INNIO Completes Carve-out from General Electric and Emerges as Stand-alone Energy Company
JENBACH, Austria--(BUSINESS WIRE)-- INNIO today announces that 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.
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Carlos Lange, president and CEO of INNIO (Photo: Business Wire)
“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.
Today, INNIO celebrates its new name and official launch, emerging as the youngest energy company in the world as it carries over two powerful brands — the Jenbacher and Waukesha gas engine product lines. INNIO has a proven track record of more than 80 years of reciprocating engine heritage in distributed power generation and gas compression.
INNIO is well-positioned in the $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.
As a leading solutions provider, INNIO 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.”
INNIO is a leading solutions provider of gas engines, power equipment, a digital platform and related services for power generation and gas compression at or near the point of use. With our Jenbacher and Waukesha product brands, INNIO pushes beyond the possible and looks boldly toward tomorrow. Our diverse portfolio of reliable, economical and sustainable industrial gas engines generates 200 kW to 10 MW of power for numerous industries globally. We can provide life cycle support to the more than 48,000 delivered gas engines worldwide. And, backed by our service network in more than 100 countries, INNIO connects with you locally for rapid response to your service needs. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, US. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.