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UL Acquires AWS Truepower to Expand Global Renewable Energy Portfolio

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UL, a global safety science leader, announces the acquisition of AWS Truepower, a leading energy engineering services and advisory firm. This achievement expands UL’s global renewable energy portfolio by strengthening full lifecycle solutions for wind and solar energy sectors.
AWS Truepower is an Albany, NY-based company providing renewable energy services through five business units covering project advisory, performance engineering, due diligence, information services and grid solutions. Its service portfolio complements UL’s current renewable energy offering focused on testing, inspection and certification as well as performance verification of solar, wind, batteries and energy storage systems. 
The acquisition supports UL’s global expansion strategy as many countries are pushing for energy independence, energy security and environmental sustainability. Hundreds of GW’s of energy capacity installed globally is pushing the demand for energy assessments of new projects coming online and ongoing support. AWS Truepower’s services are crucial in supporting this growing demand.
“There is strong alignment between the two brands,” said Jeffrey Smidt, VP & General Manager for UL Energy & Power Technologies. “UL and AWS Truepower have a shared mission and complementary businesses. As the market for renewable energy increases and demands a full life cycle service offering for renewable energy projects, the combined portfolios enable us to capture additional business globally.”
“We are excited by this opportunity to merge forces with UL and provide best-in-class services and products to the renewable energy industry,” said Bruce Bailey, former CEO of AWS Truepower and new VP, Renewable Energy for UL. “Clients can rest assured that customer service and technical quality will remain our top priorities, and that our newly integrated capabilities will deliver even more value.”
AWS Truepower’s employees will join UL and remain with the company. For the time being, AWS Truepower will continue operating under its current brand name. The transaction closed on September 26, 2016.
Investment & Trading | News published on 06 / 10 / 2016 by Rashmi Nargundkar

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