Energy Acquisitions in Pennsylvania
Pennsylvania Energy Deal Themes (2018–2025)
Pennsylvania has seen a steady mix of energy acquisitions spanning upstream and midstream, grid and interconnection software, and power assets serving regional markets. Deals on this page highlight both “platform” investments and operational tuck-ins that add specialized capabilities.
Across 2025, buyers including Veolia, Ardian, Enverus, and CNX Resources Corporation show different routes to growth—from expanding digital and distributed energy services to growing gas portfolios in the Marcellus and Utica. Meanwhile, utilities-adjacent and infrastructure software is also represented, such as Enverus adding Pittsburgh-based automation and simulation tools for interconnection studies.
The page also includes energy services and equipment-related transactions (for example, HVAC and propane distribution; frac water heating; and LNG process technology). Together, these deals map to common themes in Pennsylvania energy M&A: adding local operational footprint, integrating software or technical platforms, and strengthening regulated- and infrastructure-facing capabilities.
What Stands Out
- Digital & distributed energy tuck-ins: Veolia acquired Icetec to expand SaaS optimization via Veolia’s Hubgrade platform.
- Power generation & grid-market exposure: Ardian moved to 100% ownership of the 620 MW Hill Top Energy Center selling capacity and energy into the PJM market.
- Upstream + associated midstream: CNX Resources Corporation acquired the Apex Energy II upstream and associated midstream business, expanding Marcellus/Utica leasehold and midstream infrastructure.
- Interconnection and grid enablement software: Enverus acquired Pearl Street Technologies to integrate its SUGAR power-flow engine and Interconnect platform.
- Energy services add-ons: acquisitions include propane/fuel delivery via Energy Distribution Partners (EDP) and heating services through Guttman Energy (via an ESOP transition for Weaver Energy employees).
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July 18, 2025
- Buyer
- Veolia
- Target
- Icetec
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
Veolia has completed the acquisition of Icetec, a Boothwyn, Pennsylvania–based digital and distributed energy management company with more than 20 years of experience. The tuck-in expands Veolia's North American energy service offerings and adds Icetec's SaaS optimization capabilities to Veolia's Hubgrade digital platform as part of its GreenUp strategy.
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April 28, 2025
- Buyer
- Ardian
- Target
- Hill Top Energy Center
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Ardian has acquired the remaining equity stake in Hill Top Energy Center, giving it 100% ownership and full operational control of the 620 MW combined-cycle gas turbine in western Pennsylvania. The asset sells capacity and energy into the PJM market and the transaction is Ardian Americas Infrastructure Fund V's first energy investment, intended to support long-term growth and reliable power supply for rising electricity demand.
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March 13, 2025
- Buyer
- Enverus
- Target
- Pearl Street Technologies
- Seller
- VoLo Earth, Pear VC, Powerhouse Ventures, Incite
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Enverus has acquired Pearl Street Technologies, a Pittsburgh-based provider of automation and simulation software that accelerates interconnection studies for utilities, transmission providers and developers. The deal expands Enverus's power and renewables offerings by integrating Pearl Street's SUGAR power-flow engine and Interconnect platform to help address nationwide interconnection queue backlogs.
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- Buyer
- CNX Resources Corporation
- Target
- Apex Energy II, LLC
- Seller
- Funds managed by Carnelian Energy Capital Management, L.P., Apex Energy II, LLC
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
CNX Resources Corporation closed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for approximately $505 million (effective Oct. 1, 2024). The bolt-on expands CNX's Marcellus and Utica leasehold in the Appalachian Basin (~36,000 net acres, including significant undeveloped Utica and Marcellus acreage) and adds existing midstream infrastructure expected to be immediately accretive to free cash flow.
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October 23, 2024
- Buyer
- Energy Distribution Partners (EDP)
- Target
- Sullivan Oil & Propane
- Seller
- Gene Sullivan, Jennifer Sullivan
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
Energy Distribution Partners (EDP) has acquired Sullivan Oil & Propane, a Bath, Pennsylvania-based provider of propane, fuel oil and HVAC services. The deal—EDP’s 41st since 2012—adds a local team of 15 employees and expands EDP’s footprint in the Lehigh Valley and Poconos as an add-on to its propane and home energy platform.
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September 16, 2024
- Buyer
- Guttman Energy, Inc., Source One Transportation, LLC, Guttman Holdings, Inc.
- Target
- Weaver Energy, Inc.
- Seller
- Weaver Energy, Inc. (Weaver family / founders Ken and Deb Weaver)
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Guttman Energy and Source One Transportation, subsidiaries of employee-owned Guttman Holdings, acquired the assets of Weaver Energy, Inc., a Lititz, Pennsylvania-based home heating oil, bulk fuels and HVAC services provider. The acquisition expands Guttman’s market coverage and enhances its home heating oil, bulk fuel delivery, and transportation capabilities in central and eastern Pennsylvania; Weaver employees will join Guttman’s ESOP.
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- Buyer
- MPE Partners, Precision Pipeline Services
- Target
- Allegheny Contracting
- Seller
- Brent Buehler and Allegheny management
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
MPE Partners and its portfolio company Precision Pipeline Services have acquired Allegheny Contracting, a Ridgway, Pennsylvania-based provider of gas transmission pipeline integrity and gas distribution repair services serving the Mid-Atlantic and Midwest. The deal is an add-on to Precision’s platform to expand underground utility services and capabilities; Allegheny’s founder Brent Buehler and the management team partnered in the transaction, with financing provided by Churchill Asset Management and BMO Sponsor Finance.
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August 21, 2024
- Buyer
- Bitfarms Ltd.
- Target
- Stronghold Digital Mining, Inc.
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Bitfarms Ltd. entered into a definitive stock-for-stock merger agreement to acquire Stronghold Digital Mining, valued at approximately US$125 million in equity plus assumed debt of about US$50 million. The deal is expected to close in the first quarter of 2025, subject to approvals and customary closing conditions.
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- Buyer
- EQT Corporation
- Target
- Equitrans Midstream Corporation
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Equitrans Midstream announced it issued a notice for the full redemption of its Series A Perpetual Convertible Preferred Shares tied to an earlier merger agreement with EQT Corporation. The redemption is expected to occur around July 22, 2024 (subject to the merger being consummated), with EQT funding deposited to the paying agent to enable the cash redemption for all outstanding preferred shares.
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September 11, 2023
- Buyer
- Enservco Corporation
- Target
- Rapid Hot
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Enservco Corporation (NYSE American: ENSV) has acquired all of the assets of Rapid Hot in an all-stock transaction valued at $1,057,500. Rapid Hot, headquartered in Washington, Pennsylvania, provides frac water heating services across the Appalachian Basin; the acquisition strengthens Enservco's position in the Marcellus shale and brings Rapid Hot president/CFO Mike Lade into Enservco as chief of staff. Enservco also closed a $1,625,000 convertible debt financing that included participation from Rapid Hot lead investors, an Enservco board member and Cross River Partners.
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- Buyer
- TPI Efficiency, ScaleCo Capital Management
- Target
- Greenstar Solutions, LLC
- Seller
- Greenstar Solutions, LLC
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
TPI Efficiency, a ScaleCo Fund IV portfolio company, acquired the electricity and natural gas business of Greenstar Solutions, LLC — Greenstar is based in Bethlehem, Pennsylvania. The transaction is TPI’s first add-on under ScaleCo and expands TPI’s energy procurement and service capabilities by adding Greenstar’s licensed energy brokerage and telecommunications offerings.
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- Buyer
- Industrious Group Inc., ITOCHU International Inc.
- Target
- American Hydro, Inc.
- Seller
- Wärtsilä Corporation
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Industrious Group, a subsidiary of ITOCHU International Inc., has acquired American Hydro, a North American hydropower turbine design, manufacture and services provider previously owned by Wärtsilä. The acquisition expands Industrious Group and ITOCHU's capabilities and footprint in the hydropower and renewable MRO services market across North America. G2 Capital Advisors served as exclusive buy-side advisor on the transaction, completed in May 2023.
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- Buyer
- Consulting Solutions, White Wolf Capital
- Target
- Empyrean Services, The Empyrean Group
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
Consulting Solutions, a portfolio company of White Wolf Capital, has acquired Empyrean Services and The Empyrean Group, two Pittsburgh-based providers of engineering and consulting services to the nuclear and non-nuclear power-generation industries. Empyrean will operate as a standalone division within Consulting Solutions to expand the platform's energy-focused engineering and workforce solutions capabilities.
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May 5, 2022
- Buyer
- Caterpillar Inc.
- Target
- Tangent Energy Solutions
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Caterpillar Inc. has acquired Tangent Energy Solutions, an energy-as-a-service provider headquartered in Kennett Square, Pennsylvania. The acquisition brings Tangent’s analytics-driven EaaS platform and software capabilities into Caterpillar’s Electric Power Division to expand digital offerings, improve energy efficiency services, and enable new revenue streams for customers.
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April 5, 2022
- Buyer
- Radian Generation, 424 Capital
- Target
- Green IT Energy Applications
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Radian Generation, with backing from 424 Capital, has acquired Green IT Energy Applications to expand its operational-technology, cybersecurity and software capabilities for renewable energy assets. Green IT's team (including founder Andrew Eisenberg, who joins Radian as president and CTO) and its software platforms will be integrated into Radian's offering to broaden lifecycle asset management and managed compliance services.
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January 10, 2022
- Buyer
- White Deer, MB Energy Partners
- Target
- Fortress Power, LLC
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Growth capital
Houston-based private equity firm White Deer, joined by MB Energy Partners, has made a growth investment in Fortress Power, a Pennsylvania-based designer and manufacturer of battery energy storage systems. The capital will support Fortress's product development, market expansion, and team growth to accelerate adoption of residential, commercial, and industrial energy storage solutions.
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January 4, 2022
- Buyer
- UGI Energy Services, LLC
- Target
- Stonehenge Appalachia, LLC
- Seller
- Stonehenge Energy Holdings, LLC
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
UGI Corporation’s subsidiary, UGI Energy Services (UGIES), entered into a definitive agreement to acquire Stonehenge Appalachia, LLC from Stonehenge Energy Holdings, LLC for approximately $190 million. The Stonehenge midstream system is located in Butler County, Pennsylvania and includes pipeline and compression assets with gathering capacity of 130 million cubic feet per day.
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November 8, 2021
- Buyer
- Fluitron, Inc., Ara Partners
- Target
- Bethlehem Hydrogen, Inc.
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
Fluitron, a manufacturer of industrial gas compression equipment, has acquired Bethlehem Hydrogen, a maker of integrated hydrogen compression, dispensing, and storage systems. The acquisition, sponsored by private equity firm Ara Partners, expands Fluitron’s manufacturing, engineering and global reach as part of a strategy to build a global hydrogen infrastructure platform.
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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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December 1, 2019
- Buyer
- ACG Holdco, LLC, White Oak Global Advisors, LLC
- Target
- Atlantic Carbon Group Plc
- Seller
- Joint Administrators for Atlantic Carbon Group Plc (AlixPartners UK LLP)
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
An affiliate of White Oak Global Advisors, ACG Holdco, LLC, acquired all equity interests in Atlantic Carbon Group Plc through a UK Administration proceeding (with an ancillary Chapter 15 in Delaware). The credit-bid transaction—advised by SSG Capital Advisors and closed in December 2019—preserved operations at the Hazleton, Pennsylvania anthracite mining operations and saved over 150 jobs.
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June 19, 2019
- Buyer
- Duquesne Light Holdings
- Target
- The Efficiency Network, Inc.
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Duquesne Light Holdings (DLH) has acquired The Efficiency Network (TEN), a Pittsburgh-based provider of customized energy-efficiency and smart-city solutions. FMI Capital Advisors served as exclusive financial advisor to TEN; TEN's leadership will remain in place as the business becomes a platform for DLH to expand its energy-efficiency, distributed generation, and smart street lighting offerings in Pennsylvania and beyond.
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January 17, 2019
- Buyer
- Tendril
- Target
- EEme
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Buyout
Tendril, a home energy management provider, has acquired Pittsburgh-based EEme to integrate its non-intrusive load monitoring (NILM) and appliance-level disaggregation technology into the Tendril Platform. The acquisition—backed by Tendril's recent private equity support—aims to improve appliance detection accuracy at scale and unlock new utility use cases such as targeted EV offers, HVAC diagnostics and peak management.
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November 27, 2018
- Buyer
- Albireo Energy, Huron Capital
- Target
- Taylor Consulting and Contracting
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Addon
Albireo Energy, a building-automation and energy services platform backed by Huron Capital, has acquired Taylor Consulting and Contracting to expand its energy management, brokerage and procurement capabilities in the deregulated energy market. Taylor will continue day-to-day operations while joining Albireo's platform to enhance energy management, procurement and smart-building integration services.
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- Buyer
- Junction Energy Capital, Ara Partners Group
- Target
- PURAGLOBE (Puralube, Inc.)
- Seller
- Allied Resource Corporation
- Industry
- Energy
- Location
- Pennsylvania, United States
- Type
- Growth capital
Houston-based private equity firms Junction Energy Capital and Ara Partners Group announced a joint investment in PURAGLOBE (Puralube, Inc.), a technology-driven base oil producer that uses recycled oil feedstock. Allied Resource Corporation, the founding shareholder, will retain a substantial stake alongside the new investors as PURAGLOBE expands operations in Germany and the United States.
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Frequently Asked Questions
What types of energy deals are most common in Pennsylvania on this page?
You’ll see acquisitions across multiple segments, including upstream/midstream (e.g., CNX Resources Corporation), power generation assets (e.g., Ardian), and energy software/technology (e.g., Enverus and Veolia).
Which 2025 Pennsylvania deals on this page involve software or digital capabilities?
In 2025, Veolia acquired Icetec to expand digital and distributed energy management, and Enverus acquired Pearl Street Technologies to support interconnection studies with its automation and simulation software.
Do these acquisitions include power plants and grid-market selling?
Yes. Ardian acquired full ownership of the 620 MW Hill Top Energy Center, described as selling capacity and energy into the PJM market.
Are energy services and downstream activities included?
Yes. Examples include propane and HVAC services with Energy Distribution Partners (EDP)’s acquisition of Sullivan Oil & Propane, and home heating oil, bulk fuels, and HVAC services via Guttman Energy’s acquisition of Weaver Energy.