Energy & Sustainability M&A Activity - March 2021

Mintz - Energy & Sustainability Viewpoints

Recent M&A Activity:

  • February 1, 2021: Microvast Inc. agreed to merge with Tuscan Holdings Corp., a special purpose acquisition company. The newly combined company, named Microvast Holdings, will be publicly listed on Nasdaq. Microvast is a producer of battery technologies for commercial and specialty vehicles, including electric vehicles.
  • February 2, 2021: EnergyWyze was acquired by SinglePoint for an undisclosed amount. EnergyWyze acquires and develops market leads for large solar companies including Vivint Solar, SunEdison, and Crius Solar. SinglePoint provides renewable energy solutions to consumers and small commercial businesses, including installation mapping and solar power systems.
  • February 5, 2021: Advent Technologies completed a business combination with AMCI Acquisition Corp., a special purpose acquisition company. Advent focuses on the development of next-generation fuel cell technologies applicable to electrification, hydrogen production, and flow batteries. Advent raised $158.3 million in capital through the transaction.
  • February 8, 2021: Volta Charging reached a definitive agreement to be acquired by Tortoise Acquisition Corp. II through a reverse merger and will subsequently be publicly listed on the New York Stock Exchange. Volta, an operator of a network of electric vehicle charging stations, will be valued at $2 billion with anticipated net proceeds of $600 million after the combination.
  • February 16, 2021: Greenworks Lending was acquired by Nuveen Investments, a subsidiary of TIAA-CREF Asset Management, for an undisclosed amount. Greenworks is the country’s largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing, enabling hundreds of commercial properties to obtain funding for energy efficiency, water conservation, and climate resiliency projects.
  • February 17, 2021: Origin Materials agreed to a business combination with Artius Acquisition Inc., a special purpose acquisition company, resulting in Origin becoming a public company. Origin, a developer of sustainable, carbon-negative materials derived from non-food biomass, will be valued at $1.8 billion after the transaction.
  • February 17, 2021: Comstock Mining acquired a 64% ownership stake in LiNiCo Corporation for $10.75 million dollars. LiNiCo is a clean technology startup focused on commercializing sustainable methods for lithium-ion battery recycling. Proceeds from the purchase will be used to increase LiNiCo’s direct investment in Green Li-ion Pte, Ltd., owner of a patented production process for 99.9% pure lithium-ion cathodes.
  • February 22, 2021: Enovix Corporation, a manufacturer of next-generation 3D Silicon™ Lithium-ion batteries, entered into a merger agreement with Rodgers Silicon Valley Acquisition Corp., a special purpose acquisition company. The transaction is valued at $1.128 billion, netting Enovix approximately $385 million in net cash.

*Source: PitchBook

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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