November 27, 2021

Volume XI, Number 331

Advertisement
Advertisement

November 24, 2021

Subscribe to Latest Legal News and Analysis

Energy & Sustainability M&A Activity — May 2021

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

©1994-2021 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.National Law Review, Volume XI, Number 127
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

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
Member

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
Advertisement
Advertisement
Advertisement