Sterling and Wilson to Partner With Professional Power Products Through North American Cogen Venture
Experienced Mumbai-Based Energy System Provider Enters Growing CHP Market
WOOD DALE, Ill., Dec. 08, 2015 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (“PSI”) (NASDAQ:PSIX) and its wholly owned subsidiary Professional Power Products, Inc. (“3PI”) has been selected by Sterling and Wilson Pvt. Ltd. (“SW”) to supply engines and packaging services for the rapidly expanding North American cogeneration/combined heat and power (CHP) market through a new U.S.-based entity Sterling and Wilson Cogen Solutions, LLC (“SWCS”).
SWCS will initially open offices in Chicago, Philadelphia and New York, with plans to expand into other regions as the market continues to grow.
“Sterling and Wilson has been following the growth of the North American cogeneration market for the last several years,” said Rajesh Shah, President of Sterling and Wilson Co-gen Solutions Pvt. Ltd. “SW has analyzed the market through our internal strategy group and through major global consulting companies, and these studies show the market is positioned for massive expansion. We’ve had all the resources necessary to capture a large segment of this 40-gigawatt market—except for a U.S. company with the necessary products and services that shared our vision. After an extensive search, we have found a partner to support that growth in PSI and its subsidiary 3PI.”
SWCS’s goal is to become the dominant player in the cogeneration market by providing companies with the customized products and services they desire. Through the combined capabilities of SW, 3PI and PSI, SWCS will supply development, engineering, product, construction, service and financing of CHP systems, making it the only company in the market that can internally control all aspects of such projects.
“We are extremely excited to be selected by an industry leader like SW to be its partner and supplier of engines and packaging services,” said Gary Winemaster, PSI's Chairman and Chief Executive Officer. “SW's entry into this market validates our vision for the expansion of our power generation engine products and the growth of 3PI."
Sterling and Wilson Cogen Solutions is already pursuing several CHP projects and will be certifying cogeneration systems in both state and Department of Energy programs.
About Power Solutions International Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The company's unique in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel and gasoline.
PSI develops and delivers complete .97 to 22-liter power systems, including the 8.8-liter engine aimed at the industrial and on-road markets, such as medium-duty fleets, delivery trucks, school buses and garbage/refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural and construction equipment.
In 2014, PSI acquired Professional Power Products, Inc. (3PI), a leading designer and manufacturer of large, custom-engineered, integrated electrical power generation systems serving the global diesel and natural gas power generation market. 3PI specializes in systems for both standby and prime power applications.
About Sterling and Wilson Sterling and Wilson, which began operating in 1927 as Wilson Electric Works, is a leading MEP (Mechanical, Electrical & Plumbing) services provider in India and part of Shapoorji Pallonji Group, the 150-year-old, 3 multibillion dollar conglomerate with business interests in Energy, Infrastructure, Real Estate, Construction, Water Purification, etc. Sterling and Wilson’s range of offerings cover turnkey MEP projects, electrical, HVAC, manufacture and supply DG sets from 10 kVA to 3,300 kVA, manufacture of HT/LT panels, public health engineering and firefighting, security systems, mechanical EPC, EPC contracting, distributed power and co-generation, data centre EPC, turnkey EPC for solar power projects, operation and maintenance and international operations. Today, Sterling and Wilson has evolved as India’s leading MEP services company. Some of its key MEP projects are First International Financial Centre (FIFC), Terminal 3 – Indira Gandhi International Airport, Lulu International Mall, Buddh International Circuit, and Ford India, to name a few.
Sterling and Wilson is India’s largest solar EPC in terms of number of projects. It was awarded the “Energize” Indian Power Sector Award for “Excellence in Solar EPC” for the year 2012–13, as evaluated by Ernst & Young and presented by CNBC-TV 18. Sterling and Wilson is also recognized as India’s top solar EPC player and is ranked 10th globally by IHC in their EPC & Integrator Market Share & Project Market Tracker Q3 2015 report on Global PV Integrator market share. Internationally, the company and its parent Shapoorji and Pallonji are currently developing a pipeline of projects across India, the Middle East, Central and South East Asia, Africa and Oceania Region.
Vice President of Marketing and Communications
Power Solutions International, Inc.
Sterling and Wilson Cogen Solutions Pvt. Ltd.
(December 8, 2015 - 11:40 AM EST)
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