2022 Sustainability M&A List

Merger & acquisition (M&A) activity within and across the sustainability market was steady in 2022. We tracked deals involving sustainable energy & technology, sustainable consulting, along with solar, wind, hydro and bio energy transactions.

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Deal Number	Year & Month	Buyer	Buyer HQ City	State/Province	Country	Acquired	Focus	Private Equity Firm	Valuation	Details
023	2022-12	Enprotech Industrial Technologies	Cleveland	Ohio	United States	American Hydro	Hydro Power, Water, Sustainable Energy	None	Undisclosed	American Hydro provides custom hydropower refurbishment solutions and turbine services intended to meet specific project requirements, including life extension, increased capacity, and peak efficiency.
022	2022-12	Hover Energy	Dallas	Texas	United States	Shine Development Partners	Solar, Renewable Energy	None	Undisclosed	Shine has developed and executed over 100 solar projects across 10 states and internationally since 2013, including 50 MW of projects currently under contract for future deployment.
021	2022-12	Ares Acquisition Corp. (a SPAC)	Rockville	Maryland	United States	X Energy Reactor	Nuclear Reactors	Ares Management	$2 billion pre-money equity value	X Energy Reactor Company develops small modular nuclear reactor and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world.
020	2022-12	Roth CH Acquisition IV (a SPAC)	Campbell	California	United States	Tigo Energy Inc.	Solar, Renewable Energy	None	$600 Million pre-money equity value	Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems.
019	2022-12	Agathos Management	London		England	Simply Sustainable	Consulting, ESGF	Agathos Management	Undisclosed	Simply Sustainable specializes in carbon services, ESG reporting, communications and sustainable transformation programs.
018	2022-12	Montrose Environmental Group	North Little Rock	Arkansas	United States	Huco Consulting	Consulting, Data Management, Software, ESH, ESG	None	Undisclosed	Huco Consulting specializes in the implementation of environment, health and safety (EHS) and environmental, social and governance (ESG) systems and software for industrial, commercial and government clients.
017	2022-11	Duke Energy Sustainable Solutions	Charlotte	North Carolina	United States	Clearway Energy Group	Solar, Renewable Energy	None	Undisclosed	The acquired solar project will generate enough energy to power approximately 21,000 homes, Duke Energy asserted.
016	2022-11	Buscar Company/Eon Discovery	Beverly Hills	California	United States	APTG	Green Hydrogen, Solar	None	Undisclosed	Following its new strategic direction into the sustainable energy space, Buscar is entering this new market by acquiring a manufacturing company with innovative solutions in energy generation and green hydrogen production using concentrated solar power. These solutions are revolutionary technologies that will create the way for new sources of electrical power and green hydrogen.
015	2022-11	Bowman Consulting Group	Reston	Virginia	United States	SEI Engineering (SEIE)	Technology Service Provider, Solar, Renewable Energy, Energy Storage	None	Undisclosed	SEIE provides a full array of technical services to developers and owners of utility and commercial scale solar energy facilities. The SEIE team is made up of many of the solar industry’s top photovoltaic (PV) and battery storage system designers, engineers, and technicians.
014	2022-11	NXTCLEAN Fuels	Houston	Texas	United States	Merger of NEXT Renewable Fuels (NXT) and Industrial Tech Acquisitions II (ITAQ), a SPAC	Renewable Energy	None	$530 million implied post-money pro forma enterprise value	NXT is dedicated to sustainably producing clean, low-carbon fuels to address state and national mandates to decarbonize transportation fuels.
013	2022-11	Complete Solaria	San Ramon	California	United States	Formed from merger of Complete Solar and Solaria	Solar, Renewable Energy	None	Undisclosed	Complete Solaria’s combined business is expected to generate $120 million of revenue in 2022, and more than double in 2023, supporting the expectation of achieving breakeven EBITDA in the second half of the year.
012	2022-11	Aspen Power Partners	New York	New York	United States	Safari Energy	Solar, Renewable Energy	Carlyle	Undisclosed	Safari Energy is a solar partner for commercial and industrial customers, real estate owners, public sector organizations and solar developers seeking competitive financial solutions for their projects.
011	2022-10	Environ Energy	New York	New York	United States	Scope 5	Carbon Tracking, Analytics, Consulting, Renewable Energy	424 Capital	Undisclosed	The buyer said: "Environ Energy, a renewable energy consulting firm and leader in energy sustainability services, is pleased to announce it has acquired Scope 5, a carbon tracking and analytics firm serving clients in more than 60 countries. Scope 5 originated automated carbon tracking and built a world-class platform that enterprises use to analyze their carbon emissions and identify opportunities for improvement. The acquisition was made possible with support from 424 Capital, a growth capital investor that works in partnership with founders and management teams to accelerate and scale for long-term growth."
010	2022-10	MasTek	Coral Gables	Florida	United States	Infrastructure and Energy Alternatives Inc. (IEA)	Renewable Energy, Infrastructure	None	Undisclosed	MasTec is an infrastructure construction company operating mainly throughout North America across a range of industries. The Company's primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure.
009	2022-10	MyPower (owned by Mitsui & Co. Ltd.)	Tokyo		Japan	Solstice Power Technologies	Solar, Renewable Energy, Community Solar	None	Undisclosed	Community Solar is a form of distributed solar generation in the U.S. that gives residents the opportunity to participate in local renewable energy. Households and small commercial businesses can subscribe to a local solar farm and receive a monthly discount on their electricity bill.
008	2022-10	Nikola Corp.	Phoenix	Arizona	United States	Romeo Power	Renewable Energy, Batteries	None	$144 million	Nikola designs and manufactures zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure. Romeo Power develops longer-lasting batteries with a longer range and shorter charge times.
007	2022-10	BP	London		England	Archaea Energy	Renewable Natural Gas	None	$4.1 Billion Eneterprise Value	Archaea Energy Inc. is one of the largest RNG (renewable natural gas) producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel.
006	2022-10	RWE AG	Essen	North Rhine-Westphalia (NRW)	Germany	Con Edison Clean Energy Businesses (Con Edison CEB)	Renewable Energy	None	$6.8 Billion (11X EBITDA)	Con Edison CEB is a leading operator and developer of renewable energy plants in the United States, with about 3 gigawatts (GW) of operating capacity, thereof 90% in solar energy, and a strong development pipeline of more than 7 GW.
005	2022-10	Orion Energy Systems	Manitowoc	Wisconsin	United States	Voltrek	Electric Vehicles (EVs), Charging Stations, VAR, Value-added Reseller	None	Undisclosed	Voltrek provides turnkey EV charging solutions and ongoing support to all commercial verticals, working as a value-added resale partner to leading Electric Vehicle Supply Equipment and Electric Vehicle Service Providers, offering turnkey solutions from planning and installation to maintenance and management services. Voltrek will operate with its existing employees as an independent brand within Orion.
004	2022-09	Enbridge	Calgary	Alberta	Canada	Tri Global Energy (TGI)	Renewable Energy, Wind, Solar	None	$270 million to $320 million	Tri Global Energy is a renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy.
003	2022-08	CENAQ Energy Corp. (SPAC)	Houston	Texas	United States	Bluescape Clean Fuels Intermediate (now rebranded as Verde Clean Fuels)	Renewable Energy	None	$280 Million pro forma enterprise value	Focused on gasoline derived from renewable feedstocks. Upon closing of the Business Combination, the combined company will be named Verde Clean Fuels, Inc. (“Verde Clean Fuels”), and is expected to become publicly listed on the NASDAQ under the symbol “VGAS.”
002	2022-03	Macquarie Asset Management, British Columbia Investment Management (BCI) and MEAG	Multiple			Reden Solar	Solar Power, Clean Energy, Renewable Energy	Macquarie Asset Management, British Columbia Investment Management (BCI) and MEAG		Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762 MW operational portfolio and a 15 GW development pipeline.
001	2022-01	Recycle Track Systems (RTS)	New York	New York	United States	Elytus	Waste Management, Cloud, Software	None	Undisclosed	Elytus is a waste services management company that serves 12,000+ locations across all 50 States, Canada, and Puerto Rico through a cloud-based software platform.