Energy Acquisitions in Massachusetts

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.

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.

Schneider Electric has acquired WattBuy, a U.S.-based software platform that provides personalized energy insights and electrification solutions for homeowners. The deal brings WattBuy's API-first intelligence engine into Schneider's prosumer portfolio—alongside EnergySage and Qmerit—to deliver an integrated end-to-end residential electrification experience.

ArcLight Capital Partners has acquired Advanced Power and committed an initial $1 billion equity investment to accelerate development of modern power infrastructure. The partnership could deploy more than $5 billion over five years to support over 20 GW of new generation and 10+ GWh of storage, targeting utilities, data center developers and hyperscalers across North America.

QE Solar LLC has acquired Donahue & Sons Mgmt., Inc., expanding QE's nationwide operations and maintenance platform by adding large-scale vegetation management and site maintenance capabilities for solar, BESS and related energy installations. The deal integrates Donahue's leadership and staff into QE to provide expanded, end-to-end site stewardship and maintenance services for utility and commercial renewable projects.

An investor buy-out group led by Win-Light Global (with SriSid LLC and Arumilli LLC) has increased its holdings in ConnectM Technology Solutions, Inc. and proposed to acquire all remaining shares at $1.60 per share in an investor-led take-private offer valuing the company at roughly $62 million. Following the latest purchase, the Buy-Out Group holds approximately 9.49 million shares (about 24.5% of outstanding shares); ConnectM's board is evaluating the proposal with financial advisor ThinkEquity.

ARUMILLI LLC filed a Schedule 13G disclosing ownership of 2,121,800 shares (approximately 7.4%) of ConnectM Technology Solutions, bringing total institutional ownership in ConnectM to about 33%. The filing reflects a passive institutional investment in ConnectM, a Marlborough, Massachusetts-based company that provides an Energy Intelligence Network platform and electrification solutions for residential, light commercial and OEM customers.

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.

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).

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.

An affiliate of Eagle Creek Renewable Energy has acquired Lightstar Renewables, a community solar developer and owner/operator with ~30 MW under construction and a ~1.2 GW U.S. development pipeline. Lightstar was a portfolio company of funds managed by Elda River Capital Management LLC and Magnetar; under Eagle Creek ownership its full development pipeline and assets will be transitioned to Eagle Creek to accelerate its community solar IPP strategy.

Priority Power Management has acquired the business of Atlas Retail Energy, bringing Atlas' energy procurement and advisory capabilities into Priority Power’s platform. Atlas will continue to operate under the Atlas Retail Energy name powered by Priority Power, giving Atlas' ~425 clients access to expanded product and service offerings and Priority Power’s proprietary pricing and data systems.

GEF Capital Partners, a Washington, D.C.-based sustainability-focused private equity firm, has completed the acquisition of Lifecycle Renewables, a Massachusetts-based producer of renewable heating oil (LR100). The investment will support increased production of LR100 and expansion of Lifecycle Renewables' geographic reach beyond the Northeast and Mid-Atlantic to meet growing demand from institutional customers.

Westinghouse Electric Company has completed its acquisition of BHI Energy from private equity firm AE Industrial Partners. The transaction brings together Westinghouse's nuclear technology platform and BHI's specialty outage, maintenance and transmission services to create an integrated outage services business and expand Westinghouse's capabilities across nuclear, power delivery and renewable markets; terms were not disclosed.

Ivanhoe Capital Acquisition Corp. completed its previously announced business combination with SES Holdings Pte. Ltd., creating SES AI Corporation (NYSE: SES) and enabling the company to begin trading on February 4, 2022. The closing included an upsized $275 million PIPE from strategic OEMs and financial investors to fund SES's development and commercialization of high-performance Li‑Metal rechargeable batteries for electric vehicles and other applications.

SinglePoint, Inc. has entered into an agreement to acquire an 80.1% controlling interest in Boston Solar, a Woburn, Massachusetts-based full EPC solar installer. The acquisition expands SinglePoint’s residential, small commercial and light industrial solar and storage capabilities in New England and is intended to drive revenue growth and operational synergies as part of SinglePoint’s roll-up strategy in renewable energy.

O2 Investment Partners, through its platform Mantis Innovation Group, has made an investment in Fairbanks Energy Services, adding the company's energy-efficiency, HVAC, lighting, and building-automation capabilities to the Mantis platform. The deal expands Mantis' service offering for facility performance, energy efficiency, and ESG initiatives across commercial, industrial and data center clients.

Basalt Infrastructure Partners' Basalt III fund has entered into a definitive agreement to acquire Xpress Natural Gas (XNG), a provider of compressed natural gas (CNG) and virtual-pipeline services operating in the United States and Canada. The deal — terms undisclosed and subject to customary closing conditions — will give XNG access to Basalt's capital and operational resources to support its growth across utility, commercial, industrial and virtual pipeline markets.

424 Capital closed a majority investment in Radian Generation, making it the company's new majority owner while SP Energy (USA) One LLC (a subsidiary of Plus Renewable Technologies) remains a significant minority holder. The investment will support growth and expansion of Radian's renewable energy asset management services and its RadianLENS SaaS offering, enabling product-line and geographic expansion.

DNV GL acquired Energy & Resource Solutions, Inc. (ERS), a North Andover, Massachusetts–based energy engineering and consulting firm, with the transaction closing on December 30, 2020. The acquisition brings ERS’s program design, outreach, implementation and evaluation capabilities into DNV GL’s global energy advisory platform to accelerate the energy transition and expand services for utilities, government and large commercial/industrial customers.

Veolia North America, through its energy subsidiary SourceOne Inc., has acquired Boston-based Energenix, a meter-reading and billing services provider serving Eastern Massachusetts. The deal expands SourceOne's metering and energy-management capabilities and makes Veolia North America a leading meter services provider in the Greater Boston area.

Clarke Energy USA, a Kohler Company subsidiary, has acquired Cogeneration Systems of America, Inc. (operating as Co-Energy America), a Upton, Massachusetts developer of packaged combined heat and power (CHP) systems. The acquisition expands Clarke Energy's U.S. footprint and its CHP product/service capabilities across the 35 kW to 1 MW size range for commercial and institutional customers in the Northeast.

Antin Infrastructure Partners agreed to acquire Veolia Environnement's US district energy business for an enterprise value of $1.25 billion. The business — the largest district energy provider in the United States, operating 13 district heating/cooling systems and employing more than 400 people — will be run as a standalone platform to pursue optimization, network densification, energy services and further growth.

O2 Investment Partners, through EMEX, has made an investment in and formed a strategic alliance with Patriot Energy Group to expand both companies' geographic reach and service offerings. EMEX, a Houston-based technology-driven energy procurement and brokerage firm, will partner with Patriot to broaden presence across competitive U.S. electricity and natural gas markets, with a strong focus on the Northeast.

American Industrial Partners (AIP) has completed the acquisition of Current, powered by GE, from General Electric. Current — a provider of LED lighting, intelligent controls, sensors and software for commercial, industrial and municipal customers — will continue to use the GE brand under a long-term licensing agreement as it operates under AIP ownership.