Energy Acquisitions in California

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.

Boyne Capital closed a single-asset secondary transaction forming a continuation fund to extend its ownership of Pilot Energy and provide new capital for the company's aggressive M&A and organic growth plans. The Fund is managed and controlled by Boyne and was anchored by New 2ND Capital, which along with other new and existing Boyne LPs provided commitments to support Pilot’s platform expansion and technology investments.

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.

Alphabet Incorporated has agreed to acquire Intersect Power, an independent power producer focused on utility-scale solar, wind and battery energy storage systems (BESS). The all-cash deal values Intersect at $4.75 billion plus assumption of debt and brings multiple gigawatts of commissioned and in-development generation and storage capacity — including projects co-located with data centers — into Alphabet's portfolio to help secure power for its data center footprint.

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.

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.

Blink Charging has acquired 100% of the equity of Zemetric, a Pleasanton-based EV charging infrastructure startup that offers hardware, software and services for fleets, multi-family and high-utilization destination sites. The Zemetric founding team will join Blink’s leadership as Blink adds Zemetric’s intelligent L2 charging product and energy-management capabilities to expand its commercial and fleet charging offerings.

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.

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.

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.

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.

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.

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.

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.

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.

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.

TPG Rise Climate, the climate investing strategy of TPG, signed a definitive agreement to acquire Olympus Terminals, a Long Beach-based independent storage and logistics provider for renewable fuels and refined products. Olympus—owner of two Southern California storage terminals and an interconnected pipeline network—was majority owned by affiliated funds of Davidson Kempner and Intrepid; the deal strengthens TPG Rise Climate's renewable fuels import, storage and distribution capabilities in California.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Daybreak Oil and Gas, Inc. completed its acquisition of Reabold California LLC, making the company a wholly owned subsidiary. The deal adds approximately 1.1 million barrels of proved oil reserves from 35 wells and current production of about 75 barrels per day, giving Daybreak significant development potential in California. Market reporting indicates the assets were acquired from Gaelic Resources Limited.

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.

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.

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.

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.

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.

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.

Novus Capital Corporation II completed its business combination with Energy Vault, creating Energy Vault Holdings, Inc. and providing approximately $235 million of gross proceeds plus an expanded PIPE to fund commercial scale-up. The combined company will trade on the NYSE under ticker NRGV and will use the proceeds and strategic partnerships (including Korea Zinc and Atlas Renewable) to scale its gravity-based, grid-scale energy storage technology and energy management software globally.

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.

Funds managed by Intrepid Investment Management (the investing arm of Intrepid Financial Partners) have made a strategic growth investment in ECOTEC International Holdings, LLC to accelerate production and the roll-out of its methane emissions instrumentation and emissions data software. The capital and Intrepid's energy-sector expertise will support ECOTEC's expansion into oil and gas while meeting strong demand in the biogas and natural gas markets.

ABB has acquired a controlling stake (approximately 60%) in InCharge Energy, an EV commercial charging infrastructure and fleet electrification solutions provider based in California. The transaction expands ABB E-mobility's software, services and turnkey charging capabilities in North America to accelerate fleet electrification and broaden its commercial customer offering; financial terms were not disclosed.

World Fuel Services Corporation has completed the acquisition of Flyers Energy Group, expanding its scale and geographic footprint in the North American land fuel segment. The acquisition adds Flyers' national cardlock network, commercial fleet fueling, lubricants distribution and wholesale fuel capabilities to World Fuel's platform and is expected to be accretive to earnings and cash flow.

Yokogawa Electric Corporation has acquired all outstanding shares of PXiSE Energy Solutions LLC, a San Diego–based developer of high-speed grid control and DER management software. The acquisition expands Yokogawa’s capabilities in real-time grid control and renewable integration, enabling enhanced monitoring and control for utilities, microgrids, and renewable assets.

Enphase Energy has agreed to acquire ClipperCreek, an Auburn, California–based manufacturer of residential and commercial EV charging stations. The acquisition extends Enphase's home electrification capabilities by adding EV charging hardware and brand recognition, enabling integration with Enphase's EnsembleOS and future bi-directional charging plans; the deal was expected to close by December 31, 2021.

Briggs & Stratton has acquired SimpliPhi Power, an Oxnard, California-based designer and manufacturer of lithium ferro phosphate (LFP) energy storage and management systems. The acquisition expands Briggs & Stratton's product portfolio into the fast-growing energy storage systems market and will leverage Briggs & Stratton's distribution network to accelerate SimpliPhi's growth across residential, commercial and industrial end markets.