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
- 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
- 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
- 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.
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