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 March 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
Terrestrial Energy
Founded: 2013 – Charlotte, NC, USA
Exit Type: SPAC Merger
Deal Size: $280 million
Insights: Terrestrial Energy, a U.S.-based small modular reactor (SMR) developer, is going public through a $280 million SPAC deal with HCM II Acquisition Corp. The company will list on Nasdaq under the ticker symbol IMSR, named after its Integral Molten Salt Reactor technology.
The IMSR design uses low-enriched uranium fuel suspended in molten salt, offering high efficiency, enhanced safety, and the ability to replace the reactor core every seven years to minimize corrosion issues. Terrestrial Energy is targeting applications in electricity generation, industrial heat, and data centers.
The company has already raised $94 million and recently partnered with Texas A&M University to construct a commercial IMSR plant. It also received an award from the GAIN program to advance development of its nuclear systems.
Learn more here.
Arcadia & Perch Energy
Founded: Arcadia 2014 – Washington D.C. & Perch Energy 2021 – Boston, MA
Exit type: Merger / Joint Venture
Insights: Arcadia and Perch Energy, two of the leading forces in community solar, have announced a landmark merger of their community solar businesses, forming a new standalone company that will become the largest pure-play community solar servicing platform in the United States. The joint venture will be majority-owned by Arcadia and led by Bruce Stewart, CEO of Perch, while Arcadia’s CEO Kiran Bhatraju will serve on the board.
This new entity will manage over 3 GW of solar capacity across 1,000 projects in 16 states, serving more than 300,000 residential customer equivalents. With proprietary automation and software, the combined platform leverages Arcadia’s strengths in customer acquisition and utility data, and Perch’s expertise in commercial solar and lifecycle management.
The partnership represents a significant milestone in the maturation of the community solar sector and is backed by strong financial support with plans for continued organic growth and M&A. The two companies have already saved consumers an estimated $90 million and are well-positioned to accelerate the adoption of distributed clean energy across the country.
Learn more here.
OG Clean Fuels B.V.
Founded: 2008 – Heerenveen, NL
Acquired by: Pioneer Point Partners LLP
Deal Size: Undisclosed
Insights: Pioneer Point Partners has acquired OG Clean Fuels B.V., a Dutch company operating 325 clean fuel filling stations across Germany, the Netherlands, Sweden, and Italy. These stations provide a mix of bio-CNG, bio-LNG, EV charging, hydrogen, and liquid biofuels, sourced from local producers and sold directly to road transport users.
OG began as a supplier of bio-CNG for cars and vans and has since evolved to serve heavy goods vehicles, including depot stations for fleet operators like DHL and EDEKA. Currently, the company operates or is building nearly 30 on-depot stations and holds long-term offtake contracts with major logistics and public transport operators.
Pioneer’s acquisition, part of its Infrastructure Partners II fund, includes a €150M investment commitment to expand OG’s filling station footprint and accelerate its goal of becoming a multi-fuel decarbonization provider for Europe’s logistics and transportation sector. OG’s founder, CEO, and COO will retain minority stakes to continue leading the company’s next phase of growth.
Learn more here.
Pearl Street Technologies
Founded: 2018 – Pittsburgh, PA, USA
Acquired by: Enverus
Deal Size: Undisclosed
Insights: Enverus, a leading SaaS provider for the energy industry, has acquired Pearl Street Technologies, a startup specializing in software that streamlines interconnection studies for utilities, grid operators, and developers. The acquisition aims to address the massive backlog in the U.S. interconnection queue, which includes over 2.4 terawatts of proposed clean energy projects.
Pearl Street’s core tools — SUGAR™ (Suite of Unified Grid Analyses with Renewables) and Interconnect® — offer advanced modeling and simulation that significantly reduce interconnection study times. SUGAR™ has already been used to process over 300 GW of queued projects, while Interconnect® provides developers and investors with data-driven risk assessments and interconnection scenarios.
Founded as a spin-out from Carnegie Mellon University, Pearl Street has emerged as a trusted name in grid innovation. The acquisition enables Enverus to provide an end-to-end power market platform, empowering users to accelerate the deployment of clean energy infrastructure by cutting study times and improving grid connection decisions.
Learn more here.
Transportation
Viggo
Founded: 2019 – Copenhagen, DE
Acquired by: Bolt
Deal Size: Undisclosed
Insights: Bolt, the Estonian mobility startup, has made its first-ever acquisition by acquiring Viggo, a Danish electric ride-hailing company, to expand its footprint in Denmark. Viggo operates a fleet of over 300 electric vehicles and serves 450,000 users across Copenhagen and Aarhus.
This acquisition allows Bolt to integrate Viggo’s fully electric operations into its platform, expand its ride-hailing services in Denmark, and accelerate its sustainable mobility strategy. The deal also complements Bolt’s growing e-bike services in Copenhagen and its partnership with Taxi 4×27, enabling it to become the largest ride-hailing operator in Denmark.
Learn more here.
Food, Agriculture & Land Use
Shelf Engine
Founded: 2015 – Seattle, WA, USA
Acquired by: Crisp
Deal Size: Undisclosed
Insights: Crisp, a leading retail data solutions company, has acquired Shelf Engine, a Seattle-based AI startup that specializes in demand forecasting and automated ordering for perishable retail goods. This acquisition strengthens Crisp’s platform with real-time, SKU-level insights to optimize inventory, reduce food waste, and improve shelf management.
Shelf Engine’s AI technology predicts perishable demand to minimize spoilage and maximize fill rates across retail channels. By integrating Shelf Engine’s forecasting tools, Crisp enhances its ability to help retailers and CPG brands make data-driven decisions in a margin-sensitive market.
This acquisition reinforces Crisp’s commitment to supporting supply chain resilience and sustainability, particularly in fresh and perishable food categories. The move marks a key step in Crisp’s expansion into fresh supply chains, with Shelf Engine’s tech now supporting over 6,000 brands and 250,000 retail locations through the Crisp platform.
Learn more here.
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With care,
The Startup Basecamp Team
