Funding and M&A Roundup: Maxeon Solar Technologies to Raise $125 Million by Public Offering

Infracapital takes majority stake in thermal battery firm EnergyNest for $132 million

April 19, 2021


From: Mercom Capital Group

Maxeon Solar Technologies announced the pricing of an underwritten public offering of $125 million of ordinary shares at a price of $18.00 per share. Maxeon also granted the underwriters a 30-day option to purchase up to an additional $18.7 million of ordinary shares in the public offering on the same terms and conditions. Maxeon expects to receive net proceeds from the offering of approximately $117.1 million after underwriting discounts and commissions and estimated offering expenses (or approximately $134.9 million if the underwriters exercise their option to purchase additional shares). The offering is expected to close on April 20, 2021.

Solar installer Kuubix announced an agreement with Solegreen, an Israeli solar developer. Under the terms of the agreement, Solegreen is expected to invest up to $104 million in the company over the next two years in the form of equity and convertible loans. The investment will enable the company to continue its expansion of residential and commercial installation capacity in California, Texas, Nevada, and Florida.

Catalyze, a developer and independent power producer of renewable energy projects, has acquired solar developer and installer PermaCity. With a commitment to deliver more than 400 MW of projects within the next few years, PermaCity expands Catalyze’s project pipeline to more than 2 GW and establishes a stronghold in a large California distributed solar market. The transaction is expected to produce substantial synergies between the two companies as Catalyze will use PermaCity’s revolutionary and proprietary rooftop solar panel mounting technology, SolarStrap, to deploy rooftop solar projects more quickly, efficiently, and profitably nationwide.

Battery Resourcers, a vertically integrated lithium-ion battery recycling and manufacturing company, recently completed a $20 million Series B equity round with financing led by Orbia Ventures, the venture capital arm of the multinational Orbia, and participation from other investors, including At One Ventures, TDK Ventures, TRUMPF Venture, Doral Energy-Tech Ventures andJaguar Land Rover’s InMotion Ventures.

EnergyNest, a Norway-based thermal battery company, signed an investment agreement with Infracapital, the infrastructure equity investment arm of M&G. The agreement comprises a €110 million (~$132 million) investment into EnergyNest to enable further international growth providing financed turnkey energy storage solutions for industrial clients. Infracapital will be the largest shareholder in the business.

Blackstone announced that private equity funds affiliated with Blackstone have agreed to acquire Sabre Industries, a designer and manufacturer of overhead steel poles, towers, and provider of battery storage solutions and related services for electrical utility and telecom end markets, from The Jordan Company.

Celadyne Technologies, a University of Texas spinout that makes materials to improve hydrogen fuel cells and electrolyzers, received an investment from Shell Ventures. The new investment and alliance with Shell Ventures are tied to Celadyne’s participation in a startup accelerator called Third Derivative, founded by the Rocky Mountain Institute. The deal builds on a previous relationship between the companies that started when Celadyne was a member of the inaugural cohort of the H2Refuel Accelerator sponsored by Shell.

Standard Energy, a vanadium ion battery developer, raised an $8.9 million Series C from SoftBank Ventures Asia. Founded in 2013 by researchers from the Korea Advanced Institute of Science and Technology (KAIST) and the Massachusetts Institute of Technology (MIT), Standard Energy has raised a total of $22.5 million.

Reservoir Link Energy, an oil and gas service provider, has proposed to buy a 51% stake in a special purpose vehicle (SPV) that will be involved in the solar segment for RM21.17 million (~$5.12 million), marking its foray into the renewable energy sector. Reservoir Link had entered into a conditional term sheet with Lee Seng Chi, sole shareholder and managing director of Solar Bina outlining their mutual intention of entering a share sale agreement for the company’s proposed acquisition of a 51% stake in the SPV. About RM8.5 million (~$2.05 million) or 40% of the cost will be settled in cash, while the remaining RM12.7 million (~$3.07 million) will be via the issuance of 18.2 million new Reservoir Link shares.

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.


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