Funding and M&A Roundup: Array Technologies Plans to Raise $675 Million in IPO

Emerson acquires software provider OSI for $1.6 billion

October 12, 2020


From: Mercom Capital Group

Array Technologies, a manufacturer of ground-mounting systems used in solar PV projects, has filed to raise $675 million in an IPO of its common stock, according to an S-1 registration statement. The company intends to raise $675 million in gross proceeds from an IPO of its common stock, with the company selling 7 million shares and the major shareholder selling 26.75 million shares at a proposed midpoint price of $20 per share.

Emerson announced that it completed the acquisition of Open Systems International (OSI), an operations technology software provider, for $1.6 billion in an all-cash transaction. Emerson’s expertise in power generation combined with OSI’s complementary software and reach within the power transmission and distribution sectors enable end-to-end ability to monitor, control, and optimize operations in real-time.

Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, announced that it had closed $156.5 million in funding led by CarVal Investors. Existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital also invested in the company alongside CarVal. Redaptive will leverage this operating capital to expand its energy efficiency offerings to meet growing demand from existing and new customers.

Soltec, a manufacturer of equipment for solar projects, is planning a stock market listing, aiming to raise €150 million (~$177 million) to fund its expansion in the solar energy market, it said in a statement but did not say how much of the company would go public. Building and selling tracking equipment that helps solar panels follow the sun’s movement and developing its own generation plants in Europe and Latin America earned Soltec €359 million (~$422.18 million) in revenue last year.

Fourth Wave Energy, a San Jose-based climate solutions company, announces plans to acquire solar tile company DeSol Power Tiles. The company plans to manufacture, market, and distribute throughout North America solar tile roofs designed by DeSol Power Tiles.

Swiss diversified group COFRA announced the acquisition of Sunrock Investments, developer and owner of solar energy assets in the Netherlands, for an undisclosed sum.

Sigora Solar, a solar company that provides cutting edge solar and energy efficiency technology, announced the acquisition of California-based Aztec Solar, a strategic growth move that will fuel Sigora’s expansion plans.

Honeywell has acquired privately-held Rocky Research, a provider of thermal, energy, and power management solutions. This acquisition expands Honeywell’s existing, broad portfolio, including power generation systems, energy storage, and power and thermal management systems. It also combines Rocky Research’s proven research and development capabilities with Honeywell’s worldwide reach and engineering integration, test, and production expertise.

Romeo Systems, an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, and RMG Acquisition Corporation, a special purpose acquisition company, announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing the transaction, the combined company will be named Romeo Power and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO.”

Generac Holdings, a manufacturer of automatic, stationary standby, and portable generators announced an agreement to acquire Enbala Power Networks, a distributed energy resources technology company. The deal solidifies Generac’s position as a market leader in Smart Grid 2.0 technologies and opens its opportunities as a grid services provider. The transaction is expected to close within thirty days. The terms of the deal were not disclosed.

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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