Energy & Sustainability M&A Activity — September 2021
Recent M&A Activity:
- August 9, 2021: Folsom Labs was acquired by Aurora Solar for an undisclosed amount on August 9, 2021. The acquisition accelerates Aurora's strategy of providing best-in-class tools for solar companies, from residential to large-scale commercial solar, and for all teams within an organization. Folsom Labs operates a technology company intended to accelerate the transition to clean energy. The company combines streamlined layout tools with bankable energy simulations that help solar installers improve their design speeds, enabling clients to get 1,200 GW of solar projects worldwide.
- August 12, 2021: Soluna reached a definitive agreement to be acquired by Mechanical Technology (NAS: MKTY) for an estimated $800,000 on August 12, 2021. The transaction provides the companies with greater access to capital markets and allows them to scale their renewable energy-powered data center solution more efficiently and places the company into the cryptocurrency mining industry's large-scale peer group. Soluna is a developer and operator of data centers intended to buy excess energy from solar and wind farms. The company uses the excess energy to power data centers specializing in performing batchable computing, meeting the demand of clients for computing power and increasing project revenue for renewable power plant operators while eliminating wasted energy.
- August 20, 2021: Liberty Power has received bids to be acquired by NRG Energy (NYS: NRG) for $36.39 million on August 20, 2021. Liberty Power is a provider of retail electricity catering to small and medium-sized businesses and individuals in Florida. The company offers fixed-rate electricity and renewal plans along with customer care services.
- August 24, 2021: Sage Energy Consulting was acquired by NV5 (NAS: NVEE) for an undisclosed amount on August 24, 2021. The acquisition expands NV5's growing environmental, social, and governance service portfolio. Sage provides project management and advanced energy consulting services intended to reduce environmental impact and carbon footprint. The company's platform provides an evaluation of existing projects and independent due diligence for renewable energy and energy efficiency forecasts including solar, wind, energy storage, microgrids, fuel cells, and EV fleet transition planning and infrastructure, enabling clients with highly accurate and in-depth financial and utility tariff analyses to reduce project risk, lower costs, and maximize savings.
- August 24, 2021: We SuperGreen Energy reached a definitive agreement to be acquired by Global Tech Industries Group (PINX: GTII) for an undisclosed amount on August 24, 2021. The company manufactures a self-charging renewable energy platform intended to produce clean and sustainable electricity. The company's platform generates, provides battery storage, produces more energy than the battery capacity and has perpetual energy delivery 24/7, thereby helping the environment in the reduction of global warming and radical climate change.
- August 29, 2021: IEFM Consulting Engineers, a provider of engineering consulting services intended to serve the commercial, industrial, and institutional firms, was acquired by Bruner Cooper and Zuck for an undisclosed amount on August 29, 2021. The company specializes in energy conservation and facilities management such as energy audits and studies, utility consumption analysis, energy management systems as well as other mechanical and electrical engineering services.
- August 30, 2021: AdEdge Water Technologies was acquired by Chart Industries (NYS: GTLS) for $40 million on August 30, 2021. The company is a developer of water treatment technologies and solutions designed to remove contaminants from aqueous streams. AdEdge uses adsorption, filtration, membrane, oxidation and ion technologies to offer water treatment systems, control panels, biological treatment solutions, media replacement services, piloting, and refurbishments, thereby helping the water treatment industry in maintaining water contamination level and quality needs. The acquisition strengthens Chart's position in the growing water treatment space as it continues to invest in sustainable solutions for a wide variety of industries and applications.
- August 31, 2021: Hydromine Nuclear Energy was acquired by Newcleo for an undisclosed amount on August 31, 2021. Hydromine provides capital, business, and engineering support services to utility-scale power projects. The company offers development, financing, operational advisory and construction support services for new nuclear energy production plants and other energy plants.
Thomas R. Burton, III
Member / Chair, Energy & Sustainability 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.
Member / Co-chair, Energy & Sustainability 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.