Merger & acquisition (M&A) activity within and across the sustainability market remained strong in December 2023. Indeed, Sustainable Tech Partner tracked 32 M&A deals involving green IT services, renewable energy, climate tech and sustainability during the month.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
Buyers, sellers and investors in December 2023 included ESG (environmental, social and governance) consulting companies, renewable energy firms, software providers, technology businesses, private equity firms and plenty more. Still, buyers and investors rarely disclosed deal valuations -- so it's difficult to pinpoint the overall health and investor interest in the sector.
For some context, here's a look at each of the 32 M&A deals that we spotted in December 2023:
A. Renewable Energy M&A (Solar, Wind, Hydro, Bio)
1. Greece Solar Power Project: Greek developer PPC Renewables has acquired the 216MW Alexandroupoli offshore wind project off Greece, ReNews.biz reported.
2. Telecom and Solar Power: Belenos Energy, a wholly owned subsidiary of ACEN, has acquired YMP Telecom Power Inc. and YMP Industrial Power Inc. Belenos Energy acquired the businesses to build and operate solar-powered solutions for telecommunication towers and commercial and industrial solar power solutions in the Philippines, the buyer said in a regulatory filing.
3. Solar Projects - New Mexico: Exus North America plans to acquire New Mexico Renewable Development from American Electric Power and PNM Resources Inc. for about $230 million, according to Bloomberg. The deal includes 15 solar projects.
4. Solar Power - Florida: NextEnergy Capital has acquired a 100MW utility-scale solar project in Florida.
5. Solar Power - Western United States: Altus Power has acquired Unico Solar Investors as part of a U.S. west coast expansion plan. Financial terms of the deal were not disclosed.
6. Solar Energy - Solar and Energy Storage: BP is acquiring full ownership of Lightsource bp, a developer and operator of utility-scale solar and battery storage assets.
7. Wind Power: IPS, a provider of electromechanical and rotating equipment, as well as power management systems, has acquired Wind Solutions, according to North American Wind Power.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
B. Software M&A
8. Renewable Energy Management Software: Kraken has acquired Sennen, a provider of software for the delivery and operation of large-scale renewable energy generation. Kraken's software provides analytics, real-time monitoring, optimization and control of energy devices, such as solar and wind generation, batteries, heat pumps and electric cars. Sennen's cloud-based software provides oversight, maintenance and daily operation of renewable energy projects. Financial terms of the deal were not disclosed.
9. IT Device Management Software: Lumine Group is acquiring Nokia's device management and service management platform for €185 million (US$203.2 million) up-front. Lumine may pay an additional €35 million (US$38.4 million) for the business based on year-one performance metrics. The acquired business, spanning 500 employees, manages more than 1 billion nodes -- including home broadband devices and IoT sensors. In theory, Lumine could leverage the platform to deliver IT asset management (ITAM), e-waste reduction and power management services.
10. Supply Chain Management and ESG Software: Carlyle and Insight Partners will acquire a majority stake in Exiger, a supply chain software company that has ESG monitoring capabilities. Exiger's management, founders, and existing investor Carrick Capital Partners will reinvest equity as part of this deal. Financial terms and valuation information were not disclosed.
11. Software: Francisco Partners has acquired sustainability specialist Blancco Technology Group for an equity valuation of approximately £175 million.
12. Software: Yes Energy has acquired Anchor Power Solutions, a software provider focused on power market forecasting.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
C. Electric Infrastructure and Power Storage
13. Energy Transitions: Uplight is acquiring AutoGrid, a Virtual Power Plant (VPP) and Distributed Energy Resource Management System (DERMS) provider. The twist: Schneider Electric is the seller -- and the buyer?
14. Power Grid: Blackstone has acquired Power Grid Components for $600 million amid ongoing energy transition investments, multiple sources reported.
15. Private Equity: SDCL has acquired Volery, a US-based private equity firm focused on the energy transition. The deal enables SDCL to "participate in a broader range of energy transition opportunities focused on energy efficiency," the buyer said. The combined firm manages more than US$2 billion of assets across over 50 investments worldwide. Financial terms of the deal were not disclosed.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
D. Electric Vehicle and EV Charging Infrastructure M&A
16. Electric Vehicle (EV) Charging: Pacific Equity Partners, a private equity firm, has paid $250 million to acquire a majority stake in EVSE -- an Australian battery charging technology company, The Driven reported.
17. EV Charging: EasyLease, a motorcycle rental company, has acquired 60% of Fully Charged, a UAE-based company specializing in electric vehicle (EV) charging technology. FullyCharged, launched in 2020, offers home charger installation, corporate charging solutions, and ongoing support and maintenance. The company has installed more than 5,000 charging devices since inception. Financial terms of the deal were not disclosed.
18. Telecom and Network Solutions: TXO, a provider of end-to-end circular telecom network solutions, has acquired Lynx UK Ltd, a specialist network decommissioning and engineering solutions provider. Financial terms of the deal were not disclosed.
19. EV Charging Infrastructure: TotalEnergies has acquired three technology start-ups in the electricity business. The deals involve Dsflow, Nash Renewables and Predictive Layer. The acquisitions will enable TotalEnergies to improve its B2B offers; the development of renewable projects; market analyses; and the deployment of EV charging points, the buyer said. TotalEnergies also acquired a 56% stake in Time2plug to "facilitate and accelerate the deployment of EV charging points in France for its small B2B customers." Each of the acquired businesses participated in the TotalEnergies On accelerator program. TotalEnergies, based in Paris is a global multi-energy company that produces and markets oil and biofuels, natural gas and green gases, renewables and electricity.
Related:Â Search our M&A Database for a List of All Mergers & Acquisitions
Continue to page two of the article for M&A deals 20 through 32 for December 2023.
