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Energy & Sustainability M&A Activity — January 2022

Recent M&A Activity:

December 1, 2021: Astral power, a producer of clean energy from solar farms intended to serve businesses and individuals, reached a definitive agreement to be acquired by Neighborhood Sun for an undisclosed amount. The acquisition aligns the synergies of the two organizations and accelerates the deployment of their Sun Engine advanced software platform to new markets.

December 1, 2021: McClure Company was acquired by Sojitz Corporation Of America, a subsidiary of Sojitz (TKS: 2768), for an undisclosed amount on December 1, 2021. The acquisition will enable Sojitz Corporation Of America to strengthen and expand its energy services platform. McClure Company is a provider of mechanical construction, engineering, and management services intended to serve the energy industry. The company's services include designing and constructing alternate energy and efficient projects, maintenance programs, project repair, equipment replacement, as well as providing audits and management services to energy production companies.

December 1, 2021: Voltus reached a definitive agreement to acquire Broadscale Acquisition through a reverse merger, resulting in the combined entity trading on the Nasdaq Stock Exchange under the ticker symbol VLTS. The company is also in talks to receive $100 million of development capital from Equinor Ventures, Ajax Strategies, Activate Capital Partners, Evan Williams, Belfer Management, and Leucadia Asset Management through a private placement. Voltus is a developer of a technology platform intended to connect distributed energy resources to electricity markets.

December 7, 2021: Solid Power, a developer of next-generation all-solid-state battery technology, acquired Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) for $350 million through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol "SLDP" on December 7, 2021, putting the company's pre-money valuation at $852.1 million.

December 9, 2021: Sunpro Solar, a provider of rooftop solar systems, was acquired by ADT Security Services (NYS: ADT) for $825 million on December 9, 2021. The acquisition will enable ADT Security Services to expand its consumer offerings, leading to an increase in its total addressable market. For the company, it will create an opportunity for substantial cross-selling between security and solar customers and opportunities to create additional mutually beneficial relationships to expand its distribution network.

December 13, 2021: SolAero Technologies, a manufacturer of solar cells and solar panels for satellite and spacecraft applications, reached a definitive agreement to be acquired by Rocket Lab (NAS: RKLB) for $80 million on December 13, 2021. This acquisition will help the company to tap into the Rocket Lab's resources and manufacturing capability to boost high-volume production, making high-performing space power technologies available at scale.

December 14, 2021: NuScale reached a definitive agreement to acquire Spring Valley Acquisition through a reverse merger, resulting in the combined entity trading on NASDAQ under the ticker symbol "SMR.” NuScale is a developer of a modular light water reactor designed to supply reliable and abundant carbon-free nuclear energy. The company's groundbreaking small modular reactor (SMR) design features a fully fabricated power module that is capable of generating electricity using a safer, smaller, and scalable version of pressurized water reactor technology, enabling clients to lead energy applications using nuclear power.

*Source: PitchBook


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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.

Sahir Surmeli

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.