Events after the balance sheet date
Control of Greensmith Energy Management Systems Inc., a market leader in grid-scale energy storage software and integrated solutions, has been transferred to Wärtsilä with effect from 3 July 2017. The companies announced the acquisition in May following a year-long global cooperation on stand-alone energy storage and hybrid energy solutions. The acquisition of Greensmith enables Wärtsilä to rapidly expand its footprint in the energy storage market globally and position 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.
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. In 2016, Greensmith’s revenue was USD 32 million with over 40 employees. The transaction is valued at USD 170 million (enterprise value). Purchase price allocation has not been finished yet.


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