Sustainable Energy & Infrastructure M&A Activity — July 2025

Recent M&A Activity:

June 23, 2025: Xcelplus International, engaged in the development and manufacture of zero-emissions waste-to-energy products, was acquired by Firepoint Energy through a reverse merger on June 23, 2025. This acquisition marks a significant milestone for Firepoint Energy as it delivers on the stated objective of becoming publicly traded.

June 18, 2025: APA Solar, provider of solar racking and foundation solutions catering to commercial and utility-scale fixed-tilt and tracker interface projects, reached a definitive agreement to be acquired by Array Technologies for $179 million, comprising $168 million in upfront cash consideration, and $42 million of deferred consideration less $31 million of net present value of tax benefits generated as a result of the transaction amount on June 18, 2025. This acquisition will provide the company with expanded resources, additional expertise, and a global commercial platform to scale their business.

June 17, 2025: Warshauer Electric Supply, distributor and wholesaler of electrical supply products catering to licensed contractors, electricians, interior designers, and architects, reached a definitive agreement to be acquired by Rexel USA for an undisclosed amount on June 17, 2025. This acquisition advances Rexel USA’s strategy to expand its national footprint by partnering with high-performing, service-focused distributors with strong brand recognition and customer loyalty.

June 17, 2025: InceptEV, developer of a simulation-first electric vehicle data platform designed to optimize fleet operations planning and reduce deployment uncertainty, was acquired by Motive for an undisclosed amount on June 17, 2025.

June 13, 2025: Inspire Clean Energy, provider of clean energy services intended to create a brighter future by simplifying consumer adoption of renewable energy, was acquired by Rhythm Energy for an undisclosed amount on June 13, 2025.

May 28, 2025: Heliogen, a renewable energy technology company focused on delivering round-the-clock, low-carbon energy production, reached a definitive agreement to be acquired by Zeo Energy for $10 million on May 28, 2025. Through this acquisition, Zeo will be able to accelerate the vision of serving energy consumers across the spectrum — from residential rooftops to larger-scale industrial solar and storage applications — to build a scalable energy platform.

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