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Energy & Sustainability M&A Activity — August 2022

Recent M&A Activity:

July 1, 2022: GRNE Solar, a provider of renewable energy installation services intended to generate electricity that is self-sustaining, was acquired by Nelnet (NYS: NNI) for an undisclosed amount. GRNE Solar offers solar installation, maintenance services, equipment rental, utility scaling, electrical services, and project engineering, enabling clients in the commercial and residential sectors to switch to solar energy efficiently.

July 12, 2022: East Point Energy reached a definitive agreement to be acquired by Equinor (OSL: EQNR) for an undisclosed amount. East Point Energy is an operator of a battery storage project development company intended to deploy utility-scale storage projects. East Point’s project focus is on standalone, front-of-the-meter battery energy storage systems. The company partners with utilities, landowners, and communities to deploy grid-scale projects, enabling the energy industry to increase renewable energy penetration on the grid and make it more reliable, resilient, and affordable.

July 13, 2022: Dynapower, a manufacturer of energy storage and power conversion systems intended to be used for an array of clean energy, defense, and industrial applications, was acquired by Sensata Technologies (NYS: ST) for $580 million. The acquisition strengthens Sensata Technologies' expertise in energy storage and power conversion across the commercial, industrial, and specialty mobility end markets.

July 19, 2022: Prairie Operating Company, a producer of environmentally responsible energy intended to generate competitive long-term financial return, reached a definitive agreement to acquire Creek Road Miners through a reverse merger for an undisclosed amount. Prairie develops affordable and reliable energy, enabling it to offer its clients sustainable projects that generate competitive long-term financial returns and prioritize safe and environmentally responsible execution.

July 25, 2022: Infrastructure and Energy Alternatives (NAS: IEA), a diversified infrastructure construction company with specialized energy and heavy civil expertise throughout the United States, reached a definitive agreement to be acquired by MasTec (NYS: MTZ) for $1.1 billion. The company’s renewables segment, which is the majority revenue generator, provides complete engineering, procurement, and construction services for the renewable energy, traditional power, and civil infrastructure industries. Through this transaction, Mastec will expand their service capabilities, scale, and expertise, providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources.

July 21, 2022: Argo Infrastructure Partners acquired Macquarie Infrastructure Holdings LLC for an undisclosed amount. Macquarie Infrastructure’s business comprises (i) Hawaii Gas, Hawaii's only government-franchised gas utility and an unregulated LPG distribution business providing gas and related services to industrial, commercial, residential, and governmental customers; (ii) controlling interests in two solar facilities on Oahu; and (iii) smaller projects collectively engaged in efforts to reduce the cost and improve the reliability and sustainability of energy in Hawaii. As a result of the merger, the units of the company have been delisted from the New York Stock Exchange.

July 21, 2022: Generate acquired esVolta, a developer of utility-scale energy storage systems created for renewable energy projects, for an undisclosed amount. esVolta is an energy storage–focused independent power producer with the capability to manage the origination, development, construction, and operation of utility-scale energy storage assets, enabling electric utilities and large energy users to manage their energy storage needs.

*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.