Strategic projects, acquisitions, and joint ventures
In April, Wärtsilä agreed to provide seed funding to Soletair Power Oy, a Finland based start-up company operating in the field of Power-to-X. Soletair Power Oy has developed a concept for improving air quality in buildings by capturing carbon dioxide and converting it to synthetic renewable fuel.
In May, Wärtsilä announced the acquisition of Ships Electronic Services Ltd (“SES”), a UK based company specialising in navigation and communication electronics, as well as installation, maintenance, and repair services, mainly for commercial and leisure vessels. SES’ turnover was approximately GBP 10 million and the company employed a staff of 47. The enterprise value of the transaction was GBP 3.2 million.
In June, Wärtsilä entered into a cooperation agreement with Aggreko, a global power equipment supplier, to introduce a new concept for power markets built around the Wärtsilä Modular Block solution. The cooperation will also enable new business and financing models such as power as a service or rentals.