WEG S.A. (B3: WEGE3 / OTC: WEGZY) announces the acquisition of the Energy Storage System ("ESS") business of Northern Power Systems ("NPS"), a company that designs, develops and manufactures energy storage systems in Barre, Vermont, USA.
Upon this acquisition, WEG will become the sole owner of NPS’s energy storage assets, including the portfolio of ESS patents, know-how and related materials, such as all drawings, projects, specifications and software used in the design and maintenance of battery energy storage systems. In addition to that, WEG will maintain NPS´s commercial and engineering teams who are dedicated to research and development for this ESS business.
WEG and NPS entered into a technology partnership in 2013 to successfully introduce permanent magnet direct drive wind turbine solutions in Brazil. In 2016, WEG acquired the NPS utility scale wind turbine business and expanded its portfolio.
Now, according to Mr. Manfred Peter Johann, WEG Automation Managing Director, now it is time to move forward in this growing battery energy storage market. "It is a market with many growth opportunities for WEG and will bring even more synergy to our renewable energy solutions, such as wind and solar and also electric traction business", explains.