Advent International has completed the acquisition of GE’s Distributed Power business and is now a stand-alone energy company rebranded as INNIO.
The transaction includes the Jenbacher and Waukesha product lines, the digital platform and related services offerings, with main operating sites in Austria, Canada and the United States.
“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,” said Carlos Lange, president and CEO of INNIO.
The company’s range of industrial gas engines incorporates 200 kW to 10 MW. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, USA.
With the acquisition, INNIO said it has a proven track record of more than 80 years of reciprocating engine heritage in distributed power generation and gas compression.
INNIO said it is well-positioned in the US$5 billion global gas engine sector, with growth anticipated to be a mid to high single-digit rate per annum, driven by the rising demand for affordable, reliable and sustainable solutions for power generation and gas compression near or at the point of use.
INNIO said it is strategically positioned to play a defining role across the energy industry as the global energy transition unfolds. The master brand INNIO will operate as a platform connecting two powerful product brands linked by a digital solution.
“It is a great pleasure to accompany INNIO as it emerges as a stand-alone energy company,” said Ranjan Sen, managing partner at Advent International. “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.”