INNIO, an Austrian company that provides solutions for gas and power generation industries, has announced that American private equity firm Advent International has completed the acquisition of GE’s Distributed Power business and is now a standalone energy company rebranded as INNIO.
INNIO president and CEO Carlos Lange said: “This is an exciting time to emerge as a stand-alone energy company. With the continued growth of renewables across the globe and the increased emphasis on energy efficiency, INNIO is well-positioned to be a key enabler and integral part of the energy transformation.”
The acquisition includes the Jenbacher and Waukesha product lines, the digital platform and related services offerings, with main operating sites in Austria, Canada and the US.
With the new name and the official launch, INNIO has emerged as the youngest energy company, carrying over two brands – the Jenbacher and Waukesha gas engine product lines.
The company has a track record of over 80 years of reciprocating engine heritage in distributed power generation and gas compression.
One of the leaders in the $5bn global gas engine sector, INNIO expects growth to be a mid to high single-digit rate per annum due to the rising demand for affordable, reliable and sustainable solutions for power generation and gas compression.
As a solutions provider, INNIO expects to play a key role across the energy industry. It will operate as a platform connecting two product brands linked by a digital solution.
Advent International managing partner Ranjan Sen said: “It is a great pleasure to accompany INNIO as it emerges as a stand-alone energy company.
“The Jenbacher and Waukesha product brands and technologies are recognized worldwide for their performance, reliability and technological excellence.
“We anticipate continued sustained growth in power generation and gas production technologies on a global scale.”
INNIO provides solutions for gas engines, power equipment, a digital platform and related services for power generation and gas compression at or near the point of use. It also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, US.
It has diverse portfolio of reliable, economical and sustainable industrial gas engines generates 200kW to 10MW of power for numerous industries across the world.