Monday, July 11, 2016

1Energy Systems Acquired By South Korean Company

Seattle-based software developer 1Energy Systems has been acquired by South Korean company Doosan Heavy Industries and Construction. Financial terms of the acquisition were not announced by the companies. 1Energy develops software used for managing the integration of distributed and renewable energy into the power grid, and was founded in 2011. The companies said that they will rename 1Energy Systems to become Doosan GridTech, which will continue to be led by 1Energy CEO David Kaplan, who becomes COO of Doosan GridTech. DOosan Group was founded in 1896, and is one of South Korea's largest conglomerates. Cascadia Capital advised 1Energy Systems in the acquisition.