is valued at USD 170 million (enterprise value). Ownership of the company was transferred to Wärtsilä with effect from 3 July 2017.
The set-up of CSSC Wärtsilä Electrical & Automation Co Ltd, a joint venture between Wärtsilä and China State Shipbuilding Corporation (CSSC) focusing on the growing Chinese electrical and automation market, is proceeding. The business license is expected to be received during the fourth quarter of 2017.