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 the months of January & February 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
HyperStrong
Founded: 2011 – Beijing, China
Exit Type: IPO
Stock Exchange: Shanghai Stock Exchange STAR Market (Ticker: 688411.SH)
IPO Market Cap: RMB 11.339 billion ($1.56 billion)
Stock Performance: Opened at RMB 19.38 ($2.7) per share, surged 229.21% to close at RMB 63.80 ($8.8)
Insights: HyperStrong, one of the world’s leading battery energy storage system (BESS) integrators, debuted on the Shanghai Stock Exchange’s Science and Technology Innovation Board, marking a significant milestone for the company. With a market cap increase from RMB 3.444 billion ($475 million) to RMB 11.339 billion ($1.56 billion) in its first trading day, the IPO underscores the growing demand for energy storage solutions in China’s rapidly evolving renewable energy sector.
CEO Dr. Jianhui Zhang emphasized the company’s commitment to innovation and sustainable development, highlighting HyperStrong’s role in accelerating the global energy transition through cutting-edge storage technologies. The listing is expected to provide the capital necessary for further expansion and technological advancements in the BESS market.
Learn more here.
Calpine
Founded: 2023, Houston, USA
Acquired by: Constellation Energy
Deal Size: $16.4 billion (equity purchase), $26.6 billion (net purchase including debt)
Insights: Constellation Energy has announced the acquisition of Calpine in a landmark deal valued at approximately $16.4 billion, with an adjusted net purchase price of $26.6 billion after accounting for debt and generated cash. This merger brings together two of the largest power generation companies in the U.S., positioning Constellation as the nation’s leading clean and reliable energy provider.
Calpine operates 78 energy facilities, including natural gas-fired, geothermal, solar, and battery storage assets, with a total capacity of 27,000 MW. The company also holds a majority stake in The Geysers, the largest geothermal power plant operation in North America, producing 725 MW of geothermal energy.
The acquisition enables Constellation to expand its footprint across multiple clean energy sources, combining its expertise in nuclear energy with Calpine’s low-emission natural gas and geothermal capabilities. The deal is expected to close within 12 months, subject to regulatory approvals.
Learn more here.
Kinectrics
Founded: 2023, Toronto, CA
Acquired by: BWXT Technologies
Deal Size: $525 million
Insights: BWXT Technologies, a U.S.-based engineering services company, has announced the acquisition of Canadian nuclear services firm Kinectrics for $525 million. The deal includes Kinectrics’ net pension and debt liabilities, along with estimated transaction expenses.
This acquisition strengthens BWXT’s presence in the global nuclear market, particularly within the CANDU reactor segment, and expands its reach into the U.S. and select international markets. Post-acquisition, Kinectrics will operate as a BWXT subsidiary, with its financial results included in BWXT’s commercial operations segment.
Kinectrics provides lifecycle support services for nuclear power plants, covering design, operational support, maintenance, and reliability services. The company also plays a crucial role in nuclear medicine through isotope production, including its joint venture Isogen with Framatome.
BWXT anticipates that the acquisition will enhance its ability to support utilities with nuclear power expansion, life extension projects, and emerging modular reactor technologies. The deal is expected to close by mid-2025.
Learn more here.
RPD Energy
Founded: 2014, Houston, USA
Acquired by: Arcadia
Deal Size: Undisclosed
Insights: Arcadia, a global utility data and energy solutions platform, has acquired RPD Energy, a leading provider of renewable energy procurement solutions. This acquisition strengthens Arcadia’s new suite of Enterprise Solutions and expands its Energy Procurement Advisory services for businesses across the U.S.
RPD Energy specializes in structuring innovative energy procurement solutions, including 24/7 Carbon-Free Energy products. Its customer base includes major corporations such as Iron Mountain, Adobe, Intuit, and UPS. The deal allows Arcadia to enhance its ability to deliver tailored, data-driven procurement strategies for corporate buyers looking to achieve energy security and sustainability goals.
Learn more here.
National Grid Renewables
Founded: 2004, Bloomington, USA
Acquired by: Brookfield Asset Management & Institutional Partners
Deal Size: $1.735 billion
Insights: National Grid plc has agreed to sell its US-based onshore renewables business, National Grid Renewables, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners. The transaction, valued at $1.735 billion, aligns with National Grid’s strategic decision to focus on its core network business and streamline operations, as announced in May 2024.
National Grid Renewables currently operates 1.8GW of renewable energy assets and has 1.3GW under construction, making it a significant player in the US renewable energy landscape. This acquisition strengthens Brookfield’s renewable energy portfolio, allowing it to expand its footprint in solar, wind, and battery storage.
The deal is subject to regulatory approvals and is expected to close in the first half of the financial year ending March 31, 2026.
Learn more here.
Sensorfact
Founded: 2017 – Utrecht, NL
Acquired by: ABB
Deal Size: Undisclosed
Insights: ABB has announced the acquisition of Sensorfact, a Netherlands-based energy management company specializing in AI-powered industrial energy efficiency solutions. Sensorfact’s scalable SaaS platform provides small and medium-sized enterprises with real-time energy monitoring, identifying energy-saving opportunities through AI-driven analytics.
Sensorfact’s solution includes plug-and-play sensors that track machine-level consumption and generate actionable insights to help customers reduce costs and carbon emissions. With over 1,900 customers across Europe, Sensorfact has established itself as a leader in industrial energy efficiency.
Learn more here.
Daulto
Founded: 2023 – Heidelberg, Germany
Acquired by: Octopus Energy
Deal Size: Undisclosed
Insights: Octopus Energy has acquired Daulto GmbH, a German heat pump startup, as part of its strategy to expand its heat pump business and become a nationwide provider in Germany.
Daulto, founded in 2023, has already installed 2,000 heat pumps and has a team of 130 experienced employees. The acquisition strengthens Octopus Energy’s position in the heat pump market by adding Bosch systems to its product portfolio, expanding its offering to three manufacturers.
The joint objective of Octopus Energy and Daulto is to become the market leader in the heat pump business in Germany, leveraging Daulto’s expertise and Octopus Energy’s existing capabilities to accelerate the transition to renewable heating solutions.
Learn more here.
Industry
GFL Environmental Services
Founded: 2013 – Vaughan, CA
Acquired by: Apollo & BC Partners
Deal Size: CA$8 billion ($5.6 billion)
Insights: GFL Environmental Inc. has entered into a definitive agreement to sell a majority stake in its Environmental Services business to Apollo and BC Partners for CA$8 billion ($5.6 billion). GFL will retain a 44% equity interest in the business, allowing for continued participation in its future growth while realizing CA$6.2 billion ($4.3 billion) in cash proceeds.
The sale will enable GFL to accelerate its balance sheet deleveraging, pursue strategic mergers and acquisitions in solid waste management, and increase shareholder returns through repurchases and dividends. The transaction is expected to close in Q1 2025, subject to customary closing conditions.
Learn more here.
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With care,
The Startup Basecamp Team
