Energy Acquisitions in 2024

Lion Equity Partners, a Denver-based private equity firm, has acquired Global Compression Services (GCS) from Warren Equipment Company. GCS, headquartered in Midland, Texas, is a global distributor and manufacturer of OEM and aftermarket parts for reciprocating natural gas engines and compressors; Lion Equity said the acquisition will support growth, capability expansion, and operational improvements in the natural gas compression aftermarket.

EG Acquisition LLC completed the acquisition of the outstanding common shares of Golden Vertex Corp and certain assets of Elevation Gold Mining Corporation, including the Moss Mine in Arizona. The sale was approved by Canadian and U.S. courts and closed December 31, 2024; following closing, Elevation Gold's directors and officers resigned and the company will have no operating business or material assets.

Waterland Private Equity has invested in Groupe GUINIER 1823, supporting the family-led group's plan to accelerate its growth as a French leader in the energy transition. The partnership will help Guinier scale its HVAC and electrical engineering, multi-technical maintenance and construction capabilities and expand geographically and strategically.

T.D. Williamson (TDW) has acquired Petro-Line, a Canadian provider of patented pipeline repair products and services known for the PETROSLEEVE. The acquisition adds Petro-Line's in-service pipeline repair capability to TDW's portfolio and expands TDW's presence and service offerings in Western Canada.

TotalEnergies has sold 50% of its shares in West Burton Energy to EPUKI, the UK subsidiary of Energetický a průmyslový holding (EPH). West Burton Energy owns a 1.3 GW gas-fired power plant and a 49 MW battery storage system in the United Kingdom and will be operated as a joint venture between TotalEnergies and EPUKI to adjust flexible generation capacity and support TotalEnergies' renewables growth.

Funds managed by Igneo Infrastructure Partners have agreed to buy Morgan Stanley Infrastructure Partners' 50% ownership stake in Larus Holding Limited, the parent company of Höegh Evi. Aequitas (the Høegh Family) will retain its 50% stake; Höegh Evi is a global owner-operator of FSRUs and LNG carriers transitioning toward hydrogen, ammonia and CCS solutions.

Meridian, Idaho-based Jacksons Food Stores Inc. has acquired the retail, wholesale and transportation assets of Hi-Noon Petroleum Inc., a Missoula, Montana-based petroleum marketer, including three convenience stores, 46 dealer accounts and its transportation fleet. The deal transfers ownership of Hi-Noon's assets from owner Dirk Cooper (Hi-Noon Petroleum) to Jacksons, expanding Jacksons' retail and fuel distribution footprint into Montana.

STAR Capital has agreed to acquire STR (Subsea Technology & Rentals) from Baird Capital. STR is a UK-based subsea sensor equipment and solutions provider serving offshore energy, infrastructure and marine science markets; CEO Steve Steele will remain in place following the transaction.

RESA Power, a portfolio company of Investcorp, has acquired Power Asset Recovery Corporation (PARC), a North Canton, Ohio-based supplier of substation power transformers and high-voltage transformer parts. The acquisition expands RESA Power's transformer services and parts capabilities and accelerates PARC's entry into RESA's broader national footprint; it is RESA's eighth acquisition in 2024.

EnergyHub has acquired Kapacity.io, a Helsinki-based specialist in heat pump optimization and residential flexibility, to accelerate demand-side flexibility and expand virtual power plant (VPP) capabilities into Europe. Kapacity.io will continue partnering with electricity retailers, heat pump manufacturers and system operators while leveraging EnergyHub's DERMS expertise and resources; EnergyHub is an independent subsidiary of Alarm.com.

Harrison Street completed a previously announced investment to acquire a 33.33% interest in CPV Renewable Power LLC, a wholly-owned subsidiary of Competitive Power Ventures (CPV), funding $200 million of a $300 million commitment in November 2024 with the remaining $100 million expected in 2025. The investment provides growth capital to support CPV Renewable's development, construction and ownership of renewable power projects in the United States.

An affiliate of Northampton Capital Partners LLC completed the acquisition of all issued and outstanding common shares of Altius Renewable Royalties Corp. (TSX:ARR, OTCQX:ARTWF) (other than those indirectly owned by Altius Minerals) for C$12.00 per share by way of a statutory plan of arrangement approved by the Court of King’s Bench of Alberta. Northampton said it plans to support ARR and the Great Bay Renewables team to grow the company's renewable energy royalties platform.

Relevate Power has acquired Gravity Renewables, adding 40 MW of hydroelectric and one solar project to its portfolio. The transaction was financed by funds managed by Apollo and more than doubles Relevate’s generation capacity while expanding its footprint in the Northeastern United States.

EQT, through its new EQT Transition Infrastructure strategy, will acquire German battery energy storage developer and operator ju:niz Energy from founder Dr. Franz Hauk. The investment is the inaugural deal for the strategy and aims to scale ju:niz's project development, operations and asset ownership to support the energy transition and grid flexibility in Europe.

Qualus Corporation has completed the acquisition of Planet Forward Energy Solutions (PFES). The deal expands Qualus' program management, construction management, and advisory capabilities—adding PFES' expertise in project controls, owner's engineering, business intelligence, and data analytics to support utilities, renewables, and data center clients.

EQT (via its Active Core Infrastructure fund) and Singapore sovereign investor GIC will acquire a majority stake in UK smart-metering and energy infrastructure owner Calisen from funds managed by Global Infrastructure Partners, Goldman Sachs Alternatives’ infrastructure business, and Mubadala Investment Company. The deal values Calisen at about £4.0 billion; Equitix will remain a minority investor and the transaction is subject to regulatory approvals. The new owners plan to support Calisen’s rollout of smart meters and expansion into adjacent energy-transition services such as EV charging, solar/battery and heat-pump installation.

Fusion Fuel Green plc (NASDAQ: HTOO) completed a share-exchange acquisition of approximately 70% of Quality Industrial Corp. (QIND), appointing John-Paul Backwell as CEO and reorganizing senior leadership to support expanded energy engineering and hydrogen solutions. The transaction aims to strengthen Fusion Fuel’s engineering, supply and services capabilities in renewable energy and industrial gas markets; certain post-close approvals and a Nasdaq listing appeal remain outstanding.

Pennybacker Capital Management has completed the acquisition of the Miami LNG business from New Fortress Energy. The small-scale liquefaction and distribution operation (producing ~8,300 MMBtu/day) will be led by newly appointed President & CCO Daniel McLaughlin and will focus on serving customers across Florida and the Caribbean.

Oklo, the Sam Altman–backed small-reactor developer, is acquiring US radioisotope producer Atomic Alchemy in an all-stock transaction valued at $25 million. The deal will vertically integrate radioisotope and fuel production to secure domestic supplies for Oklo’s reactors and create a complementary revenue stream for medical and industrial isotopes.

Diversified Communications, via its Intersolar & Energy Storage North America (IESNA) portfolio, has acquired Midwest Solar Expo (MWSE). The deal expands Diversified/IESNA's clean energy events footprint into the U.S. Midwest to provide targeted programming, networking, and market resources for regional solar and storage professionals.

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.

TSG has acquired Italian solar energy specialist SKY-NRG, a company with about €60m in sales, roughly 100 employees and more than 720 solar installations completed between 2021 and 2023. The bolt-on deal is part of TSG's accelerated build-up strategy (27th acquisition in three years) to expand its integrated electrical and solar capabilities and reach €100m in solar revenue.

Bureau Veritas has acquired Versatec Energy B.V., a Netherlands-headquartered technical consultancy specializing in offshore and onshore energy projects. The deal strengthens Bureau Veritas' capabilities in renewables, offshore wind, hydrogen and other low-carbon energy solutions, adding Versatec’s expertise in commissioning, asset due diligence, operational assurance and digital smart solutions.

PowerGEM, a PE-backed provider of power grid and energy market simulation software, has merged with Cambridge Energy Solutions (CES) to combine complementary energy market modeling and pricing simulation products. The deal expands PowerGEM's software portfolio and capabilities for short- and long-term electricity market simulation to better serve traders, financial firms, utilities and other power market participants.

Covia Energy LLC and Black Mountain Sand Holdings LLC have merged in an all-stock transaction to form Iron Oak Energy Solutions, a proppant supplier with roughly 30 million tons of annual production capacity and operations across major North American shale basins. The combined company is privately sponsored by Anchorage Capital Advisors, Golden Gate Capital, and NGP and will be headquartered in Houston, Texas to serve producers with both in-basin and Northern White sand assets.

D2Zero, a UK-based decarbonization and clean energy group, has acquired Kelton Engineering, a flow measurement consultancy headquartered in Aberdeen. The acquisition brings Kelton's precision measurement technology, software and a team of consultants into D2Zero to strengthen the group's digital and measurement capabilities in support of decarbonization across energy end markets.

Irth Solutions, a Blackstone portfolio company headquartered in Columbus, Ohio, has completed the acquisition of OneBridge Solutions Inc., an Edmonton-based developer of the Cognitive Integrity Management (CIM) AI-driven platform for pipeline integrity. The deal combines OneBridge's predictive analytics and machine learning capabilities with Irth's geospatial and business-intelligence platform to deliver an integrated SaaS solution for pipeline, utility, and critical infrastructure operators.

BP Energy Partners, a Dallas-based private equity firm, has completed a growth investment in Novitech, an inline pipeline inspection technology and data analytics company headquartered in Toronto. The Campos Family (Campos Holding Company) will retain a significant minority stake and proceeds will support Campos' broader operations while BPEP will help scale Novitech's proprietary Micron inspection technology.

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.

Offshore wind services provider Venterra Group has acquired the Oceanscan Holdings group, adding subsea and non-destructive test equipment hire, geotechnical services and specialist personnel capabilities. Oceanscan is headquartered in Aberdeen, Scotland, with subsidiaries in Houston and Singapore and four UK operating subsidiaries; the deal expands Venterra's capabilities in offshore wind and related energy markets.

Verdantas, a Tampa-based consulting firm backed by Sterling Investment Partners, has acquired ASEC Engineers, a Denver-based power delivery and renewable energy engineering firm. The deal adds ASEC’s transmission, substation and distribution design capabilities and ~130 staff across offices in Colorado, California, Florida, Texas and Pune, India, expanding Verdantas’ energy transition service offerings and geographic footprint.

Impact investor Summa Equity has completed an investment in UK-headquartered EA Technology, partnering with selling management and employee shareholders to scale the company's smart grid hardware, software and services. The deal (from Summa Equity Fund III) will support EA Technology's capability enhancement and international roll-out; EA reported ~£48m revenue in 2023 and around 300 employees.

CBRE Group, Inc. has acquired NRG Energy’s renewable advisory group — a team formed in 2018 and led by Miro Sutton that advises Fortune 500 clients on renewable energy transactions and has facilitated more than 5,000 MW of clean power. The acquisition is intended to expand CBRE’s sustainability and energy advisory capabilities by adding expertise in community solar offtake, VPPAs, distributed generation, REC transactions and monetization of transferable tax credits.

BGC Group, Inc. (Nasdaq: BGC) has acquired Sage Energy Partners, LP, a Houston-based energy and environmental brokerage firm. The deal expands BGC's U.S. energy brokerage capabilities — adding coverage in refined products, biofuels, ethanol, carbon emissions, NGLs and petrochemicals — and strengthens its Energy, Commodities, and Shipping (ECS) business.

Oil Brokerage, a subsidiary of OTC Global Holdings, has acquired rival broker Blue Commodities to strengthen its physical oil broking capabilities. The deal folds Blue Commodities into Oil Brokerage and OTC Global Holdings, with Blue Commodities CEO Jon Pike becoming COO, Physical, and the target's leadership and desk heads remaining in place to preserve client relationships across Northwest Europe, the Mediterranean and West Africa.

EQT Infrastructure VI, through acquisition vehicle Otello BidCo AB, completed a recommended public offer to acquire 100% of OX2 AB at SEK 60 per share and now controls 98.81% of the company; OX2 has applied for delisting from Nasdaq Stockholm. EQT says it will support OX2's evolution from a pure developer to an integrated renewables developer and asset owner and provide additional investment to grow the company's pipeline across onshore/offshore wind, solar and storage.

Calibrant Energy, a Macquarie Asset Management portfolio company, has completed the acquisition of 100% of Enel X Storage, LLC (Enel DES) from Enel X North America. The deal substantially expands Calibrant's development pipeline and operating portfolio—adding hundreds of MWh in operating and late-stage projects and over 2 GWh of optimization service contracts to bolster its distributed energy offerings (BESS, PV, microgrids, and related services).

Foremost Clean Energy entered an option agreement with Denison Mines under which Foremost acquired an initial 20% of Denison's interest in 10 uranium exploration properties in the Athabasca Basin in exchange for issuing 1,369,810 Foremost shares to Denison (approx. 19.95% of Foremost). The option agreement allows Foremost to earn up to 70% of Denison's interest over three phases with additional cash/stock payments and exploration expenditure commitments to fund further earn-in phases.

Power Grid Components (PGC), a Blackstone portfolio company, has acquired Vizimax Inc., a Longueuil, Quebec–based provider of controlled switching devices for high- and medium-voltage power systems. The add-on purchase expands PGC's product capabilities and footprint in North America and internationally; Vizimax was previously owned by a group led by BDC Capital and Yaletown Ventures.

Energy Fuels Inc. completed the acquisition of Base Resources Limited in an all-share deal valued at approximately US$178.4 million, securing the Toliara Project in Madagascar and Base's heavy mineral sands capabilities. The acquisition provides Energy Fuels with additional monazite feedstock for rare earth element processing, potential titanium and zirconium production, and expands its critical minerals and supply-chain capabilities for clean-energy and defense markets.

Summit Midstream Corporation and its subsidiary Summit Midstream Partners, LP completed the acquisition of Tall Oak Midstream Operating, LLC (Tall Oak Midstream III) from an affiliate of Tailwater Capital. Consideration included $155 million in cash, 7.5 million common units/shares (equity consideration) and up to $25 million of contingent cash; the deal expands Summit's natural gas gathering and processing footprint in the Arkoma Basin and rebalances its portfolio toward natural gas.

Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, has agreed to acquire ZITON, a Denmark-founded specialist in offshore wind operations and maintenance, from funds advised by Permira Credit and other existing shareholders. The investment will support ZITON’s fleet expansion and ongoing O&M services for offshore wind farms across Europe, enhancing turbine uptime and capacity for the growing European offshore wind market.

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.

Catalyst Power Holdings LLC acquired Robison Energy, LLC, a New York ESCO serving the Con Edison footprint, expanding Catalyst's commercial and industrial customer base in Putnam and Westchester counties. Catalyst Power — a portfolio company of BP Energy Partners — will fold Robison's retail energy customers and channel relationships into its suite of cleaner energy and distributed energy solutions to accelerate growth in the New York market.

TPG Rise Climate (lead investor) and GIC (minority investor) signed an agreement to acquire Techem Group from majority owner Partners Group and co-investors CDPQ and Ontario Teachers' Pension Plan for approximately €6.7 billion. The deal, payable in two instalments, is expected to close in the first half of 2025 and will support Techem's expansion of its digital energy services platform across Europe and beyond.

Honeywell has completed the $1.81 billion cash acquisition of Air Products’ liquefied natural gas (LNG) process technology and equipment business. The divestiture transfers related assets, intellectual property, manufacturing capability (including the Port Manatee, Florida coil-wound heat exchanger facility) and approximately 475 employees to Honeywell as Air Products refocuses on its industrial gases and clean hydrogen growth strategy.

Funds advised by Basalt Infrastructure Partners LLC have completed the acquisition of AEP OnSite Partners from American Electric Power (AEP). AEP nets approximately $318 million in cash after taxes, transaction fees and customary adjustments; the sale received required regulatory clearances including FERC and HSR approvals.

Empire Petroleum Partners LLC has acquired the fuel distribution business and distribution rights of The Besche Oil Co., a Waldorf, Maryland fuel distributor that supplied branded and unbranded fuel to gas stations in Maryland and Delaware. The deal expands Empire's market presence in Maryland and strengthens its partnerships with brand suppliers such as Sunoco and CITGO; Empire also hired Besche's VP of motor fuels, Paul Colonna, to help ensure a seamless transition.

QE Solar LLC has acquired S3 Power, Inc., a Walpole, Massachusetts-based specialist in medium- and high-voltage commissioning, testing, construction and maintenance for substations and renewable energy projects. The deal strengthens QE Solar's in-house MV/HV and substation servicing capabilities for utility-scale and distributed generation solar and BESS projects, and S3 owner James Swansey will join QE as Vice President, Medium Voltage and Protection & Controls.

TRC Companies, Inc. has acquired Garanzuay Consulting, a Dublin-based advisory and implementation consultancy focused on power system operations, control center operations, electricity market transformation and energy trading systems. The acquisition strengthens TRC’s presence and capabilities in Ireland, the UK and Europe to support utilities, transmission system operators and energy market participants through the energy transition.