Data center power and cooling company Vertiv is to acquire microgrid firm UtilityInnovation.
NYSE-listed Vertiv Holdings this week announced that its wholly owned subsidiary, Vertiv Corporation, has entered into an agreement and plan of merger to acquire Utility Innovation Holdings, Inc., which operates as UtilityInnovation Group (UIG).
– UtilityInnovation
The deal is for approximately $1.45 billion in cash at closing, with additional consideration of up to $1.15 billion in cash based on achieving certain financial targets over 12- and 24-month periods. The transaction is expected to close later this year.
Founded in 2020 and based in Raleigh, North Carolina, UIG designs and delivers power systems that support real-time load and frequency balancing across behind-the-meter systems and utility-connected energy resources. Its solutions include proprietary controls software, customized microgrid switchgear and energy storage. Volvo Penta previously invested in the company.
