Sustainable Energy & Infrastructure M&A Activity — December 2025

By Thomas R. Burton, III, Sahir Surmeli

Recent M&A Activity:

October 28, 2025: HCM II Acquisition Corp. acquired Terrestrial Energy, developer of an advanced nuclear reactor, through a reverse merger for an estimated $230 million, resulting in the combined entity trading on the Nasdaq Stock Market under the ticker symbol IMSR on October 28, 2025.

October 31, 2025: TED Renewables, a 300-megawatt solar photovoltaic project, was acquired by Xcel Energy (NAS: XEL) for an undisclosed amount on October 31, 2025. This acquisition marks a significant expansion in the solar energy delivered to Xcel Energy customers in the Upper Midwest.

November 4, 2025: Quantum Hydrogen, operator of a natural hydrogen exploration firm, reached a definitive agreement to be acquired by Pulsar Helium (TSX: PLSR) for $400,000 on November 4, 2025. This acquisition will allow Pulsar to leverage its experience across additional acreage with similar helium generation potential.

November 19, 2025: Blockfusion, operator of renewable-energy data centers designed to transform the production of Bitcoin, reached a definitive agreement to be acquired by Blue Acquisition for an undisclosed amount on November 19, 2025.

 

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    Sustainable Energy & Infrastructure Connections — December 2025

    December 5, 2025| Article

    Authors

    Thomas R. Burton, III

    Thomas R. Burton, III

    Member / Chair, Sustainable Energy & Infrastructure Practice

    Tom Burton has helped to shape the clean energy industry by drawing on his passion for innovation. As a Mintz attorney, Tom counsels investors, entrepreneurs, and Fortune 100 companies. He also guides start-up organizations and accelerators to foster the next generation of energy leaders.
    Sahir Surmeli

    Sahir Surmeli

    Member / Co-Chair, Sustainable Energy & Infrastructure Practice

    Sahir Surmeli is a Mintz 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.