E.ON sells shares of U.S. battery solutions provider Greensmith
- Investment bears fruit
- Companies will continue partnership
18 months ago E.ON invested in Greensmith, one of the leaders in intelligent energy storage technologies, to expand its decentralized energy solutions business. The company has now been acquired by Wärtsilä, a global leader in advanced technologies for the marine and energy markets.
“Greensmith is one of the true pioneers in the energy storage business. After a very successful partnership both as investor and business partner, we are very excited about continuing the great relationship with Greensmith as part of Wärtsilä, providing even better energy storage solutions for E.ON customers in the USA and Europe”, says Dr. Philipp Ulbrich, VP of Strategic Co-Investments, the CVC arm of E.ON.
E.ON started a collaboration with the company on a 10 megawatt solar and storage project in Tucson, Arizona. The partnership between E.ON and Greensmith has proven to be profound and exceptionally beneficial through the combination of equity investment and business partnership, adding value to both Greensmith and E.ON. In September 2016 E.ON extended its shareholding even further. As the partnership with Greensmith in the US has grown with two further projects in Texas.