Energy Acquisitions in Pennsylvania

Veolia has completed the acquisition of Icetec, a Boothwyn, Pennsylvania–based digital and distributed energy management company with more than 20 years of experience. The tuck-in expands Veolia's North American energy service offerings and adds Icetec's SaaS optimization capabilities to Veolia's Hubgrade digital platform as part of its GreenUp strategy.

Ardian has acquired the remaining equity stake in Hill Top Energy Center, giving it 100% ownership and full operational control of the 620 MW combined-cycle gas turbine in western Pennsylvania. The asset sells capacity and energy into the PJM market and the transaction is Ardian Americas Infrastructure Fund V's first energy investment, intended to support long-term growth and reliable power supply for rising electricity demand.

Enverus has acquired Pearl Street Technologies, a Pittsburgh-based provider of automation and simulation software that accelerates interconnection studies for utilities, transmission providers and developers. The deal expands Enverus's power and renewables offerings by integrating Pearl Street's SUGAR power-flow engine and Interconnect platform to help address nationwide interconnection queue backlogs.

CNX Resources Corporation closed the acquisition of the natural gas upstream and associated midstream business of Apex Energy II, LLC, a portfolio company of funds managed by Carnelian Energy Capital Management, for approximately $505 million (effective Oct. 1, 2024). The bolt-on expands CNX's Marcellus and Utica leasehold in the Appalachian Basin (~36,000 net acres, including significant undeveloped Utica and Marcellus acreage) and adds existing midstream infrastructure expected to be immediately accretive to free cash flow.

Energy Distribution Partners (EDP) has acquired Sullivan Oil & Propane, a Bath, Pennsylvania-based provider of propane, fuel oil and HVAC services. The deal—EDP’s 41st since 2012—adds a local team of 15 employees and expands EDP’s footprint in the Lehigh Valley and Poconos as an add-on to its propane and home energy platform.

Honeywell has completed the $1.81 billion cash acquisition of Air Products’ liquefied natural gas (LNG) process technology and equipment business. The divestiture transfers related assets, intellectual property, manufacturing capability (including the Port Manatee, Florida coil-wound heat exchanger facility) and approximately 475 employees to Honeywell as Air Products refocuses on its industrial gases and clean hydrogen growth strategy.

Guttman Energy and Source One Transportation, subsidiaries of employee-owned Guttman Holdings, acquired the assets of Weaver Energy, Inc., a Lititz, Pennsylvania-based home heating oil, bulk fuels and HVAC services provider. The acquisition expands Guttman’s market coverage and enhances its home heating oil, bulk fuel delivery, and transportation capabilities in central and eastern Pennsylvania; Weaver employees will join Guttman’s ESOP.

MPE Partners and its portfolio company Precision Pipeline Services have acquired Allegheny Contracting, a Ridgway, Pennsylvania-based provider of gas transmission pipeline integrity and gas distribution repair services serving the Mid-Atlantic and Midwest. The deal is an add-on to Precision’s platform to expand underground utility services and capabilities; Allegheny’s founder Brent Buehler and the management team partnered in the transaction, with financing provided by Churchill Asset Management and BMO Sponsor Finance.

Bitfarms Ltd. will acquire Stronghold Digital Mining in a stock-for-stock merger valued at approximately US$125 million of equity consideration plus assumption of about US$50 million of debt. The deal, unanimously approved by both boards and expected to close in Q1 2025 subject to approvals, expands Bitfarms' energy portfolio and hashrate while adding Stronghold's Pennsylvania power plants, land holdings and environmental remediation capabilities.

Cameco and Brookfield (with Brookfield Renewable Partners and institutional partners) have completed their joint acquisition of Westinghouse Electric Company after receiving required regulatory approvals, with the transaction closing on or about November 7, 2023. Cameco will finance its share using a US$600 million term loan and available cash; the deal transfers ownership of Westinghouse (a leading nuclear technology and services provider headquartered in Cranberry Township, Pennsylvania) from Brookfield Business Partners to the new investor group.

Enservco Corporation (NYSE American: ENSV) has acquired all of the assets of Rapid Hot in an all-stock transaction valued at $1,057,500. Rapid Hot, headquartered in Washington, Pennsylvania, provides frac water heating services across the Appalachian Basin; the acquisition strengthens Enservco's position in the Marcellus shale and brings Rapid Hot president/CFO Mike Lade into Enservco as chief of staff. Enservco also closed a $1,625,000 convertible debt financing that included participation from Rapid Hot lead investors, an Enservco board member and Cross River Partners.

TPI Efficiency, a ScaleCo Fund IV portfolio company, acquired the electricity and natural gas business of Greenstar Solutions, LLC — Greenstar is based in Bethlehem, Pennsylvania. The transaction is TPI’s first add-on under ScaleCo and expands TPI’s energy procurement and service capabilities by adding Greenstar’s licensed energy brokerage and telecommunications offerings.

Industrious Group, a subsidiary of ITOCHU International Inc., has acquired American Hydro, a North American hydropower turbine design, manufacture and services provider previously owned by Wärtsilä. The acquisition expands Industrious Group and ITOCHU's capabilities and footprint in the hydropower and renewable MRO services market across North America. G2 Capital Advisors served as exclusive buy-side advisor on the transaction, completed in May 2023.

Consulting Solutions, a portfolio company of White Wolf Capital, has acquired Empyrean Services and The Empyrean Group, two Pittsburgh-based providers of engineering and consulting services to the nuclear and non-nuclear power-generation industries. Empyrean will operate as a standalone division within Consulting Solutions to expand the platform's energy-focused engineering and workforce solutions capabilities.

Caterpillar Inc. has acquired Tangent Energy Solutions, an energy-as-a-service provider headquartered in Kennett Square, Pennsylvania. The acquisition brings Tangent’s analytics-driven EaaS platform and software capabilities into Caterpillar’s Electric Power Division to expand digital offerings, improve energy efficiency services, and enable new revenue streams for customers.

Radian Generation, with backing from 424 Capital, has acquired Green IT Energy Applications to expand its operational-technology, cybersecurity and software capabilities for renewable energy assets. Green IT's team (including founder Andrew Eisenberg, who joins Radian as president and CTO) and its software platforms will be integrated into Radian's offering to broaden lifecycle asset management and managed compliance services.

Houston-based private equity firm White Deer, joined by MB Energy Partners, has made a growth investment in Fortress Power, a Pennsylvania-based designer and manufacturer of battery energy storage systems. The capital will support Fortress's product development, market expansion, and team growth to accelerate adoption of residential, commercial, and industrial energy storage solutions.

Fluitron, a manufacturer of industrial gas compression equipment, has acquired Bethlehem Hydrogen, a maker of integrated hydrogen compression, dispensing, and storage systems. The acquisition, sponsored by private equity firm Ara Partners, expands Fluitron’s manufacturing, engineering and global reach as part of a strategy to build a global hydrogen infrastructure platform.

Emerson completed the acquisition of American Governor Company, a specialist in hydroelectric turbine governor controls and aftermarket services. The purchase strengthens Emerson's renewable energy and power capabilities by integrating American Governor's digital governor controllers and global hydropower services into Emerson's automation and control product portfolio.

An affiliate of White Oak Global Advisors, ACG Holdco, LLC, acquired all equity interests in Atlantic Carbon Group Plc through a UK Administration proceeding (with an ancillary Chapter 15 in Delaware). The credit-bid transaction—advised by SSG Capital Advisors and closed in December 2019—preserved operations at the Hazleton, Pennsylvania anthracite mining operations and saved over 150 jobs.

Duquesne Light Holdings (DLH) has acquired The Efficiency Network (TEN), a Pittsburgh-based provider of customized energy-efficiency and smart-city solutions. FMI Capital Advisors served as exclusive financial advisor to TEN; TEN's leadership will remain in place as the business becomes a platform for DLH to expand its energy-efficiency, distributed generation, and smart street lighting offerings in Pennsylvania and beyond.

Tendril, a home energy management provider, has acquired Pittsburgh-based EEme to integrate its non-intrusive load monitoring (NILM) and appliance-level disaggregation technology into the Tendril Platform. The acquisition—backed by Tendril's recent private equity support—aims to improve appliance detection accuracy at scale and unlock new utility use cases such as targeted EV offers, HVAC diagnostics and peak management.

Albireo Energy, a building-automation and energy services platform backed by Huron Capital, has acquired Taylor Consulting and Contracting to expand its energy management, brokerage and procurement capabilities in the deregulated energy market. Taylor will continue day-to-day operations while joining Albireo's platform to enhance energy management, procurement and smart-building integration services.

Houston-based private equity firms Junction Energy Capital and Ara Partners Group announced a joint investment in PURAGLOBE (Puralube, Inc.), a technology-driven base oil producer that uses recycled oil feedstock. Allied Resource Corporation, the founding shareholder, will retain a substantial stake alongside the new investors as PURAGLOBE expands operations in Germany and the United States.