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Energy & Sustainability M&A Activity — September 2022

Recent M&A Activity:

July 29, 2022: Clean Energy Associates, a provider of quality assurance and independent engineering solutions intended for solar energy and energy storage sectors, reached a definitive agreement to be acquired by Intertek (LON: ITRK) for an undisclosed amount on July 29, 2022. The company's services include inline production monitoring and quality assurance, supply chain management and traceability, as well as technical support, thereby providing its clients with support in decarbonisation and their energy sustainability journeys. With this acquisition, Intertek (LON: ITRK) aims to complement its existing total quality assurance services, such as product testing and certification, in-field inspections, asset management, and condition monitoring.

August 1, 2022: Romeo Power (NYS: RMO), an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, reached a definitive agreement to be acquired by Nikola (NAS: NKLA) for $144 million on August 1, 2022. Through its energy-dense battery modules and packs, Romeo Power enables large-scale sustainable transportation. The acquisition will enable significant operational improvement and cost reduction in battery pack production at Nikola.

August 3, 2022: BorgWarner (NYS: BWA) acquired Rhombus Energy Solutions, a developer of power conversion and energy management systems intended for energy storage, microgrids, vehicle charging, and test equipment applications, for an estimated $185 million on August 3, 2022. Rhombus Energy Solutions offers stand-alone products, power conversion modules, semi-custom configurations, as well as contracted product development services, and high-power certification testing, enabling businesses to access a range of power products and services that suit their requirements.

August 4, 2022: Evolution Markets, a provider of strategic financial and transactional services intended to serve the global environmental and energy markets, reached a definitive agreement to be acquired by Xpansiv for an undisclosed amount on August 4, 2022. The acquisition will enable Xpansiv to continue building its sustainable-solutions footprint and environmental and energy markets transaction services, which will better position its clients to compete in a carbon-constrained world.

August 10, 2022: Stark Tech Group acquired Glauber Equipment for an undisclosed amount on August 10, 2022. Glauber Equipment is a provider of custom fabricated equipment designed for biogas, renewable natural gas, power generation, and industrial markets. The company's products include centrifugal pumps, positive displacement pumps, and fluid movement instrumentation, thereby enabling it to provide clients with solutions to each unique challenge. With this acquisition, Stark Tech Group aims to grow its business and expand its abilities to provide operational and energy efficiencies to its customers.

August 10, 2022: Coil Electric, an operator of an EV charging solutions company intended to provide EV charging solutions and installation services, was acquired by Wallbox (NYS: WBX) for an undisclosed amount on August 10, 2022. This acquisition allows Wallbox (NYS: WBX) to further enhance service offerings to customers in residential and commercial settings while also expanding into the rapidly growing DC fast-charging installation market.

August 11, 2022: North American Natural Resources, a producer of electricity from landfill methane intended for sale to third parties, was acquired by Kinder Morgan (NYS: KMI) for $135 million on August 11, 2022. The company produces electricity without the use of another primary source of energy like coal, natural gas, or other hydrocarbons, thereby enabling its clients to be provided with electricity and landfill methane for employment in their industrial processes. With this acquisition, Kinder Morgan (NYS: KMI) aims to increase RNG production and diversify its portfolio with landfill gas-to-power assets.

August 16, 2022: Sandhill Advanced Biofuels, a provider of advanced solutions for anaerobic digestion to the biogas industry, was acquired by Liberty (RNG), a subsidiary of Algonquin Power & Utilities (TSE: AQN), for an undisclosed amount on August 16, 2022. This acquisition gives Algonquin Power & Utilities an opportunity to apply its expertise in renewable development to an energy-generation method known for its low net carbon intensity and gives it a strategic foothold in a highly attractive sector of the RNG market.

August 18, 2022: RavenVolt, a provider of turn-key microgrid systems and solutions, reached a definitive agreement to be acquired by ABM Industries (NYS: ABM) for $450 million on August 18, 2022. The company designs and installs customized microgrid solutions and offers onsite power generation solutions, including generator, battery, EV charging, and microgrid systems, and also offers design services on solar, battery, fuel cell, diesel, or gas-fired generators and custom-designed switchgear. This acquisition is a natural extension of ABM Industries's Technical Solutions service offerings and enhances its position as a market leader in EV infrastructure, power, and bundled energy solutions.

*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.