Energy & Sustainability M&A Activity — May 2021

Mintz - Energy & Sustainability Viewpoints

Recent M&A Activity:

  • April 1, 2021: SunStreet, a subsidiary of Lennar (NYS: LEN), was acquired by Sunnova Energy (NYS: NOVA) for $354.5 million. Under the terms of the agreement and earnout agreement, Lennar will receive total consideration of up to 7.22 million shares of Sunnova common stock, which is comprised of 3.33 million shares in initial consideration payable at closing and 3.89 million shares in consideration associated with two earnouts. SunStreet is a provider of solar panel systems that designs solar panels to produce more solar energy than most traditional systems.
  • April 6, 2021: Recycled Energy Development, a subsidiary of Ironclad Energy Partners, reached a definitive agreement to be acquired by SDCL Energy Efficiency Income Trust (LON: SEIT) for an undisclosed amount. Previously, the company was acquired by Ironclad Energy Partners, via its financial sponsor Stonepeak Infrastructure Partners, through an LBO on September 22, 2016. Recycled Energy Development is an operator of industrial energy development projects that develops, owns, and operates power projects that harness waste energy and dramatically reduces greenhouse gas emissions and power costs.
  • April 7, 2021: Aria Energy reached a definitive agreement to be acquired by Archaea Energy for $680 million. Previously, the company completed a debt refinancing round led by Varagon Capital Partners on May 12, 2015. Aria Energy is a provider of renewable energy to utilities and other customers across the United States. The company engages in operating a portfolio of renewable energy projects that generate electricity and produce pipeline-quality RNG and medium BTU gas.
  • April 7, 2021: The intellectual property of Oakwood Construction Services was acquired by iSun (Alternative Energy Equipment) for $2.7 million. The acquisition supports iSun's ongoing growth strategy to expand its geographic reach and enhance its large-project execution capabilities. Oakwood Construction Services is a manufacturer of solar utilities based in Irving, Texas specializing in utility-scale solar facilities.
  • April 8, 2021: Solcius was acquired by Sunworks (NAS: SUNW) for $51.8 million. The acquisition will enable Sunworks to leverage its expertise and infrastructure to quickly and cost-effectively establish a presence for residential solar installation in new markets. Solcius specializes in providing start-to-finish services for the installation of solar panels.
  • April 12, 2021: PermaCity Construction was acquired by Catalyze for an undisclosed amount. The acquisition will enhance Catalyze's project pipeline to more than 2 gigawatts and enable the company to establish a hold in the large California distributed solar market. PermaCity is a developer and designer of solar energy products intended to minimize energy costs and reduce carbon footprints.
  • April 14, 2021: HI-POWER was acquired by Eos Energy Enterprises (NAS: EOSE) for $35 million. The acquisition will help Eos Energy Enterprises enhance its operational and financial flexibility through vertical integration of its supply chain. HI-POWER is a manufacturer of aqueous zinc batteries based in Pittsburgh, Pennsylvania that offers non-toxic, non-flammable energy storage zinc batteries to store and deliver surplus power to the grid during peak periods of demand.
  • April 20, 2021: PowerVerde Inc. was acquired by 374Water through a reverse merger, resulting in the combined entity trading on the PINX Stock Exchange under the ticker symbol SCWO. PowerVerde Inc. is committed to creating eco-friendly power solutions and is primarily engaged in the development, commercialization, and marketing of electric generating power systems.

*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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