Energy & Sustainability M&A Activity — December 2022

Recent M&A Activity:

November 1, 2022: Buscar Company (PINX: CGLD) reached a definitive agreement to acquire APTG (Energy Production), a manufacturer of green hydrogen specializing in energy production using solar power, on an undisclosed date. The acquisition will allow Buscar Company with innovative solutions in energy generation and green hydrogen production using concentrated solar power.

November 7, 2022: SEI Engineering, a provider of technical services catering to residential, commercial, utility, and industrial solar energy projects, was acquired by Bowman Consulting (NAS: BWMN) for an undisclosed amount on November 7, 2022. The company offers design & engineering, production modeling & verification, consulting & independent engineer services, on-site inspection services, and solar PV design & quality assurance. The acquisition is intended to strengthen the solar and storage projects of Bowman Consulting.

November 21, 2022: NEXT Renewable Fuels, a producer of advanced biofuel intended to offer an alternative to petroleum-based diesel, reached a definitive agreement to acquire Industrial Tech Acquisitions II through a reverse merger, resulting in the combined entity trading on the Nasdaq under the ticker symbol ITAQ on November 21, 2022. The company's biofuel is made from recycled organic materials such as used cooking oil, enabling users to have transportation fuels that emit less greenhouse gas. Previously, NEXT Renewable Fuels raised an undisclosed amount of venture funding from United Airlines Ventures on November 15, 2022. The company will receive a contingent payout of $37.5 million upon meeting certain milestone targets.

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