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Energy & Sustainability M&A Activity — January 2023

Recent M&A Activity:

December 1, 2022:
Extreme Biodiesel (PINX: XTRM) acquired Worldwide Sun from Fernhill for an undisclosed amount on December 1, 2022. Worldwide Sun is a manufacturer of specialty off-grid solar equipment created to eliminate the overuse of plastic and glass products. The company's specialty off-grid solar equipment includes solar golf car kits, portable solar power batteries, solar generators, solar boxes, and a portable power plant unit, enabling corporations to get a full suite of custom off-grid solar and consumer products.

December 1, 2022: Renewable Innovations, an operator of a growth and exploration company within the renewable energy sector, was acquired by through a reverse merger, resulting in the combined entity trading on the PINX Stock Exchange under the ticker symbol NBLD on December 1, 2022. Renewable Innovations specializes in hydrogen-based applications and infrastructure utilizing fuel cell and battery technology, thereby leveraging hydrogen fuel cells technology, products, and services to usher in and lead the renewable revolution. The company aims to accelerate clean energy adoption with a focus on commercial applications for hydrogen-powered systems, RI designs, and manufacturing of primary and backup power generation systems.

December 6, 2022: Tigo Energy, a developer of module optimizer power electronic technology designed to increase renewable energy production, reached a definitive agreement to combine with Roth CH Acquisition IV through a reverse merger, resulting in the combined entity trading on the NASDAQ under the ticker symbol (NASDAQ: TYGO) on December 6, 2022. The deal is expected to close in June 2023. The company's solar optimizer technology offers lower-cost options to decrease the operating costs of photovoltaic systems and can increase the overall performance of a solar energy system, enabling clients to avail themselves of sustainable sources of energy in a cost-efficient way. Previously, the company raised $5.4 million of Series E venture funding from undisclosed investors on May 27, 2022, putting the company's pre-money valuation at $269.6 million.

December 6, 2022: X-Energy, a developer of commercial nuclear energy reactors designed to create clean, reliable, and zero-emission energy, is in talks to receive $2 billion of development capital from Ontario Power Generation, Segra Capital Management, and Ares Management through a private placement as of December 6, 2022. The company's reactors are high-temperature gas-cooled pebble-bed nuclear reactors that are smaller, simpler, and meltdown-proof when compared to conventional nuclear designs, enabling users to get energy that is clean, safe, secure, and affordable and a path forward to a clean energy future.

December 7, 2022: SHINE Partners (Alternative Energy Equipment), an operator of renewable energy company intended to offer solar leasing services, was acquired by Hover Energy for an undisclosed amount on December 7, 2022. The funds will be used to further its capabilities ahead of scale production and a global rollout of its patented Wind-Powered Microgrid. SHINE Partners offers renewable solar photovoltaic leasing, installation service for solar PV panels, and related services, enabling clients to receive assistance in the deployment of clean, green energy and also to fundamentally restructure the production, distribution, use, and conservation of energy.

December 14, 2022: NET Power is in talks to receive $1.46 billion of development capital from Constellation Energy Group, Oxy Low Carbon Ventures, 8 Rivers, and Rice Acquisition Corp II through a private placement as of December 14, 2022. NET Power is a developer of a low-cost, emissions-free natural gas power generation technology intended to provide clean energy to consumers. The company's technology is fully dispatchable and converts natural and renewable gas into emission-free power that can be used on a stand-alone basis or integrated with renewables to provide power, enabling clients to get economic and environmental solutions to reduce the world's carbon footprint.

December 28, 2022: BP (LON: BP.) acquired Archaea Energy Inc for $4.1 billion on October 17, 2022. Archaea Energy Inc. is a renewable natural gas (RNG) producer in the United States, with an RNG platform developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low-carbon fuel. This acquisition will accelerate BP's key bioenergy growth engine, positioning it as a real leader in the biogas sector, and support the net-zero ambition.

December 28, 2022: American Hydro (Alternative Energy Equipment), a subsidiary of Wärtsilä, was acquired by Enprotech Industrial Technologies, a subsidiary of Itochu (TKS: 8001), for an undisclosed amount on December 28, 2022. American Hydro is a provider of custom hydropower refurbishment solutions and turbine services intended to meet specific project requirements, including life extension, increased capacity, and peak efficiency. The company offers a broad range of services to the hydropower industry, which includes full-service modernization and new turbine equipment, engineering design and analysis, turbine upgrades and rehabilitation, field service and testing, field machining, and commissioning.

*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.