Esco Technologies has acquired NRG Systems, a Vermont-based designer and manufacturer of decision support tools for renewable energy industry, for an undisclosed price.
NRG which trades as Renewable NRG Systems serves the global renewable energy industry, with main focus on the wind sector.
The company founded in 1982 delivers its tools to electric utilities, renewable energy developers, wind turbine manufacturers, research institutes, as well as government agencies in over 150 countries.
NRG, which boasts of yearly sales of around $45m, will join Doble Engineering, an operating unit of Esco's Utilities Solutions Group (USG),
According to NRG president Justin Wheating, the acquisition by Esco would further consolidate the company’s ability to grow by continued investment in new products and the expansion of its current technologies into new markets.
Esco Technologies chairman and CEO Vic Richey said that NRG's capabilities highly complement Doble's product and solution portfolio by delivering an almost instant entry point into a large and growing market.
Richey added: “Clean, renewable and sustainable energy is a $300 billion-plus per year global industry where approximately 600 gigawatts (GW) of new wind capacity and 700 gigawatts (GW) of solar PV capacity are expected to be added over the next 10 years.
“NRG is clearly a market leader with an exceptional brand, reputation, and strong management team, and I'm excited to welcome the outstanding and dedicated employees of NRG to our team."
NRG's expertise is said to cover resource assessment products and wind plant optimization equipment including turbine control sensors, Lidar, and condition-based monitoring systems.
Its products are deployed during pre-development and the operational stages of a project when plant owners need to bring out the best possible output from their assets.