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Energy & Sustainability M&A Activity — February 2022

Recent M&A Activity:

January 4, 2022: Universal Voltage was acquired by International Endeavors (PINX: IDVV) for an undisclosed amount. The acquisition allows International Endeavors to enter the clean energy marketplace and diversify its potential revenue streams. As a distributor of energy products serving the clean energy marketplace, Universal Voltage supplies commercial and residential solar equipment, power backup, and EV2G / bi-directional charging sectors.

January 4, 2022: Heila, a developer of a modular energy platform designed to connect and optimize solar arrays, batteries and other distributed energy resources, was acquired by Kohler for an undisclosed amount. The acquisition will help Kohler to expand its clean energy management offering and leverages the history of trusted expertise in power resiliency with newer clean energy technologies. Heila's platform leverages emergent intelligence to coordinate power assets and build self-managing microgrids and fleets from the ground up, enabling clients to connect any power asset automatically, in any configuration, into a resilient operating grid network.

January 6, 2022: Hank, a developer of a virtual engineering platform designed to maximize energy efficiency in commercial buildings, was acquired by JLL (NYS: JLL) for an undisclosed amount. The acquisition will provide JLL the resources to scale faster to advance healthy, sustainable buildings worldwide. Hank offers a platform that can integrate with any building's management system and third-party APIs to manage HVAC, lighting and security of buildings, enabling property owners to have comfort improvements, while simultaneously automatically adjusting settings to achieve maximum savings.

January 8, 2022: Harness Power acquired LarSun, a solar installation service provider, for $2.5 million. The acquisition boosts Harness Power's goal of helping households navigate the world of solar installation, with the objective of making the transition to clean energy as simple and stress-free as possible. LarSun specializes in the assessment, procurement, installation, maintenance and interconnection of solar panels and systems, thereby helping navigate the world of solar and making the transition to clean energy as simple and stress-free as possible.

January 10, 2022: Oak Creek Energy Systems was acquired by V-Ridium Power Group, a subsidiary of Greenvolt - Energias Renováveis (LIS: GVOLT), a subsidiary of Altri SGPS (LIS: ALTR), for an undisclosed amount on January 10, 2022. The acquisition allows Greenvolt to enter the American market and promote and develop renewable energy projects. Oak Creek Energy Systems develops wind power projects intended to manage risks and create value through co-development and financing of renewable energy projects. Oak Creek Energy Systems specializes in developing utility-scale wind energy projects and offers comprehensive guidance and solutions, including wind resource assessment, land and permit acquisition, technical and financial analysis of wind energy projects, construction and operations management, and wind turbine maintenance and retrofit, enabling clients to get assistance through the entire project development process, from greenfield exploration through construction and operation of the wind farm.

January 18, 2022: Heartland Solar reached a definitive agreement to be acquired by Solar Integrated Roofing (OTOC: SIRC) for an undisclosed amount. Heartland Solar produces and sells affordable solar panels, renewable energy, generators and battery storage products, enabling its clients to avail energy-efficient and cost-saving solar equipment and batteries.

January 18, 2022: SolAero Technologies, a manufacturer of solar cells and solar panels for satellite and spacecraft applications, was acquired by Rocket Lab (NAS: RKLB) for $80 million on January 18, 2022. This acquisition will allow SolAero Technologies to tap into Rocket Lab's resources and manufacturing capability to boost high-volume production, making high-performing space power technologies available at scale. SolAero Technologies offers solar power systems and precision aerospace structures to the global space markets, encompassing a wide array of applications including civil space exploration, science and earth observation, defense intelligence and communication for commercial telecommunications industries.

*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.