DOOSAN ACQUIRES 1ENERGY SYSTEMS

DOOSAN ACQUIRES 1ENERGY SYSTEMS

July 11, 2016

To our employees, customers, industry partners and colleagues,

We are pleased to announce that on June 30th of this year, Doosan Heavy Industries & Construction acquired 1Energy Systems from its employee owners, creating a new company called Doosan GridTech™. All 1Energy employees have joined Doosan GridTech, which is based in Seattle, Washington, where it continues 1Energy’s mission of delivering technology-based solutions that accelerate the development of the digital distributed electric grid.

Doosan Group (parent of Doosan Heavy Industries & Construction) is the oldest company in Korea, founded in 1896 as a retail and trading company. It moved into brewing and consumer goods after the Second World War, and then into heavy industry, expanding in the 1980’s to provide engineering, procurement and construction (EPC) of power and water desalination plants, and manufacturing of key components for those projects. Today, after a period of exceptional growth through the early 2000s, Doosan is one of the ten largest Korean companies, with annual revenues of nearly $17 billion in 2015. The acquisition of 1Energy expands Doosan’s growing U.S. presence, exemplified by Doosan Bobcat, based in North Dakota, and Doosan Fuel Cell America, based in Connecticut.

Acquiring 1Energy furthers a multi-year strategy to extend Doosan Heavy Industries & Construction’s energy solutions portfolio from power generation to transmission and distribution, and to increase the firm’s presence in distributed and renewable energy technologies. 1Energy’s software platform will form the foundation of a set of solutions designed to accelerate adoption of distributed energy resources on power systems worldwide. We are confident that 1Energy’s expertise in enterprise-scale software and power system engineering will combine with DHI’s balance sheet, EPC capabilities, and global scale to open up substantial new opportunities in the emerging clean electric energy field.

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