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

Summit Ridge Energy, an owner and operator of community solar assets secured a $175 million strategic investment from Apollo Funds, a global investment management firm. Vinson&Elkins acted as legal counsel to the Apollo funds in the transaction. Citibank acted as a legal and financial advisor, and Saul Ewing served as legal counsel to Summit Ridge. As part of the investment by the Apollo Funds, Apollo Partners Corinne Still and Wilson Handler will join the Summit Ridge Energy Board of Directors. Summit Ridge Energy CEO, Steve Raeder, will continue to serve as the board’s chairman.

Sensata Technologies, an industrial technology company that develops sensors, sensor-based solutions, controllers and software, and other mission-critical products, announced the acquisition of Dynapower, a provider of energy storage solutions from private equity firm Pfingsten Partners, for $580 million.

TRC Companies, a consulting firm providing environmentally focused and digitally powered solutions, acquired Blue Oak Energy, which specializes in engineering solar and solar energy storage projects. With this acquisition, TRC is expanding its value to renewable energy developers as a full-service delivery team supporting projects from concept to operation.

Powin, an energy storage solutions provider, announced a $135 million growth equity investment led by GIC, a global investment firm with participation from existing investors Trilantic Energy Partners North America (Trilantic North America) and Energy Impact Partners. The company plans to use the new funds to scale its global manufacturing, further develop its suite of products, and support the company’s relationship with international suppliers.

H.C. Starck Tungsten Powders, a manufacturer of tungsten powder, announced an investment of £45 million (~$53 million) into Nyobolt, a fast-charging Li-ion battery solutions company. The investment will help fund Nyobolt’s construction of its anode manufacturing facilities and R&D centers.

Greener Power Solutions, an Amsterdam-based mobile battery rental provider, has raised €45 million (~$46.14 million) from DIF Capital Partners, an investment firm specializing in infrastructure and sustainable energy investments. Greener will use the capital raised to strengthen the company’s market position by investments in hardware and software innovation. It will also be used to upscale and further expand the team. Part of the funding raised will be invested in R&D, with plans to substantially increase the mobile battery fleet.

Wildcat Discovery Technologies, a developer of new battery materials, has raised $90 million in a Series D funding round led by Koch Strategic Platforms, an investment subsidiary of Koch Industries, with significant investments from Eastman Kodak and Fifth Wall Climate. The company said that the new funding round would support the development and commercialization of its ‘super cell’ by increasing staff, research capacity, and scale–up capabilities to make the supercell commercially ready in two years.

THOR Industries, a manufacturer of recreational vehicles, made a strategic investment of $15 million into Dragonfly Energy, a lithium-ion battery manufacturer. Dragonfly Energy produces batteries for the Recreational Vehicles (RV) industry, and the investment will allow Thor to use the company’s innovative storage technologies for its customers.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s funding roundup.