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Sustainability and Green IT Services News for Technology Partners: 03 January 2024

January 3, 2024 by Joe Panettieri

Here is today’s sustainability news, research and analysis for technology partners; renewable energy and green IT service providers; management consultants; CIOs; chief sustainability officers (CSOs) and c-suite members.

A. Sustainable Technology, Talent, Partnerships and Green IT Alliances

1. Electric Vehicle (EV) Shipments: Rivian's stock fell about 10% after the EV company announced weaker-than-expected car shipments in Q4 of 2023. Meanwhile, China's BYD has overtaken Tesla as the leading supplier of EV cars worldwide.

2. EV Charging Stations: Blink Charging says a "strong 2023" positions the EV charging station company for a "prosperous 2024." An extended company statement highlighted multiple Blink Charging business milestones from 2023. Moreover, Q3 2023 revenues were $43.4 million -- up 152% from Q3 of 2022, according to a financial release in September of 2023. Nevertheless, Blink's stock is down about 70% over the past year, according to SeekingAlpha.

B. Sustainability M&A, Investments, Funding and Green IT Business Launches

1. Funding - Energy Efficiency: Firms including KKRBlackstone and Brookfield are piling billions of dollars into companies and technologies that help reduce the vast amount of energy that goes wasted on assembly lines, in office buildings and even on farms, Bloomberg reported.

2. Financing - Solar Energy: Altus Power has scored a $100 million financing package from Goldman Sachs Asset Management and CPPIB Credit Investments III Inc., a subsidiary of Canada Pension Plan Investment Board.

3. Spin-Off: Flex Ltd. has completed the spin-off of Nextracker, a provider of solar tracker and software solutions.

4. M&A - Cancelled Energy Deal: Avangrid has cancelled a $4.3 billion plan to acquire PNM Resources and its two utilities — Public Service Co. of New Mexico and Texas New Mexico Power, The Associated Press reported.

5. M&A - Clean Energy: GWSO INC (Global Warming Solution Inc) has acquired AQST USA LLC. Together, the businesses will focus on space systems, advanced technologies, and clean energy solutions. Financial terms of the deal were not disclosed.

6. M&A - Renewable Fuels Supply Chain: Private equity firm Ara Partners has acquired USD Clean Fuels (USDCF), a developer of logistics infrastructure in North America for the renewable fuels value chain. USDCF, in turn, has acquired the West Colton Rail Terminal -- a biofuels terminal in California. Financial terms of the deals were not disclosed.

7. M&A - Renewable Energy: Macquarie Asset Management has acquired 50% of Enel Green Power Hellas for roughly €250 million. Enel Green Power Hellas is a renewable energy developer and operator in Greece, with a 566 MW portfolio of onshore wind, solar, and hydropower projects in operation or under construction across its mainland and islands, Macquarie said.

8. M&A - Industrial Process Heating: Thermon Group Holdings has acquired Vapor Power International, a provider of industrial process heating solutions. The deal is part of Thermon Group's strategy to "profitably grow through decarbonization, diversification and digitization initiatives," CEO Bruce Thames said. Vapor Power's revenue was more than $50 million in 2023. Thermon expects the transaction to be accretive to GAAP earnings per share in the first 12 months. The purchase price and deal valuation were not disclosed.

9. M&A - IT Repairs and IT Asset Disposition (ITAD): Shyft Global Services, a division of IT distribution giant TD SYNNEX, has acquired Cokeva -- a provider of IT repair, test and refurbishment services. The deal potentially strengthens TD Synnex's overall portfolio of sustainable IT services. Financial terms of the deal were not disclosed.

10. M&A List: Here's our database of all M&A deals involving sustainability, green IT and renewable energy buyers, sellers and investors.

C. Regional and Global Sustainability Policies and News

1. United States - Clean Technology Map: Cipher has launched the Clean Technology Tracker -- an online map and accompanying investment chart that pinpoints the progress of select emerging technologies. The U.S. map tracks projects involving carbon management, clean hydrogen production, hydrogen electrolyzer manufacturing and sustainable aviation fuel.

2. United Kingdom - Nuclear Power Slump: Power output from the UK’s nuclear power plants slumped to the lowest in more than four decades in 2023, potentially increasing a reliance on fossil fuels that will make it more difficult to reach the nation’s net zero emissions target, Bloomberg reported.

3. Germany - Energy Transition: Germany's 2023 renewable power installations hit a record, but the wind sector lagged, Reuters reported.

4. Portugal - Renewable Energy: Renewable power fueled 61% of Portugal's electricity in 2023, up from 49% in 2022, hitting a new record thanks to periods of heavy rains, strong winds and good doses of sunshine, grid operator REN said, according to Reuters.

E. Previous Updates & Future News

1. Did You Miss Yesterday's Daily Update?: Here is our previous sustainability, green IT and renewable energy news for technology partners.

2. Future Updates: If you have news to share then please email me the details.

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2 comments on “Sustainability and Green IT Services News for Technology Partners: 03 January 2024”

  1. I am loving this publication. It is very informative. Is there an article, or database, highlighting best software/tech companies that can support IT sustainability benchmarking for IT organizations?I am finding one of the challenges is the beginning...knowing what your current footprint is.

  2. Hi Kat: Thanks for your readership and note. Check out our Sustainability Partner Programs Database for various vendors -- some of which offer IT benchmarking capabilities. For each database entry, click on the small "+" sign for a company description or business focus.

    I know that's not a perfect match for your question. But it's a start.

    Editorial Director
    Sustainable Tech Partner

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