April 19, 2021

Volume XI, Number 109

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April 16, 2021

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Energy & Sustainability M&A Activity – March 2021

Recent M&A Activity:

  • February 1, 2021: Microvast Inc. agreed to merge with Tuscan Holdings Corp., a special purpose acquisition company. The newly combined company, named Microvast Holdings, will be publicly listed on Nasdaq. Microvast is a producer of battery technologies for commercial and specialty vehicles, including electric vehicles.

  • February 2, 2021: EnergyWyze was acquired by SinglePoint for an undisclosed amount. EnergyWyze acquires and develops market leads for large solar companies including Vivint Solar, SunEdison, and Crius Solar. SinglePoint provides renewable energy solutions to consumers and small commercial businesses, including installation mapping and solar power systems.

  • February 5, 2021: Advent Technologies completed a business combination with AMCI Acquisition Corp., a special purpose acquisition company. Advent focuses on the development of next-generation fuel cell technologies applicable to electrification, hydrogen production, and flow batteries. Advent raised $158.3 million in capital through the transaction.

  • February 8, 2021: Volta Charging reached a definitive agreement to be acquired by Tortoise Acquisition Corp. II through a reverse merger and will subsequently be publicly listed on the New York Stock Exchange. Volta, an operator of a network of electric vehicle charging stations, will be valued at $2 billion with anticipated net proceeds of $600 million after the combination.

  • February 16, 2021: Greenworks Lending was acquired by Nuveen Investments, a subsidiary of TIAA-CREF Asset Management, for an undisclosed amount. Greenworks is the country’s largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing, enabling hundreds of commercial properties to obtain funding for energy efficiency, water conservation, and climate resiliency projects.

  • February 17, 2021: Origin Materials agreed to a business combination with Artius Acquisition Inc., a special purpose acquisition company, resulting in Origin becoming a public company. Origin, a developer of sustainable, carbon-negative materials derived from non-food biomass, will be valued at $1.8 billion after the transaction.

  • February 17, 2021: Comstock Mining acquired a 64% ownership stake in LiNiCo Corporation for $10.75 million dollars. LiNiCo is a clean technology startup focused on commercializing sustainable methods for lithium-ion battery recycling. Proceeds from the purchase will be used to increase LiNiCo’s direct investment in Green Li-ion Pte, Ltd., owner of a patented production process for 99.9% pure lithium-ion cathodes.

  • February 22, 2021: Enovix Corporation, a manufacturer of next-generation 3D Silicon™ Lithium-ion batteries, entered into a merger agreement with Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company. The transaction is valued at $1.128 billion, netting Enovix approximately $385 million in net cash.

  • *Source: PitchBook

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©1994-2021 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.National Law Review, Volume XI, Number 67
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About this Author

Member / Chair, Energy & Sustainability Practice
Member

Tom Burton’s zeal for innovation and passion for energy and sustainability have shaped the clean energy industry. He created one of the nation’s first clean energy legal practices. Clients ranging from investors to entrepreneurs to Fortune 100 companies rely on him for creative and strategic legal solutions, and he has completed hundreds of venture capital and private equity financings, mergers and acquisitions, and IPOs. He guides the industry’s next generation of leaders through active involvement with start-up organizations and accelerators. The Northeast Clean Energy Council recognized...

617-348-3097
Sahir Surmeli Energy & Sustainability Attorney Mintz Levin
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Sa is a highly skilled and versatile business counselor who advises companies, boards, entrepreneurs, investment banks and venture and private equity investors, as they build and grow companies. He handles public offerings, 144A and private financings, acquisitions, joint ventures and strategic partnerships. Sa guides public and private companies and investors, primarily in the energy and sustainability, technology, materials science, hospitality, retail and life sciences industries. Known as a problem-solver, Sa executes transactions with creative structures to address new opportunities...

617-348-3013
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