Energy & Sustainability M&A Activity — May 2021 – Energy and Natural Resources


United States:

Energy & Sustainability M&A Activity — May 2021


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Recent M&A Activity:

  • April 1, 2021: SunStreet, a subsidiary of
    Lennar (NYS: LEN), was acquired by Sunnova Energy (NYS: NOVA) for
    $354.5 million. Under the terms of the agreement and earnout
    agreement, Lennar will receive total consideration of up to 7.22
    million shares of Sunnova common stock, which is comprised of 3.33
    million shares in initial consideration payable at closing and 3.89
    million shares in consideration associated with two earnouts.
    SunStreet is a provider of solar panel systems that designs solar
    panels to produce more solar energy than most traditional
    systems.

  • April 6, 2021: Recycled Energy Development, a
    subsidiary of Ironclad Energy Partners, reached a definitive agreement to be acquired
    by
    SDCL Energy Efficiency Income Trust (LON: SEIT) for an
    undisclosed amount. Previously, the company was acquired by
    Ironclad Energy Partners, via its financial sponsor Stonepeak
    Infrastructure Partners, through an LBO on September 22, 2016.
    Recycled Energy Development is an operator of industrial energy
    development projects that develops, owns, and operates power
    projects that harness waste energy and dramatically reduces
    greenhouse gas emissions and power costs.

  • April 7, 2021: Aria Energy reached a definitive agreement to be acquired
    by
    Archaea Energy for $680 million. Previously, the company
    completed a debt refinancing round led by Varagon Capital Partners
    on May 12, 2015. Aria Energy is a provider of renewable energy to
    utilities and other customers across the United States. The company
    engages in operating a portfolio of renewable energy projects that
    generate electricity and produce pipeline-quality RNG and medium
    BTU gas.

  • April 7, 2021: The intellectual property of
    Oakwood Construction Services was acquired by iSun (Alternative Energy
    Equipment) for $2.7 million. The acquisition supports iSun’s
    ongoing growth strategy to expand its geographic reach and enhance
    its large-project execution capabilities. Oakwood Construction
    Services is a manufacturer of solar utilities based in Irving,
    Texas specializing in utility-scale solar facilities.

  • April 8, 2021: Solcius was acquired by Sunworks (NAS: SUNW) for $51.8
    million. The acquisition will enable Sunworks to leverage its
    expertise and infrastructure to quickly and cost-effectively
    establish a presence for residential solar installation in new
    markets. Solcius specializes in providing start-to-finish services
    for the installation of solar panels.

  • April 12, 2021: PermaCity Construction was acquired by Catalyze for an undisclosed
    amount. The acquisition will enhance Catalyze’s project
    pipeline to more than 2 gigawatts and enable the company to
    establish a hold in the large California distributed solar market.
    PermaCity is a developer and designer of solar energy products
    intended to minimize energy costs and reduce carbon
    footprints.

  • April 14, 2021: HI-POWER was acquired by Eos Energy Enterprises (NAS:
    EOSE) for $35 million. The acquisition will help Eos Energy
    Enterprises enhance its operational and financial flexibility
    through vertical integration of its supply chain. HI-POWER is a
    manufacturer of aqueous zinc batteries based in Pittsburgh,
    Pennsylvania that offers non-toxic, non-flammable energy storage
    zinc batteries to store and deliver surplus power to the grid
    during peak periods of demand.

  • April 20, 2021: PowerVerde Inc. was acquired by 374Water through a reverse
    merger, resulting in the combined entity trading on the PINX Stock
    Exchange under the ticker symbol SCWO. PowerVerde Inc. is committed
    to creating eco-friendly power solutions and is primarily engaged
    in the development, commercialization, and marketing of electric
    generating power systems.

*Source: PitchBook

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