Energy Acquisitions in 2025

Revelar Capital has acquired Lettermen's Energy Holdings, LLC from Indianapolis-based private equity firm CID Capital. Lettermen's, a Kansas City-headquartered consolidator of independent propane distributors with operations in roughly 20 states and about 240 employees, was built by CID through a buy-and-build strategy and will enter its next growth phase under Revelar's ownership; terms were not disclosed.

Iron Oak Energy Solutions LLC acquired Superior Silica Sands LLC in an all-stock transaction, adding over 3 million tons per year of frac sand production capacity and expanding Iron Oak's footprint in the Eagle Ford Shale. The deal increases Iron Oak's total annual production capacity to roughly 40 million tons and broadens the combined platform's ability to serve oil & gas, construction and industrial sand markets.

TRM, an Alexandria-based enterprise asset management and reliability consultancy, has acquired Sheffield Scientific, a Katy, Texas consulting firm focused on EAM (IBM Maximo, Hitachi Asset Suite) and OT cybersecurity for power generation. The deal strengthens TRM's power generation capabilities, adds Sheffield's Serket OT risk-management software and specialist personnel, and increases TRM's headcount to more than 180 employees.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed a cash acquisition of ALLETE, Inc., acquiring all outstanding common shares for $67 per share after Minnesota regulatory approval. The buyers committed roughly $200 million in customer and community benefits and pledged funding for ALLETE’s five-year plan to strengthen transmission infrastructure and advance the company’s energy transition while leaving local management and headquarters in Duluth, Minnesota.

Reliable Energy Partners, a propane distribution platform owned by Soundcore Capital Partners, has acquired Economy Propane, a bulk-propane distributor headquartered in Baltimore, Maryland. The add-on expands Reliable’s footprint into the Mid-Atlantic and broadens the platform’s capabilities into bulk propane distribution to serve residential, commercial and industrial customers.

Spotlight Energy, a Houston-based wholesale energy marketing firm, has completed its acquisition of PathPoint Energy, a natural gas trading, logistics, and asset optimization specialist. The deal expands Spotlight's commercial trading and optimization capabilities and strengthens its footprint across core U.S. and Canadian natural gas and power markets.

Natura Resources has acquired Shepherd Power from NOV Inc., adding Shepherd's regulatory, licensing, and reactor deployment expertise to accelerate commercialization of Natura's molten-salt small modular reactor (MSR) technology. NOV will partner with Natura on manufacturing and project execution, invest in Natura and appoint a board representative to support delivery of gigawatts of SMRs for data center and industrial customers in the early 2030s.

LS Power completed the acquisition of bp’s US onshore wind business, BP Wind Energy North America Inc., adding approximately 1,300 MW of operating onshore wind capacity across 10 projects. The assets will be integrated into LS Power affiliate Clearlight Energy, expanding Clearlight’s national footprint and increasing LS Power’s North American renewable generation scale.

EnergyHub (an Alarm.com subsidiary) has acquired Resideo Technologies’ Grid Services demand response business, which will be integrated into EnergyHub’s Edge DERMS and VPP capabilities. Resideo divested the unit to focus on its core residential sensing and controls business; financial terms were not disclosed.

Cleanwatts Digital has launched as an independent AI-powered digital energy company after a management buyout led by founding partners José Basílio Simões, Jorge Landeck and James McDougall, with investment from Celtis Venture Partners. The Coimbra-based company provides battery integration, renewable asset optimization and behind-the-meter energy management via a cloud-based platform that serves global clients and manages 1.5 TWh across ~35,000 IoT devices.

Mirion Technologies, Inc. (NYSE: MIR) has completed the acquisition of Paragon Energy Solutions, a Fort Worth-based provider of engineered electrical, instrumentation & controls, HVAC, mechanical and flow components for nuclear power plants and small modular reactors. Paragon was sold by Windjammer Capital Investors, which had acquired the company in November 2021 and supported product expansion and sales-channel investments to position Paragon for growth in the nuclear sector.

AirLife Gases Private Limited completed the acquisition of 79,901,328 common shares and 4,000,000 warrants of Royal Helium Ltd., representing approximately 52.9% of the fully-diluted common shares, giving AirLife control of Royal Helium. The deal gives AirLife upstream access to helium production assets in southern Saskatchewan and southeastern Alberta, Canada, and rights to nominate a board majority and an exclusive offtake for Royal Helium's helium and specialty gases.

Reliable Energy Partners, a propane distribution platform owned by Soundcore Capital Partners, has acquired Gateway Propane, a market-leading propane distributor serving the greater St. Louis area. The add-on expands Reliable's operational footprint to three states and strengthens its strategy of scaling a multi-regional propane distribution platform; terms were not disclosed.

Worldwide Diversified Holdings, Inc. has acquired a controlling interest in American Lithium Minerals, Inc., gaining indirect control over AMLM's option on a 1,730-acre lithium and boron property in Nevada. The transaction positions AMLM to launch a global minerals and rare earth development program (via new subsidiary American Mineral Resources, Inc.) and to reposition the company as a Nasdaq-uplisted commodity acquisition and tokenization vehicle.

Energy Distribution Partners (EDP), a multi-state retail propane marketer, has acquired Preferred Propane (Preferred Energy Group) of Vernon, Connecticut. Blue Peak Resources advised the Violette family on the sale; the family will retain and continue operating their HVAC business, which was not part of the transaction.

Energy Overwatch has acquired Porosity, a Houston-based software and AI company, to integrate Porosity’s digital workflow, data‑integration, and AI-driven variance detection capabilities into Energy Overwatch’s compliance SaaS and field services platform. The deal (closed November 21, 2025) expands Energy Overwatch’s ability to provide unified regulatory management, emissions monitoring, and real‑time operational intelligence to upstream, midstream, and downstream oil & gas operators.

Centuri Holdings, Inc. (NYSE: CTRI) has completed the acquisition of Connect Atlantic Utility Services Corporation (CAUS), a leading electric utility services provider in Atlantic Canada. The deal expands Centuri's Canadian footprint and adds electric transmission, distribution, maintenance and storm-restoration capabilities to complement its existing gas services; CAUS is headquartered in Bedford, Nova Scotia and has more than 150 employees.

Waterous Energy Fund Management Corp., acting for certain Waterous Energy Fund III partnerships, purchased 1,926,055 common shares of Greenfire Resources Ltd. in a private transaction for C$6.65 per share (C$12.81 million), increasing its ownership in Greenfire to approximately 71.1% on an undiluted basis. The purchase represents an incremental strategic investment by Waterous to consolidate its position in the Calgary-based oil sands producer.

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.

Enstor Pipeline Holdings, an affiliate of Enstor Gas, LLC, has completed the acquisition of Black Bear Transmission Opco, LLC from funds advised by Basalt Infrastructure Partners. The deal expands Enstor’s natural gas transmission footprint across the Southeastern United States, adding ~1,700 miles of pipeline and 2.6 Bcf/d of capacity to its existing assets.

Dispatch Energy LLC acquired 100% of Green Lantern Solar’s operations, including 64 solar and battery projects totaling 208.9 MWdc and an O&M services business. The deal expands Dispatch’s distributed generation footprint across nine U.S. states and brings its total portfolio to approximately 489.5 MW.

Soundcore Capital Partners has formed Reliable Energy Partners, a propane distribution growth platform, through its acquisition of Florida Lift Gas and has named industry veteran Sean Daugherty as CEO. The platform — headquartered in Tampa, Florida and wholly owned by Soundcore — will pursue organic growth and strategic add-on acquisitions to scale a multi-regional residential and commercial propane distribution business.

Yokogawa Electric Corporation has acquired Italian firms Intellisync (cybersecurity and digital transformation services) and WiSNAM (grid control and energy management hardware/software) and will integrate them into BaxEnergy, Yokogawa's renewable energy software subsidiary. The acquisitions expand Yokogawa/BaxEnergy's capabilities in cybersecurity, grid compliance and power-plant control to support renewable and distributed energy management and recurring software/managed-service revenue models.

Xpansiv Limited has wholly acquired Evident Group Limited, combining Evident's international I-REC(E) and other registries with Xpansiv's North American Renewables Registry (NAR) and TIGR to create a leading global renewable energy certificate (REC) registry network. The deal expands Xpansiv's global registry and certification capabilities, creating an integrated platform with over 300 GW of registered capacity and more than 4,000 participating companies.

DTN has acquired a controlling interest in Tandem Concepts, a Charleston-based AI-powered platform that automates order entry and terminal/carrier integrations for refined fuel logistics. The deal expands DTN’s Fuel Operations Hub by adding terminal-to-retail intelligence and enabling real-time, reservation-based ordering across the downstream fuel supply chain.

Hitachi Energy has acquired a minority stake in Shermco, a leading North American electrical services provider, in partnership with Blackstone Energy Transition Partners. The strategic investment aims to expand Hitachi Energy's service capabilities across North America, accelerate Shermco's growth, and develop new digital service offerings to improve grid reliability and asset lifecycle management.

RESA Power, a Kohlberg-backed provider of power systems services, has acquired Accurate Power Group Limited, a Vancouver-based electrical testing and infrared thermography specialist. The add-on expands RESA Power's technical capabilities and vault/thermography services in the greater Vancouver market as part of a broader Canadian growth strategy.

Paraco Gas, a large privately held propane retailer, has acquired North Shore Bottled Gas, a family-owned bottled propane business founded in 1988 in Saint James, New York. The acquisition expands Paraco's footprint and service capabilities across New York as part of its ongoing roll-up of family-run propane companies.

SkyKnight Capital has made a growth investment in Force Electrical Services, a transmission and distribution repair and maintenance provider headquartered in Oklahoma, to support the company's expansion of services and capabilities. The founder will remain a significant shareholder and the existing management team will continue to lead as Force scales its footprint across the South-Central United States.

Royal Gold, Inc. completed the previously announced acquisitions of Sandstorm Gold Ltd. and Horizon Copper Corp., issuing approximately 18.6 million shares to Sandstorm shareholders and paying roughly $126 million in cash consideration for Horizon. The transactions increase Royal Gold's scale and diversification in precious metals streaming and royalties; Sandstorm and Horizon have requested delisting of their public shares following closing.

StormFisher Hydrogen has acquired Recyclage Carbone Varennes (RCV) through a court‑approved process and will repurpose the partially built RCV site to develop North America’s first large‑scale low‑carbon (RFNBO‑compliant) methanol plant in Varennes, Québec. The facility — using clean hydrogen and captured CO₂ — is planned to produce more than 72,000 tonnes of low‑carbon methanol annually and begin operations in 2028, supporting maritime, aviation, and chemical markets while capturing over 100,000 tonnes of CO₂ per year.

Western Midstream Partners, LP (WES) completed its acquisition of Aris Water Solutions, combining Aris's produced-water gathering, recycling, transportation and disposal capabilities with WES’s midstream platform to expand water services in the Delaware Basin. Under the merger, Aris securityholders received a mix of cash and WES common units (approximately $415.0 million in cash in aggregate and ~26.6 million common units in equity), with final election results producing roughly 28% cash and 72% equity consideration.

Harmony Gold (through Harmony Gold (Australia) Pty Ltd) will acquire 100% of MAC Copper Limited by way of a Jersey-law scheme of arrangement. The scheme was sanctioned by the Royal Court of Jersey and became effective on 10 October 2025, with implementation and delisting steps scheduled for late October/early November 2025.

Resource Innovations (RI), a San Francisco–based utility software and consulting platform, has acquired Honolulu-based Shifted Energy to integrate its Grid Maestro DERMS technology into RI’s demand-side management (DSM) and grid-edge offerings. The deal expands RI’s capability to deliver end-to-end virtual power plant and flexible load management solutions at scale, with a focus on equitable access for renters and underserved communities.

Eagle Summit Resources, LLC purchased Reflectance Energy, LLC and will operate the acquired Reflectance coal mining complex under the new name Eagle Mountain Energy, LLC. The acquisition adds more than two million tons of annual metallurgical coal production capacity in Wyoming County, West Virginia and strengthens ESR's position among the top U.S. metallurgical coal producers; the deal was accompanied by a new term loan facility from Valor Mining Credit Partners (managed by Breakwall Capital in partnership with Vitol) and an exclusive marketing agreement with Vitol for export volumes.

Environ Energy, a PE-backed national energy management platform, has acquired Scioto Energy, an independent energy brokerage and advisory firm based in Columbus, Ohio. The add-on expands Environ’s presence in the PJM market and Midwest, enhances its procurement and advisory capabilities, and keeps Scioto’s leadership and client-focused team in place under the Environ platform.

Infrastructure funds managed by Northleaf Capital Partners completed a tuck‑in acquisition of PowerStream Energy Services from Alectra Energy Services Inc., executed through Northleaf portfolio company Provident Energy Management. The deal expands Provident’s sub‑metering and billing footprint across Ontario, combining complementary capabilities and a contracted revenue profile to drive scale and growth.

Commonwealth Electrical Technologies (CET), a Broad Sky Partners–backed electrical contractor based in Worcester, Massachusetts, has acquired NuWave Energy Solutions, a Norwell, Massachusetts–based design/build energy-efficiency firm. The add-on deal — CET’s first transaction under Broad Sky’s ownership — expands CET’s sustainability and energy-conservation capabilities across commercial, industrial and institutional end markets; terms were not disclosed.

Saudi Arabia-headquartered Alkhorayef Petroleum Company (APC) has acquired Houston-based GRC Technologies, a supplier of precision downhole gauges and well instrumentation. The deal adds ESP sensors and digital intelligence capabilities to APC’s artificial lift product suite, strengthening its end-to-end ESP solutions and accelerating integration of data-driven and AI-enabled optimisation.

Madison Energy Infrastructure completed the acquisition of NextEra Energy Resources' distributed generation development platform, including operating solar and energy storage assets, a development pipeline and customers across 25 states. The deal brings Madison's ecosystem to nearly 1 GW of operating clean energy infrastructure and expands its commercial and community customer footprint while leveraging recent financing and support from EQT and other capital partners.

Kinsley Energy Systems, LLC has acquired Clarke Energy USA's combined heat and power (CHP) business, formerly operating as CoEnergy America, in the Greater Boston area. The divestiture expands Kinsley's presence and service capabilities across the Northeast while Clarke Energy shifts focus to larger-scale projects and regions.

Systrends, a Tempe-based provider of FERC reporting software, has acquired HData's Compliance solution to integrate XBRL automation into its regulatory reporting platform. The deal expands Systrends' FERC reporting capabilities and customer reach while HData will continue focusing on regulatory intelligence and broader data products.

Nuveen’s Private Equity Impact team has acquired a majority interest in Ally Energy Solutions, a U.S.-based provider of turnkey energy solutions for commercial and industrial customers. The investment, the sixth for Nuveen Climate Inclusion Fund II, will support Ally’s national growth and deepen its capabilities in distributed clean energy, electrical infrastructure upgrades, and energy-efficiency projects.

SES AI Corporation (NYSE: SES) has completed the acquisition of Shenzhen UZ Energy Co., Ltd., a provider of premium energy storage systems (ESS). The deal adds ESS hardware, an established global partner network, and expanded go-to-market capability—helping SES AI offer integrated battery hardware and AI-enabled software solutions and accelerate its entry into the global ESS market, particularly in North America.

TiLT Capital Partners has acquired a 38% stake in Spain-based Negratín Global Services, with SWEN Capital Partners also participating in the minority investment. The growth-capital investment will support Negratín's expansion into larger-scale EPC projects, accelerate the roll-out of its own photovoltaic plants as an IPP, and strengthen international expansion while the founders remain majority shareholders.

Premier American Uranium Inc. (PUR) completed an arrangement to acquire 100% of the issued and outstanding common shares of Nuclear Fuels Inc. (NF), with former NF shareholders receiving 0.33 PUR shares for each NF share. As a result, Nuclear Fuels becomes a wholly owned subsidiary of Premier American Uranium as PUR expands and consolidates its U.S. uranium exploration portfolio, including the Kaycee and Cyclone projects in Wyoming.

PowerTransitions closed the acquisition of a 226 MW seed portfolio of natural-gas-fired power generation assets (the 145 MW Camden Plant in New Jersey and the 81 MW Dartmouth Plant in Massachusetts) from Talen Energy on September 11, 2025. Partners Group simultaneously completed its acquisition of PowerTransitions from EnCap Investments and plans to invest over $450 million to accelerate PowerTransitions' growth and redevelop legacy assets into new generation, battery storage and powered land sites for data centers and advanced manufacturers.

Macquarie Specialised and Asset Finance (part of Macquarie Group) has completed the acquisition of SP Smart Meter Assets Limited (SPSMAL) from ScottishPower/Iberdrola for around £900 million. The deal adds ~2.9 million smart meters to Macquarie's UK portfolio and establishes a long-term Meter Asset Provision arrangement with ScottishPower to support the ongoing smart meter rollout.

EnergyHub announced the acquisition of Bridge to Renewables (BTR) to accelerate utility managed-charging programs by integrating BTR's telematics-based EV solutions and OEM integrations into EnergyHub's cross-DER VPP platform. BTR brings integrations with 12 EV OEMs and connectivity to more than 500,000 vehicles, enabling faster OEM participation in utility programs and more engaging driver experiences via embeddable apps.

Solaris Assets, LLC (an acquisition vehicle formed by an ad hoc group of DIP financing lenders and affiliates and entities controlled by GoodFinch Management, LLC) completed the purchase of substantially all assets and business operations of Sunnova Energy International Inc. in a court‑supervised Chapter 11 sale. The deal was structured as a credit bid plus $25 million in cash and certain cure payments, and Sunnova’s core operations will transition to SunStrong Management, LLC as the asset manager to ensure continuity of residential solar servicing, O&M, and portfolio management.