APR Energy, GE in Strategic Fast-Track Turnkey Power Alliance
Under terms of the deal, GE contributes its turbine rental business to APR Energy in return for cash and approximately 16.5 percent of APR Energy, making GE a key strategic investor in the company. Additionally, GE and APR Energy have entered into a supply and services agreement that will continue to provide support to current and future clients of APR Energy.
"This is a transformational transaction for APR Energy, allowing us to move forward rapidly towards delivering our stated medium-term business objectives," said John Campion, Chief Executive Officer of APR Energy. "By creating the world's leading fast-track mobile turbine power business and a long-term relationship with GE, we are well placed to deliver against an underserved and rapidly growing opportunity with the preeminent technology. The transaction diversifies our revenue base, gives us exposure to new geographies and sectors, and enhances our natural gas footprint. We are excited