iRecent M&A Activity:
September 1, 2022: RavenVolt, a developer of microgrid systems intended to provide a reliable, greener, and stable electric grid, was acquired by ABM Industries (NYS: ABM) for $450 million on September 1, 2022. RavenVolt designs and installs customized microgrid solutions and offers onsite power generation solutions, including generator, battery, EV charging, and microgrid systems, enabling its clients to obtain cost-effective, limitless energy power. The acquisition is a natural extension of ABM Industries’ Technical Solutions service offerings, and it enhances their position as a market leader in EV infrastructure, power, and bundled energy solutions.
September 9, 2022: Spruce Power, a provider of rooftop solar systems services intended to serve the residential solar market in North America, was acquired by XL Fleet (NYS: XL) for an estimated $58 million on September 9, 2022. The company offers solar battery installation and maintenance services, emergency backup, and clean energy power systems installation services, enabling clients to have simple energy management for their homes.
September 14, 2022: Amprius Technologies Inc. received $430 million of development capital from Kensington Capital Acquisition IV on September 14, 2022, through a private placement. The company is engaged in the production of silicon anodes for high-energy density lithium-ion batteries, which are primarily used for existing and emerging aviation applications, including unmanned aerial systems, such as drones and pseudo high-altitude satellites.
