From: Mercom India
SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has acquired Texas-based ASB Energy Services, a contractor specializing in substation foundations, civil construction, and battery energy storage infrastructure, for approximately $45 million.
The transaction comprises $36 million in cash and $9 million in shares of SOLV Energy’s Class A common stock, excluding customary closing adjustments.
Founded in 2007 and headquartered in Texas, ASB provides construction services to customers across the data center, energy storage, renewable energy, and industrial sectors.
Following the acquisition, ASB will continue operating as a SOLV Energy company, retaining its existing leadership team, operating approach, and customer relationships.
According to the release, the acquisition expands SOLV Energy’s high-voltage construction capabilities and strengthens its presence in Texas and other regions experiencing growth in energy infrastructure investment.
“Joining SOLV marks an exciting next chapter for our employees and customers,” said Dwayne Hoving, Founder and CEO at ASB Energy Services. “From the beginning, ASB was built around delivering high-quality work, developing our people, and creating long-term value for our customers. By becoming part of SOLV, we gain access to additional resources, broader opportunities, and a shared commitment to safety and execution excellence, while continuing to deliver the level of service our customers have come to expect.”
Since 2008, SOLV Energy has constructed more than 500 power plants with a combined generating capacity of 22 GW, and it expects the acquisition to support its expansion in energy infrastructure services amid increasing investments in grid modernization, energy storage deployment, and industrial development.
In February, the company announced the closing of its $589 million IPO, consisting of 23,575,000 shares of Class A common stock priced at $25 per share. The closing includes the underwriters’ full exercise of their option to purchase 3,075,000 additional shares at the initial public offering price, minus underwriting discounts and commissions.
Corporate M&A activity in the energy storage sector increased 35% YoY, with 27 transactions announced in 9M 2026, compared to 20 transactions during the same period in 2025, according to Mercom’s recently released 9M 2026 Funding and M&A for Energy Storage report.
