Funding and M&A Roundup: Community Solar Firm Summit Ridge Energy Raises $175 Million

Caterpillar, a construction-equipment manufacturer, has acquired Tangent Energy Solutions, a distributed energy resources company that provides C&I customers with the technology, assets, and managed services needed to identify and capitalize on economic opportunities on the energy grid without disrupting normal operations.

The financial terms of the acquisition were not disclosed.

Tangent Energy provides customers with turnkey solutions to reduce energy costs, increase energy efficiency, reduce emissions, monetize electric grid support, and provide resiliency for customer operations.

The company’s proprietary software solutions monitor patterns from grid and client facilities, analyze opportunities in energy markets, and then dispatch resources to maximize return without disrupting normal business operations.

Tangent Energy Solutions will continue to offer services under the Tangent Energy brand and operate under Caterpillar’s Electric Power Division.

Tangent Energy has developed a suite of intelligent energy solutions that leverages advanced analytics to provide value to customers,” said Jason Kaiser, vice president of Caterpillar Electric Power. “Tangent’s EaaS offerings complement Caterpillar’s broad portfolio of electric power products, enabling us to better serve customers for reliable, efficient, sustainable, and connected power solutions that support business operations while generating new revenue streams.”

In April 2022, IntelliHUB, a smart metering and data services provider, acquired GreenSync, an energy technology company. The acquisition brings together Intellihub’s advanced smart metering platform with GreenSync’s cloud-based DER (Distributed Energy Resources) interoperability software known as deX (Decentralized Energy Exchange). This move will unlock gigawatts of consumer-led renewable energy generation and demand-side control.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, in Q1 2022, there were three M&A transactions compared to two in Q4 2021 and six in Q1 2021.