As climate tech continues to attract attention from investors and large-scale corporations, we’re seeing more mergers and acquisitions in this rapidly evolving industry. This month, 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 in the year, but we’re sharing new information as deals close or updated financials become available.
Explore the significant October 2024 climate tech exits across various sectors, including renewable energy, sustainable transport, and plant-based food technology.
Energy Use in Industry and BuildingS
Lightsource BP
Founded: 2010 – London, UK
Acquired by: BP
Deal Size: $519 M
Insights: Lightsource BP, a global leader in solar energy development, was acquired by BP for GBP 400 million, securing the remaining 50.03% stake. Despite BP’s full ownership, Lightsource BP will continue to operate independently under its own brand, maintaining a standalone model. The company boasts a 62 GW development pipeline spanning 19 global markets, with major projects like the 560 MW solar plant in Greece. BP plans to leverage this acquisition to strengthen its renewable power initiatives and support its transition to low-carbon energy.
Learn more here.
CFV Labs
Founded: 2010 – Albuquerque, NM, USA
Acquired by: GroundWork Renewables
Deal Size: Undisclosed
Insights: CFV Labs, a leading provider of photovoltaic laboratory services, has been acquired by GroundWork Renewables. This acquisition will help GroundWork expand its solar performance monitoring capabilities by integrating CFV Labs’ expertise in solar panel testing and certification.
Learn more here.
Heaten
Founded: 2020, Mandal, NOR
Acquired by: Advent International
Deal Size: Undisclosed
Insights: Heaten, known for its cutting-edge industrial heat pump solutions, has been acquired by private equity giant Advent International. Heaten’s technology helps industries recover waste heat, reducing energy consumption and carbon emissions. With Advent’s backing, Heaten is well-positioned to scale its operations and make an even greater impact in reducing industrial energy use and emissions, making this a significant acquisition in the drive toward decarbonizing heavy industries.
Learn more here.
Laven Electric
Founded: 2003 – Leavenworth, KS, USA
Acquired by: Good Energy Solutions
Deal Size: Undisclosed
Insights: Laven Electric, a trusted name in electrical contracting, has been acquired by Good Energy Solutions. As solar energy adoption accelerates, the integration of Laven Electric into Good Energy Solutions will allow the company to offer a full spectrum of services, from electrical contracting to solar installations. This acquisition strengthens Good Energy’s market position, enhancing its ability to meet the growing demand for renewable energy solutions.
Learn more here.
Energy use in Transport
Tritium
Founded: 2001 – Brisbane, AU
Acquired by: Exicom
Deal Size: $37 M
Insights: Exicom, known for critical power and EV charging solutions, has acquired Tritium for $37 million. The deal includes Tritium’s manufacturing facility in Tennessee and engineering center in Brisbane. This strategic acquisition will accelerate Exicom’s innovation in EV infrastructure and extend its market reach globally. CEO Anant Nahata emphasized the complementary strengths of both companies and their commitment to delivering faster, more reliable EV charging solutions worldwide.
Learn more here.
Agriculture, Forestry and Land Use
Simulate
Founded: 2018 – San Francisco, CA, USA
Acquired by: Ahimsa Companies
Deal Size: Undisclosed
Insights: Simulate, the creator of plant-based NUGGS, was acquired by Ahimsa Companies. The deal, comprising cash and equity, will support Simulate’s development of fiber-spun meat alternatives. Ahimsa plans to rejuvenate the NUGGS brand and expand Simulate’s product line, including a plant-based chicken breast set for scaling.
Learn more here.
GET ACCESS TO THE FULL RUNNING LIST DATABASE
The database is accessible to the members of our community as part of other exclusive content we provide to them. Learn more about the membership options here.
Do not hesitate to join our collective movement by requesting your membership.
With care,
The Startup Basecamp Team
