Energy Acquisitions in Maryland

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.

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.

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.

Pelican Energy Partners agreed to acquire GSE Systems, Inc. (doing business as GSE Solutions) in an all-cash merger valued at $4.10 per share (approximately a 50% premium). The transaction, unanimously approved by GSE’s board and overwhelmingly approved by shareholders, takes GSE private; Pelican plans to invest in GSE’s technology and growth to expand its nuclear and power-industry services.

CLEAResult has acquired Energetics, a Columbia, Maryland–based energy sustainability consultancy, bringing approximately 120 energy and sustainability experts into CLEAResult’s Energy Sustainability business. The acquisition expands CLEAResult’s federal government consulting capabilities and broadens its energy transition and carbon consulting services across government, utility, institutional and commercial clients.

SPATCO Energy Solutions, a Kian Capital-backed platform, has acquired Petro Supply, a family-owned distributor of petroleum equipment based in the Mid-Atlantic, expanding SPATCO's footprint into Maryland, the District of Columbia, Pennsylvania, Delaware and New Jersey. The add-on strengthens SPATCO's distribution and full-service capabilities for fueling stations, convenience stores and petroleum handling facilities as the platform continues roll-up activity backed by Kian and co-investors.

Pivot Energy, a Denver-based renewable energy developer owned by Energy Capital Partners (ECP), has acquired SGC Power, a Maryland-based community solar developer. SGC Power will operate as a business unit under the Pivot brand, helping Pivot expand its community solar development capabilities and national footprint.

Blink Charging announced a definitive agreement to acquire SemaConnect, Inc. for $200 million in a cash and common stock transaction. The acquisition adds nearly 13,000 chargers, expanded manufacturing and R&D capabilities in Maryland, and ~3,800 site host locations, enabling Blink to vertically integrate hardware, software and operations to accelerate deployment of EV infrastructure.

OPC Energy Ltd. (TASE: OPCE), together with three Israeli institutional investors, has completed the acquisition of Competitive Power Ventures (CPV) from Global Infrastructure Partners (GIP). The deal gives OPC full ownership of CPV's operating assets, development pipeline and asset management business, positioning OPC to expand into U.S. renewable energy and efficient gas-fired power generation.

Trilantic North America has made a substantial minority investment in SemaConnect, a Bowie, Maryland–based provider of electric vehicle charging hardware and cloud-based software. Founder and CEO Mahi Reddy and COO Mark Pastrone retain meaningful equity stakes and will continue to lead the company as the investment funds SemaConnect's expansion across commercial, residential and fleet markets.

TRC Companies, supported by private equity sponsor New Mountain Capital, has acquired Lockheed Martin Distributed Energy Solutions (LM-DES). The deal adds just over 400 employees and expands TRC's advanced energy and utility services capabilities across multiple U.S. states, strengthening its distributed energy, efficiency and DERMS offerings.

Albireo Energy, the building-automation and energy services platform backed by Huron Capital, has acquired EMS Technologies, a building automation and network integration provider serving the Washington/Baltimore area. The add-on expands Albireo’s Mid-Atlantic footprint and deepens its capabilities and customer relationships in government, higher education and healthcare markets.