Caverion Corporation Investor news 2 May 2022 at 1.00 p.m. EEST
Caverion acquires Wind Controller, a Finnish service company in the wind power industry
Caverion has today closed an agreement to acquire the shares of the Finnish service company Wind Controller ("WiCo"). WiCo is the leading technical consultant and service provider for the Finnish wind power industry. Its customer base includes turbine suppliers and wind farm owners, operators and developers. By entering the wind power segment, Caverion widens its offering in the energy sector. The transaction complements Caverion's strong expertise in the energy industry and supports its growth strategy.
WiCo is based in Oulu, Finland and provides technical consulting services for the energy industry in Northern Europe. It has approximately 40 employees and its revenue was EUR 5.1 million in 2021. The purchase price is not disclosed.
Driven by the megatrends of sustainability and carbon neutrality, the rapidly growing wind power capacity in Finland increases the demand for related services. WiCo provides its customers remote monitoring and control services of wind farms, maintenance and repairs of critical safety equipment and inspections for wind turbines and farms.
"In 10 years WiCo has grown into a well-known provider of renewable energy services. Caverion's service network and energy industry capabilities provide us great opportunities to serve our existing customers better, further widen our customer base and scale our operations to respond to the demand created by the growing wind power capacity," says Kari Koivikko, Managing Director of Wind Controller.
"This acquisition is a natural addition to Caverion's energy sector offering that currently includes, for instance, operation and maintenance of power plants, industrial heat pumps and district heating networks as well as construction and maintenance of electricity distribution systems. We are pleased to be able to support our customers even better in the ongoing energy transition and welcome new experts to join us. We also believe that Caverion's existing knowledge and capabilities bring additional value to the acquired business," says Elina Engman, Executive Vice President, Caverion Industry.