Energy Acquisitions in North Carolina

Sayona Mining Limited (now operating as Elevra Lithium) and Piedmont Lithium have completed their merger, creating a combined company named Elevra Lithium that consolidates hard‑rock lithium assets. The transaction exchanges Piedmont shares for Sayona (Elevra) shares and aims to scale production and strengthen the combined company's position in EV and energy storage supply chains.

Houston-based private equity firm Pelican Energy Partners has acquired United Services Group, a Charlotte-based full-service welding, machining, and fabrication contractor serving utilities and power generators. The deal expands Pelican's portfolio in the energy services sector and will support USG's continued growth across nuclear, fossil, natural gas, solar, and petrochemical markets.

Kian Capital Partners and Apogem Capital led a $230 million continuation fund to acquire SPATCO Energy Solutions from RF Investment Partners, with RF reinvesting alongside the new fund. SPATCO, a Charlotte-based provider of fueling infrastructure sales, installation, maintenance and compliance services with ~1,000 employees and 33 offices across the U.S. and Canada, will continue its growth under the new ownership structure.

Magnolia River Services Inc. has acquired the assets and operations of Heath and Associates, Inc., a Shelby, North Carolina-based engineering and utility consulting firm serving municipal and cooperative natural gas systems. The deal brings Heath leadership into Magnolia River’s engineering organization and strengthens Magnolia River’s commitment and capabilities in the municipal natural gas market.

Energy Products, Inc., a Michigan-based battery distributor, has acquired Global Battery Direct of Ocean Isle Beach, North Carolina to expand its distribution footprint in the eastern United States. The acquisition strengthens Energy Products' network and product offering to better serve battery partners, customers and vendors across key regional markets.

Skyview Energy, a division of PS Energy Group, has acquired Mountain Power Electric (MPE), a Murphy, North Carolina-based Generac distributor that provides sales, installation and service of generators and electrical services. The acquisition expands Skyview's energy solutions and service footprint across the Tri-State area of western North Carolina, northern Georgia and eastern Tennessee.

Ulteig has acquired Affinity Energy, a Charlotte-based control systems integrator, to strengthen its SCADA, PLC and power management capabilities and expand its geographic and operational capacity. Affinity Energy will be integrated into Ulteig and operate under the Ulteig name with its Charlotte office as the base for current employees.

Sterling Power Opportunities, a subsidiary of Galway Sustainable Capital, has acquired a majority interest in Forsite Renewables to fund expansion of the Charlotte-based developer's utility-scale solar and battery storage project pipeline. Galway will retain Forsite's existing management team and provide capital to accelerate development and repurposing of legacy fossil-fuel sites into renewable projects across the United States.

Kian Capital Partners completed a majority recapitalization of SPATCO Energy Solutions in September 2020 with co-investors RF Investment Partners and PA Capital, supporting SPATCO's buy-and-build strategy. SPATCO then closed two add-on acquisitions: The Southern Company of North Little Rock (Dec 2020) and Adams Tank & Lift (July 2021), expanding its fueling equipment, installation, maintenance and environmental compliance footprint across the Southeast.

Superior Plus Corp. acquired the assets of Williams Energy Group, a North Carolina-based retail propane distributor, expanding its footprint and customer base in the state. Williams Energy, founded in 1998, supplies ~7 million gallons of propane annually to about 12,000 retail and commercial customers; the deal creates operational synergies with Superior’s recent Freeman Gas acquisition.

Montauk Renewables, Inc. acquired NR3, LLC, a Greensboro, North Carolina-based environmental technology company that converts agricultural waste into renewable fuels and products. Montauk expects the acquisition to expand its agricultural waste-to-energy capabilities and deploy NR3's near-zero-emissions technology across planned swine waste-to-fuel cluster projects in North Carolina.

Phase Change Energy Solutions, a North Carolina developer of BioPCM thermal storage materials, received a growth investment from Pegasus Capital Advisors, Emerald Technology Ventures AG and early investor Third Prime. Pegasus operating advisor Dennis McGill is joining PCES as CEO and the capital will fund product development, an Innovation Center in Greensboro and accelerated global expansion; terms were not disclosed.