Energy & Sustainability M&A Activity — October 2021
Recent M&A Activity:
- September 1, 2021: Cooke Power Services reached a definitive agreement to sell the wind operations and maintenance business segment to Deutsche Windtechnik US for an undisclosed amount.
- September 1, 2021: RELiON Battery was acquired by Advanced Systems Group, a subsidiary of Brunswick (US) (NYS: BC), for an undisclosed amount. The acquisition will enable ASG to extend its leadership position in electrical systems innovation.
- September 1, 2021: Spiers New Technologies was acquired by Cox Automotive, a subsidiary of Gumtree.com, for an undisclosed amount. The acquisition will help it establish its battery servicing offerings and will also give Cox a stake in the battery repurposing business.
- September 2, 2021: Blattner Holding Company reached a definitive agreement to be acquired by Quanta Services (NYS: PWR) for an undisclosed amount. The acquisition will enable Quanta Services customers to shape North America's energy transition to a carbon-neutral economy.
- September 8, 2021: Key Capture Energy, a developer of large-scale energy storage projects, reached a definitive agreement to be acquired by SK E&S for an undisclosed amount. The funds will be used to accelerate its growth plans.
- September 9, 2021: Holu Hou Energy reached a definitive agreement to be acquired by Borqs (NAS: BRQS) for an undisclosed amount. The acquisition will help the acquirer to expand supply chain sourcing from China. Borqs's state-of-the-art IoT software and hardware design can be used to enhance connection functionalities for management and monitoring at HHE, provides cross-selling opportunities and the potential for rapid client expansion, particularly in the US, and provides Borqs with proprietary technology. Previously, the company raised $700,000 of angel funding from undisclosed investors on December 17, 2019.
- September 9, 2021: Plain Sight Innovations was acquired by Comstock Mining (ASE: LODE) for $27.54 million. The consideration included the issuance of 8,500,000 common Comstock shares. Triple Point Asset Management sold its complete stake in the company for 5,000,000 common Comstock shares. The acquisition grants Comstock a portfolio of intellectual property rights for research in advanced environmental technologies related to carbon capture, water harvesting, and energy recovery.
- September 10, 2021: CarbonPoint Solutions, a developer of semi-closed cycle generators designed to capture carbon dioxide, was acquired by Caterpillar (NYS: CAT) for an undisclosed amount.
- September 15, 2021: Archaea Energy acquired Rice Acquisition through a reverse merger, resulting in the combined entity trading on the NYSE under the ticker symbol LFG. On the same day, the company received $300 million of development capital from BNP Paribas Energy Trading, CIBC Capital Partners, Goldman Sachs Asset Management, Wellington Management, and The Baupost Group through a private placement.
- September 15, 2021: Inspire, a provider of clean energy subscription services, was acquired by Royal Dutch Shell (LON: RDSB) for an undisclosed amount on September 15, 2021.
- September 23, 2021: Sol Alliance was acquired by Catalyze for an undisclosed amount. The acquisition helps Catalyze to grow its national presence by acquiring leading regional distributed solar development firms that bring a wealth of in-depth knowledge of the local landscapes and introduce synergies to a highly fragmented industry.
- September 29, 2021: ENERGYneering Solutions was acquired by TransTech Energy, a subsidiary of Bridge Industries, for an undisclosed amount. The acquisition will enhance TransTech Energy’s biogas engineering, construction, operations, and maintenance capabilities and advances its ESG objectives for strategic growth and commitment to the Renewables market. Previously, the company was approved for a Paycheck Protection Program Loan for $704,400 from KeyBank National Association on April 11, 2020.
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.