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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.

Want to Download or Update This List?: Please email your request to Editorial Director Joe Panettieri. In your email please include your full name, title, company and specific request.

Deal NumberYear & MonthBuyerBuyer HQ CityState/ProvinceCountryAcquiredFocusPrivate Equity FirmValuationDetails
0232022-12emprotech-2Enprotech Industrial TechnologiesClevelandOhioUnited StatesAmerican HydroHydro Power, Water, Sustainable EnergyNoneUndisclosedAmerican Hydro provides custom hydropower refurbishment solutions and turbine services intended to meet specific project requirements, including life extension, increased capacity, and peak efficiency.
0222022-12hover-energyHover EnergyDallasTexasUnited StatesShine Development PartnersSolar, Renewable EnergyNoneUndisclosedShine 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.
0212022-12x-energy-reactorAres Acquisition Corp. (a SPAC)RockvilleMarylandUnited StatesX Energy ReactorNuclear Reactors Ares Management $2 billion pre-money equity valueX 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.
0202022-12tigoRoth CH Acquisition IV (a SPAC)CampbellCaliforniaUnited StatesTigo Energy Inc.Solar, Renewable EnergyNone $600 Million pre-money equity valueFounded 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.
0192022-12agathos Agathos ManagementLondonEngland Simply SustainableConsulting, ESGF Agathos ManagementUndisclosed Simply Sustainable specializes in carbon services, ESG reporting, communications and sustainable transformation programs.
0182022-12Montrose Environmental GroupMontrose Environmental GroupNorth Little RockArkansasUnited StatesHuco ConsultingConsulting, Data Management, Software, ESH, ESGNoneUndisclosedHuco 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.
0172022-11duke-energy-sustainable-solutionsDuke Energy Sustainable SolutionsCharlotteNorth CarolinaUnited StatesClearway Energy GroupSolar, Renewable EnergyNoneUndisclosedThe acquired solar project will generate enough energy to power approximately 21,000 homes, Duke Energy asserted.
0162022-11Buscar-Company-Eon-DiscoveryBuscar Company/Eon DiscoveryBeverly HillsCaliforniaUnited StatesAPTGGreen Hydrogen, SolarNoneUndisclosedFollowing 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.
0152022-11Bowman-Consulting-GroupBowman Consulting GroupRestonVirginiaUnited StatesSEI Engineering (SEIE)Technology Service Provider, Solar, Renewable Energy, Energy StorageNoneUndisclosedSEIE 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.


HoustonTexasUnited StatesMerger of NEXT Renewable Fuels (NXT) and Industrial Tech Acquisitions II (ITAQ), a SPACRenewable EnergyNone$530 million implied post-money pro forma enterprise valueNXT is dedicated to sustainably producing clean, low-carbon fuels to address state and national mandates to decarbonize transportation fuels.
0132022-11complete-solariaComplete SolariaSan RamonCaliforniaUnited StatesFormed from merger of Complete Solar and SolariaSolar, Renewable EnergyNoneUndisclosedComplete 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.
0122022-11Aspen-PowerAspen Power PartnersNew YorkNew YorkUnited StatesSafari EnergySolar, Renewable EnergyCarlyleUndisclosedSafari 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.
0112022-10scope-5-environ-energyEnviron EnergyNew YorkNew YorkUnited StatesScope 5Carbon Tracking, Analytics, Consulting, Renewable Energy424 CapitalUndisclosedThe 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."
0102022-10MasTecMasTekCoral GablesFloridaUnited StatesInfrastructure and Energy Alternatives Inc. (IEA)Renewable Energy, InfrastructureNoneUndisclosedMasTec 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.
0092022-10mypowerMyPower (owned by Mitsui & Co. Ltd.)Tokyo JapanSolstice Power TechnologiesSolar, Renewable Energy, Community SolarNoneUndisclosedCommunity 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.
0082022-10nikolaNikola Corp.PhoenixArizonaUnited StatesRomeo PowerRenewable Energy, BatteriesNone$144 millionNikola 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.
0072022-10bpBPLondonEnglandArchaea EnergyRenewable Natural GasNone$4.1 Billion Eneterprise ValueArchaea 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.
0062022-10RWE-400-400RWE AGEssenNorth Rhine-Westphalia (NRW)Germany Con Edison Clean Energy Businesses (Con Edison CEB)Renewable EnergyNone$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.
0052022-10Orion-Energy-SystemsOrion Energy SystemsManitowocWisconsinUnited StatesVoltrekElectric Vehicles (EVs), Charging Stations, VAR, Value-added ResellerNoneUndisclosedVoltrek 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.
0042022-09EnbridgeEnbridgeCalgaryAlbertaCanadaTri Global Energy (TGI)Renewable Energy, Wind, SolarNone$270 million to $320 millionTri 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.
0032022-08verde-clean-servicesCENAQ Energy Corp. (SPAC)HoustonTexasUnited StatesBluescape Clean Fuels Intermediate (now rebranded as Verde Clean Fuels)Renewable EnergyNone$280 Million pro forma enterprise valueFocused 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.”
0022022-03macquarieMacquarie Asset Management, British Columbia Investment Management (BCI) and MEAGMultipleReden SolarSolar Power, Clean Energy, Renewable EnergyMacquarie Asset Management, British Columbia Investment Management (BCI) and MEAGReden 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.
0012022-01recycle-track-systems-rtsRecycle Track Systems (RTS)New YorkNew YorkUnited StatesElytusWaste Management, Cloud, SoftwareNoneUndisclosedElytus 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.

More: See all of our M&A lists here.

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