A strategic transaction that accelerates innovation and strengthens our Industrial Asset Services capabilities supporting gas turbines
We are pleased to announce that Woodward has acquired the assets of EthosEnergy Power Plan Services, LLC’s iCON Controls Business. This acquisition marks a significant step forward in our growth strategy, expanding our support in gas turbine segments and enabling us to accelerate innovation in control system upgrades.
Why EthosEnergy?
- Proven Expertise: EthosEnergy brings more than 20 years of intellectual property (IP) development in turbine control systems.
- Expanded Reach: Their experience spans light industrial gas turbines, mature heavy-frame gas turbines, and non-GE aero gas turbines—segments not supported by Woodward until now.
- Installed Base: With over 1,200 systems deployed, this acquisition strengthens our installed base and opens new opportunities for service and upgrades.
- Accelerated Strategy: The acquisition will expedite our gas turbine control upgrade strategy in a highly cost-effective manner.
This acquisition is part of Woodward’s Industrial Asset Services growth plan, positioning Woodward to deliver more comprehensive solutions and strengthen our services business.
The acquisition is not financially material, and the financial details of the transaction are not public.
