Sleeping Bear Capital Acquires Ultra Electronics' Fuel Cell Business, Rebrands as Adaptive Energy

Edge Autonomy Acquires Adaptive Energy

August 8, 2022

Manufacturing

Edge Autonomy, a PE-backed unmanned systems platform, has acquired Adaptive Energy, a designer and manufacturer of microtubular solid oxide fuel cells (SOFC) used for backup, off-grid and UAV power. The add-on acquisition — backed by Edge Autonomy sponsor AE Industrial Partners — brings Adaptive Energy's patented SOFC technology and installed base (~2,000 systems) into Edge Autonomy's unmanned platform ecosystem to extend mission duration and performance.

Hydrasun (SCF-backed) Acquires Fuel Cell Systems Ltd.

September 28, 2022

Renewable Energy

Hydrasun, backed by SCF Partners, has acquired Fuel Cell Systems Ltd., a UK provider of hydrogen systems including fuel cells, modular electrolyzers, compression, storage and refueling systems. The acquisition expands Hydrasun's hydrogen systems capabilities and proprietary technology with plans to scale manufacturing, recruit staff and accelerate R&D.

New Era Energy Acquires Commercial Fuel Solutions Limited

November 13, 2024

Energy

New Era Energy has acquired Commercial Fuel Solutions (CFS) Limited, a UK-based designer, manufacturer and distributor of fuel storage/transfer systems and the country's largest independent AdBlue supplier. The acquisition adds CFS's hydrogen refuelling and low-carbon AdBlue expertise to New Era's nationwide fuels and lubricants distribution network, expanding product capability and strengthening the combined company's sustainability offering.

Advanced Energy Completes Acquisition of SL Power Electronics

April 25, 2022

Manufacturing

Advanced Energy Industries, Inc. has completed its acquisition of SL Power Electronics Corporation from Steel Partners Holdings L.P., expanding Advanced Energy's product portfolio in industrial and medical power solutions. The deal is expected to be accretive to earnings, generate cost synergies, and broaden Advanced Energy's addressable market by more than $400 million.

Generac Acquires PowerPlay Business from SunGrid Solutions

June 26, 2024

Renewable Energy

Generac Power Systems has acquired the PowerPlay battery energy storage systems business from SunGrid Solutions. The PowerPlay operation in Cambridge, Ontario will become Generac's dedicated R&D facility for commercial & industrial BESS solutions; the transaction closed on June 26, 2024 and terms were not disclosed.

Ultra I&C Acquires Expeditionary Engineering

April 23, 2025

Aerospace & Defense

Ultra Intelligence & Communications (Ultra I&C) has acquired San Diego-based Expeditionary Engineering, a designer and manufacturer of rugged 3U VPX hardware for airborne and expeditionary Department of Defense applications. The deal brings Expeditionary Engineering's SPOC-compliant embedded computing platforms into Ultra I&C's secure communications and software-defined systems to enhance tactical edge processing, command-and-control, and software deployment capabilities.