Energy Acquisitions in California
California Energy Deal Themes
Energy acquisitions in California span multiple parts of the value chain—from services and O&M to energy storage, distributed solar, and emissions analytics. Recent deals feature both strategic operators and growth-focused investors, with many transactions explicitly aimed at expanding capabilities, strengthening execution, or deepening customer and regional coverage.
Across 2019–2026, common themes include technical expansion (e.g., methane detection and basin-scale analytics; O&M and compliance), infrastructure and platform building (e.g., utility-scale drilling and solar pile installation), and product/service breadth in specialized energy sectors such as healthcare energy efficiency and next-generation energy storage. Key participants appearing repeatedly include Boyne Capital, Qualus Corporation, Zeitview, RelaDyne LLC, and Clarios.
Several deals also reflect a continuing mix of operational roll-ups and market entry moves. For example, Kyuden International Corporation plans to acquire IHI Power Services Corp. to expand U.S. operations and maintenance capabilities, while Zeitview acquired Insight M to enter the oil-and-gas methane detection and analytics space. Elsewhere, Clarios acquired Maxwell Technologies to strengthen supercapacitor capabilities, and 38 Degrees North both raised growth capital and acquired U.S. Light Energy to expand distributed solar development.
What Stands Out
- Capability expansion is a centerpiece: deals frequently target added services and technical depth, such as O&M/compliance, methane detection/analytics, and foundation drilling/solar pile installation.
- Storage and electrification show up alongside traditional energy services, including Clarios acquiring Maxwell Technologies (supercapacitors) and Motive Energy acquiring Deep Cycle Battery San Diego (battery supply and service).
- Emissions, efficiency, and specialized end markets recur: Zeitview + Insight M for methane detection; Qualus + ADM Associates for energy research and EM&V; Energy Management Collaborative (EMC) + Earth Savers to broaden healthcare lighting and services.
- Regional footholds matter in California—several transactions focus on expanding footprint or direct support in specific parts of the state (e.g., Northern California distribution networks; Southern California battery support).
| Recurring buyer | What they’re building with acquisitions |
|---|---|
| Qualus Corporation | Energy-efficiency and program evaluation / EM&V capabilities |
| Zeitview | Emissions-related analytics tied to asset intelligence |
| RelaDyne LLC | Expanded distribution footprint and product/service offerings |
| Clarios | Supercapacitor cells/modules for short-duration energy storage |
-
March 19, 2026
- Buyer
- Kyuden International Corporation, Kyuden International Americas, Inc.
- Target
- IHI Power Services Corp.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
IHI Power Services Corp. (IPSC) has entered into an agreement to be acquired by Kyuden International Corporation, through its U.S. subsidiary Kyuden International Americas, Inc., pending customary regulatory approvals and closing conditions. The combination is intended to expand IPSC’s U.S. operations and maintenance, asset management, and technical/compliance capabilities and accelerate Kyuden’s first O&M-focused investment in the United States.
-
March 14, 2026
- Buyer
- Lyten
- Target
- Northvolt Revolt Ett battery recycling facility (Revolt Ett)
- Seller
- Northvolt
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Lyten announced it has entered into a binding agreement to acquire Northvolt’s Revolt Ett battery recycling facility in Skellefteå, Sweden. The company plans to integrate recycling into its expanding Skellefteå industrial hub and create a vertically integrated battery ecosystem (manufacturing, research, and materials recovery), with the deal expected to close in the second quarter of 2026. Financial terms were not disclosed.
-
February 12, 2026
- Buyer
- Zeitview
- Target
- Insight M
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Zeitview, an AI-driven asset intelligence company, has acquired Insight M, a methane detection and analytics firm, marking Zeitview's formal entry into the oil and gas sector. The deal combines Insight M's aircraft-based methane detection and basin-scale analytics with Zeitview's global visual-inspection platform to expand capabilities for emissions mitigation and asset intelligence across energy infrastructure.
-
February 3, 2026
- Buyer
- SunPower Inc.
- Target
- Cobalt Power Systems
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
SunPower has closed its $12 million all-equity strategic acquisition of Cobalt Power Systems. Cobalt will remain a standalone subsidiary while continuing to execute premium renewable energy solar projects for residential, new home, multifamily, and commercial customers, including in key California markets.
-
January 30, 2026
- Buyer
- Boyne Capital, New 2nd Capital
- Target
- Pilot Energy
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
Boyne Capital closed a single-asset secondary transaction forming a continuation fund to extend its partnership with Pilot Energy. The fund is managed and controlled by Boyne, anchored by New 2nd Capital as lead investor, and includes new capital to support Pilot’s acquisition strategy and organic growth initiatives.
-
January 15, 2026
- Buyer
- Energy Management Collaborative (EMC)
- Target
- Earth Savers (Earth Savers Energy Services, Inc.)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Energy Management Collaborative (EMC) has acquired Earth Savers, an LED and smart lighting solutions provider with deep experience in healthcare facilities, to broaden EMC’s healthcare offering and service capabilities across North America. The deal pairs EMC’s national footprint and broader energy-efficiency services with Earth Savers’ specialized healthcare expertise to accelerate growth in healthcare accounts and expand service capacity.
-
December 18, 2025
- Buyer
- Trump Media & Technology Group (TMTG)
- Target
- TAE Technologies
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Trump Media & Technology Group (TMTG) and fusion-energy developer TAE Technologies (TAE) have signed a definitive all-stock merger agreement valued at more than $6 billion. The combined company is expected to pursue utility-scale fusion deployment, with site selection and construction of a first 50 MWe plant targeted for 2026, and planned leadership shared between Devin Nunes (TMTG) and Dr. Michl Binderbauer (TAE).
-
November 12, 2025
- Buyer
- Clarios
- Target
- Maxwell Technologies
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Clarios has acquired Maxwell Technologies, a U.S.-based manufacturer of supercapacitor cells and modules, to strengthen its position in high-performance, short-duration energy storage solutions. Financial terms were not disclosed; Maxwell will operate as an independent U.S.-based business unit and the deal is intended to expand Clarios' supercapacitor capabilities, supply-chain resilience, and reach into non-automotive end markets such as data centers and grid applications.
-
August 14, 2025
- Buyer
- Capstone Green Energy Holdings, Inc.
- Target
- Cal Microturbine, LLC
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Capstone Green Energy Holdings, Inc. acquired its former distributor Cal Microturbine, LLC and its exclusive distribution territory, bringing sales, aftermarket support and service for California, Hawaii, Nevada, Oregon, and Washington under a new Capstone West Territory business unit. The transaction is a self-funded strategic move to deepen customer relationships, improve operational efficiency, and expand Capstone’s direct Energy-as-a-Service and service capabilities in the U.S. western region.
-
July 17, 2025
- Buyer
- Climate Adaptive Infrastructure, Kimmeridge Energy Management Company, LLC, 38 Degrees North
- Target
- 38 Degrees North, U.S. Light Energy
- Industry
- Energy
- Location
- California, United States
- Type
- Growth capital
38 Degrees North closed a growth equity investment from Climate Adaptive Infrastructure (CAI) and Kimmeridge, bringing total growth capital raised to over $230 million. The company also completed the acquisition of Kimmeridge-backed community solar developer U.S. Light Energy, adding a pipeline of more than 250 MW and deepening its distributed solar footprint.
-
July 16, 2025
- Buyer
- Qualus Corporation
- Target
- ADM Associates LLC
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Qualus Corporation has acquired ADM Associates LLC, a leading U.S. energy research and EM&V firm. The deal expands Qualus' energy-efficiency, program evaluation, energy modeling, data science and software development capabilities to better serve utilities, government agencies and commercial clients across the U.S. and Canada.
-
June 10, 2025
- Buyer
- RelaDyne
- Target
- Dawson Oil Company
- Seller
- Chevron
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
RelaDyne has acquired Dawson Oil Company from Chevron, adding Dawson's Northern California fuel, lubricant and DEF distribution network to RelaDyne's portfolio. The deal extends RelaDyne's geographic footprint in Northern California (warehouse hubs in Rocklin, Auburn, Diamond Springs, Oroville and Yuba City) and aims to expand product and service offerings while deepening commercial ties with Chevron.
-
February 25, 2025
- Buyer
- Resource Innovations
- Target
- Richard Heath & Associates, Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
Resource Innovations (RI), a Morgan Stanley Capital Partners–backed energy transformation firm, has acquired Richard Heath & Associates, Inc. (RHA), a Fresno-based provider of energy efficiency, resilience, and public-health related services for underserved communities. The add-on expands RI’s capabilities and team (bringing the combined organization to over 1,100 professionals) to better serve utility, government, and corporate clients with enhanced solutions in energy storage, resiliency, water conservation, community engagement, and workforce development.
-
January 22, 2025
- Buyer
- Motive Energy, Motive Companies, LLC
- Target
- Deep Cycle Battery San Diego
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Motive Energy, part of Motive Companies, has acquired Deep Cycle Battery San Diego, a local supplier of automotive, marine, RV, golf cart, and commercial batteries. The acquisition expands Motive Energy's presence and service capabilities in Southern California, providing faster local support and broader product availability for customers in the region.
-
January 15, 2025
- Buyer
- SOLV Energy
- Target
- SDI Services (Sacramento Drilling, Inc.)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
SOLV Energy has acquired Sacramento Drilling, Inc. (dba SDI Services) to strengthen its renewable energy services and expand foundation drilling and solar pile installation capabilities. The deal brings SDI's 25+ years of experience and skilled workforce into SOLV's utility-scale solar and energy storage project execution platform to optimize installation efficiency and project delivery.
-
- Buyer
- Masdar (Abu Dhabi Future Energy Company PJSC)
- Target
- Terra‑Gen Power Holdings II, LLC
- Seller
- Energy Capital Partners
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Abu Dhabi Future Energy Company PJSC (Masdar) has closed the acquisition of a 50% stake in Terra‑Gen Power Holdings II, LLC from Energy Capital Partners, with Igneo Infrastructure Partners retaining the remaining 50%. The deal strengthens Masdar’s U.S. platform—Terra‑Gen operates ~3.8 GW of wind, solar and battery storage (5.1 GWh) across ~30 sites and has a 12+ GW pipeline—supporting Masdar’s U.S. expansion and broader 100 GW global target by 2030.
-
July 9, 2024
- Buyer
- XGS Energy
- Target
- Capuano Engineering Company
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
XGS Energy has acquired Capuano Engineering Company to integrate world-class geothermal drilling and completion expertise into its development and deployment of closed-loop geothermal technology. Capuano Engineering will operate as a subsidiary and continue servicing traditional geothermal projects while supporting XGS’s proprietary Thermal Reach Enhancement (TRE) systems and global project build-out.
-
- Buyer
- Antin Infrastructure Partners
- Target
- GTL Leasing
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Antin Infrastructure Partners has agreed to acquire a majority stake in GTL Leasing, a leading lessor of high‑pressure gaseous hydrogen transport and storage equipment in North America. The investment (via Antin's NextGen Fund I) will expand GTL's product portfolio and scale its platform to pursue opportunities across transit, logistics and industrial end markets while GTL's founder Michael Koonce will remain CEO.
-
May 7, 2024
- Buyer
- TPG Rise Climate
- Target
- Olympus Terminals
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
TPG Rise Climate, the climate investing strategy of TPG Rise, has signed a definitive agreement to acquire Olympus Terminals, an independent renewable fuels and refined products storage provider in Southern California. The deal is intended to support TPG Rise Climate’s efforts to reduce transportation-related greenhouse gas emissions by expanding import, storage, and distribution capacity for renewable diesel in California.
-
- Buyer
- Morgan Stanley Capital Partners
- Target
- Resource Innovations
- Seller
- BV Investment Partners, Certain other shareholders
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Investment funds managed by Morgan Stanley Capital Partners acquired a controlling interest in Resource Innovations from BV Investment Partners and certain other shareholders. Resource Innovations, a San Francisco Bay Area–headquartered tech-enabled services firm serving utilities, government and corporate clients on energy efficiency and decarbonization, will continue to be led by founder and CEO Lauren Casentini, who remains a significant equity holder; MSCP plans to support continued organic growth and M&A to expand the business.
-
March 12, 2024
- Buyer
- Hillmann Consulting, LLC
- Target
- Abraxas Energy Consulting
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Hillmann Consulting, a Building Sciences, Due Diligence and Construction Services firm based in Union, New Jersey, has acquired Abraxas Energy Consulting, a specialist in building energy efficiency, audits, retro-commissioning and M&V software. The acquisition expands Hillmann's service portfolio and technical capabilities in energy efficiency and sustainability, enabling enhanced client savings, access to incentives, and stronger market presence.
-
February 12, 2024
- Buyer
- Endeavour Capital, Greenbelt Capital Partners
- Target
- CTC Global Corporation
- Industry
- Energy
- Location
- California, United States
- Type
- Growth capital
Endeavour Capital and Greenbelt Capital Partners have completed a strategic growth investment in CTC Global Corporation, a California-based manufacturer of advanced composite conductor cores for high-voltage transmission lines. The capital will support CTC's global commercialization and capacity expansion of its ACCC Conductor and InfoCore System to help utilities modernize transmission infrastructure and integrate more renewable generation.
-
October 25, 2023
- Buyer
- Salka LLC (Salka Energy / Salka Cabazon HoldCo LLC)
- Target
- San Gorgonio Pass wind farm (near Palm Springs, California)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Salka LLC (doing business as Salka Energy through its subsidiary Salka Cabazon HoldCo LLC) acquired a 39 MW operating wind farm in the San Gorgonio Pass near Palm Springs, California. Salka plans to refurbish and eventually repower the facility to continue generation (estimated to power more than 11,000 homes), expand its California presence, and preserve the project from decommissioning.
-
October 23, 2023
- Buyer
- Chevron Corporation
- Target
- Hess Corporation
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Chevron entered into a definitive agreement to acquire Hess in an all-stock transaction valued at about $53 billion (enterprise value $60 billion). The deal closed in 2025 after the resolution of all required closing conditions, including a favorable arbitration outcome tied to Hess’ offshore Guyana assets.
-
October 9, 2023
- Buyer
- Qualus Corporation
- Target
- GridBright
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
Qualus Corporation, a portfolio company of New Mountain Capital, has acquired GridBright, a Silicon Valley–area technology solutions firm specializing in grid integration software, systems integration, and advisory services. The deal (terms not disclosed) expands Qualus’ capabilities in grid modernization, resiliency, security, and renewable interconnection services; AEC Advisors advised Qualus and Capstone Partners advised GridBright.
-
- Buyer
- Mars Energy Group, Solara Home Energy, Mars Equity Partners
- Target
- Ready Home Energy
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
Mars Energy Group, through its subsidiary Solara Home Energy, has acquired Ready Home Energy, a Rocklin, California residential solar installer that serves new home builders. The add-on expands Mars Energy's residential new-construction capabilities in response to California's Title 24 requirement for solar on new homes and brings Ready Home Energy into Mars Energy's portfolio alongside platform NewGen Energy.
-
May 16, 2023
- Buyer
- ArcLight Capital Partners, Sequitur Renewables
- Target
- Operating wind farm (Altamont Pass, California)
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
ArcLight Capital Partners' portfolio company Sequitur Renewables has acquired an operating wind farm in the Altamont Pass region of California. The deal expands Sequitur's platform of mature, operational wind assets as ArcLight continues to scale the business and deploy value‑add operational and commercial strategies.
-
May 9, 2023
- Buyer
- RESA Power, LLC, Investcorp
- Target
- HALCO Service Corporation (including HALCO Testing Services, Inc. and AMPS-DMS, Inc.)
- Industry
- Energy
- Location
- California, United States
- Type
- Addon
RESA Power, a portfolio company of Investcorp, has acquired HALCO Service Corporation (including HALCO Testing Services, Inc. and AMPS-DMS, Inc.). The acquisition expands RESA Power’s electrical testing and engineering capabilities, strengthens its presence in California and adds service coverage into Texas, and supports the company’s push into the renewables market.
-
- Buyer
- Mysa
- Target
- Zen Ecosystems
- Seller
- Zen Ecosystems
- Industry
- Energy
- Location
- California, United States
- Type
- Divestiture
St. John's-based smart-thermostat maker Mysa has acquired the intellectual property and product assets of Zen Ecosystems, including the ZenHQ commercial energy management platform and Zen thermostats. The acquisition expands Mysa's product capability into central heating and commercial energy management and enables the company to serve more residential and SMB/commercial customers across North America.
-
March 31, 2023
- Buyer
- Shell USA, Inc., Shell plc
- Target
- Volta Inc.
- Seller
- Volta stockholders
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Shell USA, Inc., a subsidiary of Shell plc, has completed the all-cash acquisition of Volta Inc., adding Volta’s EV charging and digital out-of-home media network to Shell’s mobility business. The deal, approved by Volta stockholders and cleared by regulators, transfers Volta’s charging-and-media operations into Shell’s U.S. mobility organization.
-
February 3, 2023
- Buyer
- SEW (Smart Energy Water)
- Target
- 3Insys
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
SEW (Smart Energy Water) has acquired 3Insys, an iPaaS provider focused on IT‑OT integration for the energy and utility sector. The purchase adds system, data and security integration capabilities to SEW’s digital customer and workforce experience platform to accelerate utilities' digital transformation and grid modernization.
-
- Buyer
- TLG Acquisition One Corp.
- Target
- Electriq Power Holdings Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Electriq Power Holdings Inc., an intelligent energy storage and management provider for homes and small businesses, entered into a definitive merger agreement with TLG Acquisition One Corp. (TLGA), a publicly traded SPAC. The transaction values Electriq at a pro forma pre-money equity value of $495 million and is expected to provide up to $125 million in capital, with the combined company to be listed on the NYSE under ticker ELIQ in the first half of 2023.
-
- Buyer
- LOTO Energy II, LLC, WMC Merger Sub, Inc.
- Target
- Western Metals Corporation
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Western Metals Corporation (WTLC) closed its previously announced tender offer and subsequent merger with LOTO Energy II, LLC. LOTO Energy II purchased shares in the tender and then merged Western Metals into a wholly owned Merger Sub, with remaining unaffiliated shares converted into the right to receive $0.44 per share in cash.
-
August 10, 2022
- Buyer
- Wallbox
- Target
- COIL Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Wallbox (NYSE:WBX) has acquired COIL Inc., a U.S.-based end-to-end EV charging installation services provider, to integrate installation, maintenance, engineering and software-enabled quoting capabilities into its North American offerings. The acquisition strengthens Wallbox's ability to deliver turnkey residential, commercial and DC fast-charging projects and expands its service footprint across the United States.
-
August 3, 2022
- Buyer
- BorgWarner Inc.
- Target
- Rhombus Energy Solutions
- Seller
- Existing shareholders / investors (including Emerald Technology Ventures and Cycle Capital)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
BorgWarner Inc. acquired San Diego-based Rhombus Energy Solutions for an enterprise value of up to $185 million, with approximately $130 million paid at closing and up to $55 million in contingent payments. The deal expands BorgWarner's charging business—adding V2G and DC fast-charging capabilities and a North American presence—and leverages BorgWarner's manufacturing, engineering, supply chain, and sales strengths to scale Rhombus's technology.
-
August 2, 2022
- Buyer
- Sapphire Gas Solutions
- Target
- CLEANCOR Holdings LLC
- Seller
- SEACOR Holdings Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Sapphire Gas Solutions, a Conroe, Texas–based natural gas solutions provider, has acquired CLEANCOR Holdings LLC from SEACOR Holdings Inc. The acquisition expands Sapphire's footprint into the western United States, increases equipment fleet capacity, and adds CNG, LNG, RNG and hydrogen fueling and service capabilities for transportation, industrial, and pipeline customers.
-
August 1, 2022
- Buyer
- Nikola
- Target
- Romeo Power
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Nikola entered into a definitive agreement to acquire Romeo Power for about $144 million in an all-stock transaction. The deal is intended to bring Romeo’s lithium-ion battery module/pack and battery management system (BMS) engineering capabilities in-house to improve battery pack production efficiency and reduce costs.
-
- Buyer
- Xpansiv
- Target
- APX
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Xpansiv has completed the acquisition of APX, a provider of registry infrastructure for energy and environmental markets, integrating APX’s registry capabilities into Xpansiv’s market infrastructure for carbon, RECs, water and other environmental commodities. The deal was enabled in part by a $400 million strategic investment in Xpansiv led by Blackstone Energy Partners; advisers on the transaction included Perella Weinberg Partners for Xpansiv and Goldman Sachs for APX.
-
- Buyer
- Generate Capital
- Target
- esVolta LP
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Generate Capital has acquired utility-scale battery storage developer esVolta LP, adding a portfolio of more than 900 MWh of operational and contracted projects and a pipeline across multiple U.S. states and Canada. The deal gives Generate entry into the front-of-the-meter battery storage market to expand its grid-connected storage capabilities and accelerate deployment of energy storage projects for utilities and offtakers.
-
July 12, 2022
- Buyer
- TRC Companies Inc.
- Target
- Blue Oak Energy
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
TRC Companies Inc. has acquired Sacramento-based Blue Oak Energy, a solar and energy storage engineering firm, to expand TRC’s renewable energy and Climate Solutions capabilities. Blue Oak’s team has delivered over 6 GW of solar projects (and supported over 12 GW through development) and is licensed in 30+ states, broadening TRC’s utility- and commercial-scale PV and storage engineering capacity.
-
June 21, 2022
- Buyer
- Schneider Electric
- Target
- EV Connect
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Schneider Electric has acquired EV Connect, an El Segundo, California-based provider of an open EV charging platform, to accelerate its eMobility strategy and expand its digital energy offerings. EV Connect will operate as a distinct subsidiary led by CEO and founder Jordan Ramer, while Schneider aims to strengthen its presence in EV charging infrastructure and services.
-
- Buyer
- Renewable Energy Group, Inc.
- Target
- Dawson Oil Company
- Seller
- Kasey Fray, Dawson Oil Company (family owners)
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Renewable Energy Group (REG) has acquired Dawson Oil Company, a family-owned bulk fuel distributor and cardlock operator in Northern California. The acquisition adds roughly 24 million gallons/year of fuel sales, six cardlock locations, and ~4,500 customers to REG's downstream distribution network to expand delivery of REG's lower-carbon EnDura Fuels to commercial, agricultural, industrial and government end users in the region.
-
April 25, 2022
- Buyer
- Kerogen Capital, JP Morgan Chase
- Target
- Enervee Corporation
- Industry
- Energy
- Location
- California, United States
- Type
- Growth capital
Kerogen Capital led a US$30 million investment in Enervee as part of a US$35 million capital injection alongside JP Morgan Chase to support the energy-efficiency e‑marketplace's product and geographic expansion. Enervee, which provides a data- and behavior-driven marketplace for utilities and reaches over 40 million U.S. households, will use proceeds to expand its team, product offerings and enter European and Asian markets; Kerogen will take a board seat.
-
- Buyer
- Superior Plus Corp.
- Target
- Kamps Propane (including High Country Propane, Pick Up Propane, Competitive Capital and Propane Construction and Meter Services), Kiva Energy
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Superior Plus Corp. completed the acquisition of Kamps Propane (and related entities) and Kiva Energy for approximately US$240 million, funded from its existing credit facility. The deal adds a substantial retail propane distribution platform and wholesale capabilities across the U.S. West, and is expected to deliver approximately US$7 million of annual run-rate synergies within 24 months.
-
- Buyer
- SK E&S
- Target
- EverCharge
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
South Korean energy company SK E&S has acquired EverCharge, a San Francisco Bay Area–based manufacturer and operator of EV charging stations focused on multi-family, workplace and fleet deployments. The deal gives SK E&S a foothold in the U.S. EV charging market and complements its broader U.S. energy solutions investments and capabilities.
-
March 15, 2022
- Buyer
- Enphase Energy, Inc.
- Target
- SolarLeadFactory LLC
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Enphase Energy has acquired SolarLeadFactory LLC, a lead-generation and marketing platform for residential solar installers, to add high-quality customer acquisition capabilities to its installer digital platform. The acquisition is intended to increase lead volumes and conversion rates and lower customer acquisition costs for Enphase’s installer network.
-
- Buyer
- Novus Capital Corporation II, Atlas Renewable LLC, Korea Zinc Co., Ltd., China Tianying Inc.
- Target
- Energy Vault Holdings, Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Energy Vault Holdings, Inc. completed a business combination with Novus Capital Corporation II and began trading on the New York Stock Exchange (NRGV) on February 14, 2022. The transaction provided approximately $235 million in gross proceeds (plus prior Series C and a $50M licensing fee from Atlas Renewable) to fund commercialization of the company’s grid-scale energy storage technologies and energy management software.
-
February 11, 2022
- Buyer
- Energy Vault Holdings, Inc., Korea Zinc Co., Ltd., Atlas Renewable LLC
- Target
- Energy Vault, Inc., Novus Capital Corporation II
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Novus Capital Corporation II completed its business combination with Energy Vault, Inc., creating a publicly traded platform for gravity-based, grid-scale energy storage solutions. The transaction included a common stock PIPE anchored by Korea Zinc and Atlas Renewable, with proceeds used to fund growth and global deployment of Energy Vault’s technology.
-
February 10, 2022
- Buyer
- TotalEnergies
- Target
- SunPower Corp.'s Commercial & Industrial Solutions (CIS) business
- Seller
- SunPower Corp.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
TotalEnergies has signed a definitive agreement to purchase SunPower’s Commercial & Industrial Solutions (CIS) business for $250 million, including a $60 million earn-out subject to regulatory developments. The deal is expected to close in early Q2, while SunPower will refocus on its high-growth residential solar services.
-
- Buyer
- Romeo Power, Inc.
- Target
- BorgWarner joint venture interest
- Seller
- BorgWarner Inc.
- Industry
- Energy
- Location
- California, United States
- Type
- Buyout
Romeo Power, Inc. completed the previously announced acquisition of BorgWarner’s interest in the joint venture between the two companies for $28.6 million in cash. The deal gives Romeo Power full control of the JV assets and intellectual property, removing commercial restrictions and enabling broader commercialization and expansion into new vehicle classes and geographies.
Track M&A activity that matters to you
Get real-time deal alerts, build buyer lists with AI, and access our full acquisition database. Start your free trial today.
Frequently Asked Questions
What types of energy acquisitions are showing up in California?
Recent transactions span energy services (including O&M), analytics and emissions mitigation, energy storage products, distributed solar development, and infrastructure execution such as foundation drilling for solar projects.
Which buyers appear across multiple California energy deals?
Recurring names include Boyne Capital, Qualus Corporation, Zeitview, RelaDyne LLC, and Clarios, each associated with deals that expand capabilities or footprint in different energy subsectors.
Are any deals focused on emissions detection and analytics?
Yes. Zeitview acquired Insight M in California to combine aircraft-based methane detection and basin-scale analytics with its visual-inspection platform, aimed at emissions mitigation and asset intelligence.
Do any acquisitions emphasize grid or storage technology?
Yes. Clarios acquired Maxwell Technologies to strengthen supercapacitor capabilities for short-duration energy storage, and Motive Energy acquired Deep Cycle Battery San Diego to expand local battery supply and service coverage in Southern California.