Energy Buyout Acquisitions in 2020
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December 31, 2020
- Buyer
- Gibraltar Industries, Inc.
- Target
- TerraSmart, Sunfig
- Industry
- Energy
- Location
- Florida, United States
- Type
- Buyout
Gibraltar Industries (Nasdaq: ROCK) acquired TerraSmart, a provider of screw-based ground-mount solar racking, for $220.0 million (approximately $228.2 million including working capital adjustments) and acquired Sunfig, a solar project design and modeling software provider, for $3.75 million in cash. The deals expand Gibraltar's renewable energy platform and capabilities across ground-mount racking, tracker systems, and solar project design/financial modeling to grow its solar energy business.
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December 30, 2020
- Buyer
- DNV GL
- Target
- Energy & Resource Solutions, Inc.
- Industry
- Energy
- Location
- Massachusetts, United States
- Type
- Buyout
DNV GL acquired Energy & Resource Solutions, Inc. (ERS), a North Andover, Massachusetts–based energy engineering and consulting firm, with the transaction closing on December 30, 2020. The acquisition brings ERS’s program design, outreach, implementation and evaluation capabilities into DNV GL’s global energy advisory platform to accelerate the energy transition and expand services for utilities, government and large commercial/industrial customers.
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December 30, 2020
- Buyer
- Sval Energi AS
- Target
- Edison Norge AS
- Seller
- Edison S.p.A.
- Industry
- Energy
- Location
- Norway
- Type
- Buyout
Sval Energi AS has agreed to acquire Edison Norge AS from Edison for an agreed price of USD 300 million (financially effective 1 January 2020). The acquisition adds ~25 mmboe (57% gas) to Sval’s reserve base and increases its interests in the Dvalin and Nova developments, strengthening its upstream position on the Norwegian Continental Shelf.
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December 28, 2020
- Buyer
- Energy North Incorporated (ENG)
- Target
- Tradewinds
- Seller
- Chuck and Belinda Lawrence
- Industry
- Energy
- Location
- Maine, United States
- Type
- Buyout
Energy North Incorporated (ENG), a Lawrence, Massachusetts–based operator of gas stations, convenience stores and car washes, acquired Tradewinds, a Bangor, Maine–based convenience store and fuel chain. The transaction transfers ownership of ten Tradewinds properties (part of a 15-location local chain) from owners Chuck and Belinda Lawrence to ENG as part of ENG’s continued expansion in Maine.
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December 21, 2020
- Buyer
- Diamondback Energy, Inc.
- Target
- QEP Resources, Inc.
- Industry
- Energy
- Location
- Colorado, United States
- Type
- Buyout
Diamondback Energy, Inc. (NASDAQ: FANG) announced it has entered into a definitive agreement to acquire QEP Resources, Inc. (NYSE: QEP) for approximately $2.2 billion in an all-stock transaction. The deal is expected to close in the first quarter or early second quarter of 2021, subject to QEP stockholder approval, regulatory approvals, and customary closing conditions.
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November 23, 2020
- Buyer
- Petrosmith
- Target
- Wellflex Energy Solutions, LLC
- Seller
- Wellflex Energy Solutions, LLC
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Petrosmith has acquired the assets of Wellflex Energy Solutions, a Fort Worth-based engineering, fabrication and EPC specialist for oil and gas production equipment. The acquisition adds Wellflex's engineering, modular fabrication and project management capabilities to Petrosmith's manufacturing and tubular goods business, supporting expanded service offerings for energy operators.
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November 17, 2020
- Buyer
- Veolia North America, SourceOne Inc.
- Target
- Energenix
- Industry
- Energy
- Location
- Massachusetts, United States
- Type
- Buyout
Veolia North America, through its energy subsidiary SourceOne Inc., has acquired Boston-based Energenix, a meter-reading and billing services provider serving Eastern Massachusetts. The deal expands SourceOne's metering and energy-management capabilities and makes Veolia North America a leading meter services provider in the Greater Boston area.
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November 11, 2020
- Buyer
- Tiger Infrastructure Partners
- Target
- Forsa Energy
- Seller
- Riverstone Holdings LLC
- Industry
- Energy
- Location
- Scotland, United Kingdom
- Type
- Buyout
Tiger Infrastructure Partners has acquired Forsa Energy’s distributed flexible power generation platform from Riverstone Holdings. Forsa Energy owns and operates over 250 MW of flexible gas-fired reciprocating engine capacity across the North of England and Scotland (all backed by 15-year Capacity Market contracts) and has a pipeline to grow to over 650 MW; Tiger will provide growth capital to build out the platform and support the UK’s energy transition.
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November 9, 2020
- Buyer
- Priority Power Management, LLC, Ara Partners
- Target
- Texas Power Consultants, LLC
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Priority Power Management, a PE-backed energy management and consulting firm, has acquired Texas Power Consultants (TPC), an energy advisory firm headquartered in Tyler, Texas. The acquisition expands Priority's geographic footprint into East Texas, adds TPC's long-standing client base, and enhances Priority's capability to guide customers on demand response, resiliency, solar and battery solutions; Priority is backed by Ara Partners.
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November 9, 2020
- Buyer
- Parkland Corporation
- Target
- Sevier Valley Oil Company, Inc.
- Seller
- Sevier Valley Oil Company, Inc. and related companies
- Industry
- Energy
- Location
- Utah, United States
- Type
- Buyout
Parkland Corporation, through its wholly owned U.S. subsidiaries (Parkland USA), agreed to acquire all assets of Sevier Valley Oil Company, Inc. (SVO), a Richfield, Utah–based retail and commercial fuel business. The deal adds seven company retail locations, more than 20 retail dealers and approximately 350 million litres of annual fuel and petroleum product volume, expanding Parkland's U.S. retail and distribution footprint in southern Utah and the surrounding Rockies region.
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November 3, 2020
- Buyer
- Court Square Capital
- Target
- Veregy
- Seller
- Bow River Capital
- Industry
- Energy
- Location
- Arizona, United States
- Type
- Buyout
Court Square Capital has completed the acquisition of Veregy, an independent energy services company, from Bow River Capital. Veregy provides energy efficiency, smart building technologies, and infrastructure upgrades for public-sector and commercial clients; Court Square will support the company's continued growth and technology-enabled service expansion.
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October 28, 2020
- Buyer
- Prime Energy Services
- Target
- Oso Development Partners
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Prime Energy Services has completed a merger with Oso Development Partners, bringing Oso in as a subsidiary to expand Prime’s survey, construction management, inspection, and project development capabilities. Oso will continue to operate from its Houston headquarters under its current management; terms were not disclosed.
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October 20, 2020
- Buyer
- Gas South
- Target
- Infinite Energy
- Industry
- Energy
- Location
- Florida, United States
- Type
- Buyout
Gas South agreed to acquire Florida-based Infinite Energy, acquiring its wholesale and retail natural gas business and customer list (the companies said the deal would close by end of 2020 subject to regulatory approvals). The transaction will more than double Gas South's annual revenue to about $1 billion and expand its customer base across the Southeast; Infinite Energy's Texas retail electricity business is excluded from the sale.
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October 15, 2020
- Buyer
- Superior Plus Corp.
- Target
- Central Coast Propane
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Superior Plus Corp., through a wholly-owned subsidiary, acquired all equity interests of Central Coast Propane, a Paso Robles, California-based retail propane distributor serving approximately 2,800 residential and commercial customers. The acquisition is Superior's fourth in 2020 (and third retail propane deal in California) and is expected to provide synergies with its existing retail and wholesale propane operations in the state.
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October 8, 2020
- Buyer
- Bison
- Target
- Woody Creek Midstream
- Industry
- Energy
- Location
- Oklahoma, United States
- Type
- Buyout
Oklahoma City-based water infrastructure operator Bison has acquired Woody Creek Midstream, a water midstream company operating in the SCOOP. The deal brings long-term (15–30 year) water gathering and disposal contracts with Casillas Petroleum Resource Partners, Camino Natural Resources and Paloma Operating Company, expanding Bison's footprint and dedicated acreage across the Anadarko Basin.
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October 5, 2020
- Buyer
- Generac Holdings Inc.
- Target
- Enbala Power Networks Inc.
- Industry
- Energy
- Location
- Colorado, United States
- Type
- Buyout
Generac Holdings Inc. has signed an agreement to acquire Enbala Power Networks, a Denver-based distributed energy resources (DER) optimization and control software provider. The acquisition adds Enbala’s Concerto DERMS/VPP platform to Generac’s portfolio to accelerate its Smart Grid and grid services capabilities; terms were not disclosed and the deal is expected to close within 30 days.
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October 1, 2020
- Buyer
- VINCI Energies
- Target
- Transelec Common Inc.
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Buyout
VINCI Energies has acquired Transelec Common Inc., a Laval, Québec-based specialist in construction and maintenance of electrical and telecommunications network infrastructure. Transelec Common employs around 2,000 people and reported roughly CAD 300 million in revenue (2019); the acquisition is intended to accelerate VINCI Energies' expansion in North America.
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September 25, 2020
- Buyer
- JOX Energy LLC
- Target
- EnergyWare LLC
- Seller
- Acostia Ventures
- Industry
- Energy
- Location
- Florida, United States
- Type
- Buyout
JOX Energy LLC acquired EnergyWare LLC in a strategic acquisition announced Sept. 25, 2020. The deal brings EnergyWare's national energy-efficiency capabilities (including solar and HVAC project design, financing and implementation) under JOX Energy to expand service offerings and support customer growth.
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September 21, 2020
- Buyer
- 424 Capital, Eagle Private Capital
- Target
- Hospital Energy
- Seller
- Mark Mininberg
- Industry
- Energy
- Location
- New Hampshire, United States
- Type
- Buyout
424 Capital, alongside Eagle Private Capital, purchased a majority stake in Hospital Energy from founder and CEO Mark Mininberg. The New Hampshire–based energy management firm — which serves over 200 hospitals — will continue to be led by Mininberg as CEO and will serve as a platform for 424 Capital's push into hospital-focused energy management and sustainability services.
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September 9, 2020
- Buyer
- BayWa r.e.
- Target
- Enable Energy Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Global renewable energy developer BayWa r.e. has acquired Enable Energy Inc., a Sacramento-based commercial & industrial solar and energy storage EPC and O&M provider. The deal expands BayWa r.e.'s U.S. C&I solar-plus-storage capabilities and strengthens its project pipeline and O&M offering in the Americas.
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September 8, 2020
- Buyer
- NPM Capital
- Target
- CT Energy, Ealyze (Het Meetbedrijf)
- Industry
- Energy
- Location
- North Holland, Netherlands
- Type
- Buyout
Dutch private equity firm NPM Capital has acquired a majority stake in CT Energy and Ealyze (also trading as Het Meetbedrijf). The deal is part of NPM's renewable energy buy-and-build strategy to expand services across the energy supply chain by combining CT Energy's data-driven energy-management platform with Ealyze's smart-meter installation and metering services; financial terms were not disclosed and the founders remain minority shareholders and active in management.
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August 12, 2020
- Buyer
- U.S. Gold Corp.
- Target
- Northern Panther Resource Corporation
- Seller
- Shareholders of Northern Panther Resource Corporation (including George Bee and Robert Schafer)
- Industry
- Energy
- Location
- Nevada, United States
- Type
- Buyout
U.S. Gold Corp. (Nasdaq: USAU) has completed an all-share acquisition of Northern Panther Resource Corporation, a newly formed Nevada corporation whose principal asset is the Challis Gold Project in Idaho. The transaction adds a drill-ready exploration project and approximately $2.5 million in cash to U.S. Gold Corp., and was accompanied by concurrent preferred-stock financings that could bring up to $8.0 million of additional capital; several Northern Panther shareholders (including George Bee and Robert Schafer) became shareholders of U.S. Gold.
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August 6, 2020
- Buyer
- Q CELLS
- Target
- Growing Energy Labs (Geli)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Q CELLS has agreed to acquire 100% of Growing Energy Labs, Inc. (Geli), a San Francisco–based provider of energy storage software and solutions, to combine Geli's AI-powered BESS design and management platform with Q CELLS' solar and energy offerings. The acquisition expands Q CELLS' capabilities in integrated solar+storage (PV+EMS+ESS) and marks a strategic entrance/expansion into the U.S. commercial & industrial distributed energy market.
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- Buyer
- Vicinity Energy
- Target
- Morgantown Energy Associates
- Seller
- An investment affiliate of Starwood Energy Group Global, L.L.C.
- Industry
- Energy
- Location
- West Virginia, United States
- Type
- Buyout
Vicinity Energy has acquired Morgantown Energy Associates, the district energy system serving West Virginia University in Morgantown, West Virginia, from an investment affiliate of Starwood Energy Group Global, L.L.C. Vicinity plans to convert the system away from coal to primarily natural gas (with ULSD backup), invest in additional dual-fuel boilers, and reduce the system's carbon footprint and local air pollutants while expanding its U.S. district energy footprint.
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July 1, 2020
- Buyer
- MOTIVE
- Target
- DS Energy Solutions
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
MOTIVE, a design and construction services provider based in Corona, California, acquired the assets, employees and customer contracts of DS Energy Solutions effective July 1, 2020. DS Energy Solutions will continue to operate as a division of MOTIVE, expanding MOTIVE's turnkey solar (design, engineering, construction and installation) capabilities and enabling DS Energy's services to be offered across MOTIVE's existing markets.
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- Buyer
- Haldia Petrochemicals Limited, Investment funds affiliated with Rhône Capital
- Target
- Lummus Technology
- Seller
- McDermott International
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Haldia Petrochemicals Limited (part of The Chatterjee Group) and investment funds affiliated with Rhône Capital have completed a joint acquisition of Lummus Technology from subsidiaries of McDermott International for a base purchase price of $2.725 billion. The deal creates an independent, privately held Lummus focused on licensing process technologies, supplying catalysts and equipment, and expanding services to refining, petrochemical and gas-processing customers worldwide.
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- Buyer
- Asterion Industrial Partners, EDF Invest, Swiss Life Asset Managers
- Target
- Energy Assets Group
- Seller
- Alinda Capital Partners, Hermes Infrastructure
- Industry
- Energy
- Location
- Scotland, United Kingdom
- Type
- Buyout
A consortium of Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers has completed the acquisition of Energy Assets Group (EAG) from Alinda Capital Partners and Hermes Infrastructure. Headquartered in Livingston, Scotland, EAG is a leading provider of multi-utility metering services, meter asset management and last-mile utility connections in the UK; the investors plan to support its continued growth and expansion into adjacent sectors such as IGT/IDNO, fibre and EV charging infrastructure.
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June 15, 2020
- Buyer
- Energy New England LLC
- Target
- Utility Services Inc.
- Industry
- Energy
- Location
- Vermont, United States
- Type
- Buyout
Energy New England LLC (ENE) has acquired Utility Services Inc. (USI), a Waterbury, Vermont–based provider of NERC-related regulatory, reliability and security advisory services. USI will operate as a wholly owned subsidiary of ENE, expanding ENE's service offering to provide a coordinated suite of compliance, reliability and cybersecurity services for public power utilities and private-sector energy providers.
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- Buyer
- Irving Oil, Silverpeak
- Target
- North Atlantic Refining Corp.
- Industry
- Energy
- Location
- Newfoundland and Labrador, Canada
- Type
- Buyout
Irving Oil, together with U.S. investment firm Silverpeak, has signed an agreement for Irving Oil to acquire North Atlantic Refining Corp., including the 135,000 bpd Come By Chance refinery and a network of retail and marketing assets, subject to regulatory approval. The deal strengthens Irving Oil’s integrated supply and marketing presence in Newfoundland and Labrador and secures regional fuel supply.
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- Buyer
- Clairvest Group Inc., Clairvest Equity Partners VI (CEP VI)
- Target
- NovaSource Power Services (SunPower O&M business)
- Seller
- SunPower Corporation
- Industry
- Energy
- Location
- Arizona, United States
- Type
- Buyout
Clairvest Group Inc., together with its fund Clairvest Equity Partners VI (CEP VI), acquired the solar operations and maintenance (O&M) business of SunPower Corporation and will rebrand the business as NovaSource Power Services. The transaction is a management buyout with the SunPower O&M leadership taking material equity; Clairvest intends to build NovaSource as a global buy-and-build solar O&M platform to expand capabilities and geographic reach.
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May 12, 2020
- Buyer
- KeyLogic Systems, LLC, IIA Technologies Corp.
- Target
- OnLocation, Inc.
- Industry
- Energy
- Location
- Virginia, United States
- Type
- Buyout
KeyLogic Systems, LLC (a subsidiary of IIA Technologies Corp.) has acquired OnLocation, Inc., a Vienna, Virginia-based energy and environmental policy modeling and consulting firm. The deal combines KeyLogic's analytics, systems engineering, and cybersecurity capabilities with OnLocation's expertise in energy modeling to expand the combined firm's advanced modeling, data analytics, and policy-analysis offerings to government and industry clients.
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- Buyer
- Hull Street Energy
- Target
- Gauley River Power Partners, LLC
- Seller
- Enel Green Power North America, GE Energy Financial Services, EGPNA Renewable Energy Partners, LLC
- Industry
- Energy
- Location
- West Virginia, United States
- Type
- Buyout
Hull Street Energy acquired 100% of the interests in Gauley River Power Partners, LLC, the operator of an 80 MW hydroelectric facility in Summersville, West Virginia, from Enel Green Power North America and GE Energy Financial Services (via their EGPNA Renewable Energy Partners JV). The purchase was part of a larger purchase-and-sale under which Hull Street acquired thirty-one hydroelectric stations from the EGPNA JV and expands Hull Street affiliates' generation portfolio across the United States.
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May 7, 2020
- Buyer
- Boyne Capital
- Target
- Pilot Power Group
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Boyne Capital has partnered with management to acquire Pilot Power Group, a San Diego-based provider of electric utility billing and data management, energy portfolio management, and energy procurement services serving community choice aggregators and commercial & industrial customers in the Western U.S. Boyne intends to invest in Pilot's software suite and pursue organic growth and strategic M&A to expand the company's geographic footprint and product offerings.
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April 30, 2020
- Buyer
- Macquarie Capital Principal Finance
- Target
- Multifuels Midstream Group, LLC
- Seller
- Warren Equity Partners, Multifuels L.P.
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Macquarie Capital Principal Finance has acquired a majority stake in Multifuels Midstream Group from Warren Equity Partners and Multifuels L.P. Multifuels, headquartered in Houston, Texas, is a power and utility infrastructure platform focused on lateral natural gas pipelines in Central Texas; Macquarie said it will support the company's continued development and redevelopment of customers' gas infrastructure to drive growth.
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April 8, 2020
- Buyer
- XS Power Batteries
- Target
- Ioxus, Inc.
- Seller
- Ioxus, Inc. and its investors
- Industry
- Energy
- Location
- New York, United States
- Type
- Buyout
XS Power Batteries has acquired Ioxus, Inc., a developer and manufacturer of ultracapacitors and energy storage products. Cascadia Capital acted as exclusive financial advisor to Ioxus and its investors; the deal expands XS Power's product capabilities and integrates Ioxus' ultracapacitor technology into XS Power's automotive, powersports and industrial offerings.
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April 8, 2020
- Buyer
- AEA Investors
- Target
- SitelogIQ
- Industry
- Energy
- Location
- Minnesota, United States
- Type
- Buyout
AEA Investors' Middle Market Private Equity team has closed the acquisition of SitelogIQ, a Minneapolis-based energy services and facility solutions provider. The investment positions AEA to partner with SitelogIQ's senior management to grow the business across municipal, education, healthcare and commercial end markets by expanding energy-efficiency and facilities capabilities.
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April 2, 2020
- Buyer
- Emerson
- Target
- American Governor Company
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Emerson completed the acquisition of American Governor Company, a specialist in hydroelectric turbine governor controls and aftermarket services. The purchase strengthens Emerson's renewable energy and power capabilities by integrating American Governor's digital governor controllers and global hydropower services into Emerson's automation and control product portfolio.
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March 26, 2020
- Buyer
- Pierre Corp.
- Target
- Fourth Wave Energy
- Industry
- Energy
- Location
- Colorado, United States
- Type
- Buyout
Pierre Corp. (OTCQB: PIRE), a California-based publicly traded company, acquired 100% of Fourth Wave Energy (FWE) in an all-stock transaction. Fourth Wave Energy is a Denver-based geo/solar climate solutions company that develops an integrated geo‑solar building system for net-zero homes and commercial buildings and will operate regional offices in San Jose and Dallas.
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March 26, 2020
- Buyer
- Koch Engineered Solutions
- Target
- Sentient Energy
- Industry
- Energy
- Location
- Texas, United States
- Type
- Buyout
Koch Engineered Solutions (KES), a unit of Koch Industries, has acquired Sentient Energy, a provider of line sensors and grid analytics software. KES said the acquisition is the first step in building an intelligent electric grid platform that combines Sentient Energy’s Grid Analytics System with KES’s engineering and global scale to expand capabilities for electric distribution grid monitoring and analytics.
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- Buyer
- Emerson
- Target
- Verdant (Verdant Environmental Technologies)
- Seller
- Fulcrum Capital Partners
- Industry
- Energy
- Location
- Quebec, Canada
- Type
- Buyout
Emerson has completed the acquisition of Verdant (Verdant Environmental Technologies), a Montreal-based provider of energy management solutions for the hospitality and light commercial markets. Verdant, which was majority-held by Fulcrum Capital Partners, offers smart thermostats, SaaS analytics and monitoring services and has about 70 employees; the deal broadens Emerson's energy management and optimization capabilities.
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March 4, 2020
- Buyer
- Blackstone Energy Partners (funds managed by Blackstone)
- Target
- NRStor C&I L.P. (NRStor)
- Industry
- Energy
- Location
- Ontario, Canada
- Type
- Buyout
Funds managed by Blackstone Energy Partners (Blackstone) completed the acquisition of Toronto-based battery energy storage developer NRStor C&I L.P. NRStor, a developer and operator of turn‑key battery storage projects with over 200 MWh of projects across North America, will leverage Blackstone's capital and sector expertise to expand its platform into new North American markets.
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February 18, 2020
- Buyer
- Quorum Software
- Target
- EnergyIQ
- Industry
- Energy
- Location
- Colorado, United States
- Type
- Buyout
Quorum Software has acquired Denver-based EnergyIQ, a provider of well master data management software, to strengthen Quorum's oil and gas software and services portfolio. The acquisition adds EnergyIQ's SaaS-based well lifecycle data management and master data capabilities to Quorum's suite, enabling better data-driven decisions for midsized to large E&P companies.
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February 11, 2020
- Buyer
- Falco Resources Ltd.
- Target
- Golden Queen Mining Consolidated Ltd.
- Seller
- Golden Queen Shareholders
- Industry
- Energy
- Location
- British Columbia, Canada
- Type
- Buyout
Falco Resources Ltd. agreed to acquire all issued and outstanding common shares of Golden Queen Mining Consolidated Ltd. by way of a statutory plan of arrangement, issuing 15,968,075 Falco shares (1.18 Falco Shares per Golden Queen Share) and providing an effective premium to Golden Queen shareholders. The transaction gives Falco control of Golden Queen's assets (including its cash) to support development of Falco's Horne 5 Project and is subject to customary shareholder, court and regulatory approvals.
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January 16, 2020
- Buyer
- LS Power
- Target
- EVgo
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
LS Power has completed its acquisition of EVgo, the largest public fast-charging network for electric vehicles in the United States. The deal positions EVgo to accelerate network expansion and leverage LS Power’s energy infrastructure expertise to support growth and reliability across its nationwide charger footprint.
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