As climate tech continues to attract attention from investors and large-scale corporations, we’re seeing more exits & mergers and acquisitions in this rapidly evolving industry. For April & May 2025, we’ve tracked notable exits that signal increasing interest in renewable energy, industrial innovation, and sustainable mobility. In our roundup, we provide detailed insights into deal sizes, the finalization of acquisitions, and key updates as they occur. Note: Some exits were initially announced earlier, but we’re sharing new information as deals close or updated financials become available.
Energy
Sigma & Omega
Acquired by: SPX Technologies
Founded: 1997 – Toronto, Ontario, CA
Exit Type: Acquisition
Deal Size: $144 million CAD
Insights: SPX Technologies has acquired Sigma Heating and Cooling and Omega Heat Pump (“Sigma & Omega”), a manufacturer of advanced hydronic heating and cooling equipment. This includes vertical stack heat pumps, fan coils, and both air- and water-cooled commercial self-contained units.
With over 220 employees and expected 2025 revenue of $65 million, Sigma & Omega will join SPX’s HVAC division alongside Weil-McLain and Patterson-Kelley. The acquisition is aimed at expanding SPX’s reach in the Canadian market and growing Sigma & Omega’s U.S. footprint with new production capabilities.
Sigma & Omega’s proprietary configuration software and custom-engineered products position the company for accelerated growth in high-rise residential, hotel, healthcare, education, and commercial real estate sectors. The acquisition fits within SPX’s broader strategy to offer high-efficiency, low-carbon HVAC technologies at scale.
Learn more here.
Bentek Corporation
Acquired by: Nextracker
Founded: 1985- Fremont, CA, USA
Exit Type: Acquisition
Deal Size: $78 million
Insights: Nextracker, a global solar technology leader, acquired Bentek Corporation, a manufacturer of electrical balance of system (eBOS) components for utility-scale solar plants. The all-cash acquisition integrates Bentek’s engineered, pre-assembled eBOS solutions into Nextracker’s tracker platform.
Bentek’s eBOS products include trunk bus solutions, combiner boxes, and configurable harness systems — all designed to streamline installation, enhance reliability, and cut labor costs across utility-scale solar installations. These U.S.-manufactured components are widely adopted by major EPCs and project developers across North America.
This strategic acquisition expands Nextracker’s domestic manufacturing footprint and enhances its ability to offer fully integrated solar power plant systems. By uniting mechanical and electrical infrastructure, Nextracker and Bentek aim to accelerate project timelines, boost long-term ROI, and provide scalable, high-quality solar infrastructure solutions.
Learn more here.
Heliogen
Founded: 2023- Pasadena, CA, USA
Acquired by: Zio Energy Corp.
Deal Size: ~$10 million (all-stock)
Insights: Florida-based Zeo Energy Corp. has signed a definitive agreement to acquire Heliogen, a California-based developer of long-duration thermal energy storage solutions. This all-stock deal — expected to close in Q3 2025 — will combine Zeo’s residential solar and energy efficiency platform with Heliogen’s utility- and industrial-scale clean energy technologies.
Zeo plans to launch a new division focused on long-duration power generation and storage solutions for large-scale facilities, including data centers and grid-scale infrastructure. Heliogen’s proprietary solar thermal tech and IP will help Zeo serve customers ranging from residential to AI and cloud computing facilities.
Learn more here.
Bluestone Energy Limited
Founded: 2018 – Pittsburgh, PA, USA
Acquired by: Eku Energy
Deal Size: Undisclosed
Insights: Eku Energy, a global energy storage specialist, has acquired Bluestone Energy’s UK battery energy storage portfolio, which includes seven planned BESS projects totaling 1 GW/2 GWh. Notable projects include 98 MW/196 MWh sites in Surrey and Dorset, and 240 MW installations in East Sussex and Kent.
The two companies had worked under a joint development agreement since 2022. Under the agreement, Bluestone identified and developed energy storage sites while Eku Energy led delivery. This acquisition positions Eku Energy to take the projects through construction and operation.
Eku Energy’s CEO Daniel Burrows emphasized the strategic importance of scaling up its UK footprint to meet rising grid stability needs. Bluestone Energy’s CEO Freddy White described the deal as validation of Bluestone’s development expertise and signaled continued ambitions to bring new storage projects to market.
Learn more here.
Transportation
Urban Mobility Systems
Founded: 2016 – Oss, NL
Acquired by: DEUTZ AG
Deal Size: Undisclosed
Insights: Urban Mobility Systems (UMS) has been acquired by international engine manufacturer DEUTZ AG. The move strengthens DEUTZ’s Dual+ strategy and commitment to sustainable drive technologies by integrating UMS’s advanced e-drive systems for construction, logistics, agriculture, and defense sectors.
UMS has over 200 electrified machines operating in the field and is known for its scalable retrofit kits and modular platforms that can electrify heavy-duty and specialty machinery. This acquisition allows DEUTZ to industrialize UMS’s proven solutions and scale up global distribution through DEUTZ’s manufacturing and market presence.
UMS will retain its name and leadership team and continue driving innovation in zero-emission mobility. The partnership merges UMS’s cutting-edge engineering with DEUTZ’s 161 years of industrial know-how to expand electric drive offerings for large-scale applications.
Learn more here.
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With care,
The Startup Basecamp Team
