Energy & Sustainability M&A Activity — July 2021

Mintz - Energy & Sustainability Viewpoints

Recent M&A Activity:

  • June 3, 2021: New England Battery Storage was acquired by Agilitas Energy for an undisclosed amount. This acquisition marks Agilitas Energy’s expansion into battery energy storage operations, including participating in the ISO-New England day-ahead and real-time energy markets, operating reserve markets, frequency regulation market, and the forward capacity market.
  • June 9, 2021: Future Home Power was acquired by Solar Integrated Roofing (PINX: SIRC) for an undisclosed amount. The acquisition is expected to act as a major growth driver for other Solar Integrated Roofing subsidiaries who can complete the on-site contracting work and capture the full lifecycle value of each customer.
  • June 14, 2021: Precision XYZ, a provider of drone data, inspection, and survey services focusing on the renewable energy sector, was acquired by DroneBase for an undisclosed amount on June 14, 2021. The acquisition enables DroneBase to accelerate enterprise growth in renewable energy.
  • June 15, 2021: Solid Power (NASDAQ: SLDP), a developer of rechargeable all-solid-state batteries designed to serve electric vehicles and mobile power markets, reached a definitive agreement to acquire Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) for $350 million through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol "SLDP," putting the company's pre-money valuation at $850 million. Also, the company is in talks to receive $165 million of development capital from Koch Strategic Platforms, Riverstone Energy, Neuberger Berman, and VanEck through a private placement as of June 15, 2021. It plans to close both transactions in the fourth quarter of 2021. Earlier, the company raised $130 million of Series B venture funding in a deal led by Ford, BMW Group, and Volta Energy Technologies on May 3, 2021. Umicore and other undisclosed investors also participated in the round.
  • June 16, 2021: McGinley & Associates, an environmental engineering and consulting firm focused on project optimization and completion, was acquired by Universal Engineering Sciences, a subsidiary of GFA International, for an undisclosed amount.
  • June 21, 2021: Hydrogen One, a provider of hydrogen energy production services, reached a definitive agreement to be acquired by AmmPower (CNQ: AMMP) for an undisclosed amount. The acquisition enables AmmPower to target both ammonia and hydrogen markets. The company will receive a consideration of 7,000,000 common shares of AmmPower.
  • June 25, 2021: Origin Materials (NASDAQ: ORGN), a carbon-negative materials company, acquired Artius Acquisition through a reverse merger, resulting in the combined entity trading on the NASDAQ Stock Exchange under the ticker symbol ORGN. The company received $200 million of development capital from Danone, Nestlé, Pepsico, Mitsubishi Gas Chemical, AECI, Apollo Oil, Sylebra Capital, Senator Investment Group, Electron Capital Partners, BNP Paribas, and other undisclosed investors on June 25, 2021 through a private placement.
  • June 28, 2021: CubicPV, a developer of a solar panel technology designed for tandem modules, raised $25 million of venture funding from Hunt Energy Enterprises, First Solar, and Breakthrough Energy Ventures on July 5, 2021. North Bridge Venture Partners and Polaris Partners also participated in the round.
  • June 30, 2021: Clēnera, a developer of solar and energy storage facilities throughout the United States, reached a definitive agreement to be acquired by Enlight Renewable Energy (TAE: ENLT), a subsidiary of Eurocom Group, for $389.7 million. The company will receive a contingent payout of $158 million based on future performance. This transaction will enhance Enlight's position as a leader in renewable energy development and operation and will also help it to grow its geographical footprints.

*Source: PitchBook

[View source.]

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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