The Week in Deals
6 deals| Date | Deal Type | Tech | Seller / Sponsor | Buyer / Financier | Size | Location | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|
| Feb 11 | Corporate M&A | BESS | Energy Vault Inc. (NYSE: NRGV) | — | $1.10B | CA | Closed | Energy Vault completes business combination with Novus Capital II SPAC — NYSE listing as NRGV Feb 14, 2022. $1.1B implied pro-forma EV. $235M gross proceeds incl. $195M PIPE anchored by Korea Zinc + Atlas Renewable. | |
| Feb 11 | Project Finance | Offshore Wind | Ørsted + Eversource (50/50 JV) | — | $2.00B | NY | Closed | NY's first offshore wind project breaks ground — 132 MW (12 turbines) 35 mi east of Montauk Pt. Joint venture Ørsted+Eversource; 20-year LIPA offtake. First commercial-scale OSW farm in US federal waters. COD March 2024. | |
| Feb 10 | Corporate M&A | Solar | SunPower Corporation (NASDAQ: SPWR) | TotalEnergies SE | $250M | Multi-state | Closed | TotalEnergies acquires SunPower C&I division — $190M upfront + $60M ITC contingent. SunPower refocuses on residential solar; TotalEnergies gains C&I distributed-gen footprint. Closed Q2 2022. | |
| Feb 9 | Project Finance | Solar | Sunnova Energy International | ABS investors (KBRA-rated) | $298M | Multi-state | Closed | Sunnova Helios VIII Issuer 2022-A residential solar loan ABS — $297.9M senior notes, $425.6M underlying collateral pool. 6th term loan ABS deal secured by Sunnova residential solar loans. KBRA-rated. | |
| Feb 8 | Strategic & Growth Capital | BESS | Rondo Energy | Breakthrough Energy Ventures + Energy Impact Partners (co-leads) | $22M | CA | Closed | Rondo Energy Series A $22M co-led by Breakthrough Energy Ventures + Energy Impact Partners. Heat battery technology delivering high-temperature, high-efficiency thermal energy storage for industrial heat (1500°C). Aramco/SABIC/Microsoft followed in subsequent $60M round. | |
| Feb 8 | Manufacturing Investment | Other | Tritium | Tritium | $200M | TN | Announced | First global EV fast charger manufacturing facility in US. 10,000 chargers/year (peak 30,000). 500 jobs. Announced at White House with Pres. Biden. Opened Aug 23, 2022. |
Change of Control
8 movesMike Mancini departed Energy Recovery, Inc. as Chief Financial Officer
Mancini steps down as CFO of Energy Recovery (NASDAQ: ERII) effective immediately, with the 8-K explicitly noting no disagreement with the company. Departure pairs with CEO David Moon's announced retirement intent — a tandem leadership reset at the Tracy, CA pressure-exchanger maker as it pivots into hydrogen, CO2 refrigeration, and wastewater-treatment crossovers.
Aidan Ryan named interim Interim Chief Financial Officer at Energy Recovery, Inc. (from Vice President of Finance, Energy Recovery, Inc.)
Ryan, 42, slides up from VP of Finance to Interim CFO at Energy Recovery — a fast-track for someone who joined only two years ago from Astranis Space Technologies (head of finance there). Compensation: $327,600 base, $12K/month interim stipend, $215K RSU grant. Wharton MBA / Michigan undergrad — likely a stalking-horse for the permanent role as the company runs a parallel CEO search.
Anthony Carroll joined as President and Chief Executive Officer at FTC Solar, Inc. (from Chief Executive Officer, Veev (Lennar subsidiary))
Carroll takes the helm at NASDAQ-listed solar tracker maker FTC Solar (FTCI), succeeding Yann Brandt. He arrives from Veev (a Lennar sustainable-homebuilding subsidiary) and previously ran Powin's battery storage business and a Siemens Gamesa managing director seat — a packaging of utility-scale storage and solar-supply-chain operating chops at a tracker maker still working to stabilize margins amid the polysilicon and tariff cycle.
Yann Brandt departed FTC Solar, Inc. as President and Chief Executive Officer
Long-time solar industry voice and former SolarWakeup co-host Brandt steps down as FTC Solar CEO after stabilizing the tracker business through industry headwinds. Anthony Carroll succeeds him effective April 29. With FTCI now restored to a steady-state operating posture, Brandt will likely surface next at another solar growth-stage platform; the SolarWakeup network keeps him highly visible in the industry talent market.
Vijay Singh joined as Chief Executive Officer at Greenskies Clean Focus (from Senior executive leading energy storage business build-out, NextEra Energy Resources)
Singh takes the helm at Greenskies Clean Focus (North Haven, CT C&I solar developer) succeeding Stanley Chin, with a stated mandate to scale solar growth and stand up a storage business as federal tax credits phase out. Singh previously launched and grew the NextEra Energy Resources energy storage group into a multibillion-dollar franchise — a hire that points squarely at solar-plus-storage as Greenskies' next phase.
Bret Turner joined as Managing Director, Project Finance at Stifel Financial Corp. (from Head of Project Finance (formerly head of SVB project finance platform), First Citizens Bank)
Turner anchors Stifel's brand-new project finance offering, reuniting with longtime collaborator Sayoji Goli. He built SVB into one of the leading US renewables lenders pre-collapse and carried the platform to First Citizens after the SVB acquisition. The lift-out re-forms the SVB renewables PF team at Stifel — a meaningful platform shift for renewables debt advisory, particularly for energy and deep-tech borrowers.
Sayoji Goli joined as Managing Director, Project Finance at Stifel Financial Corp. (from Project Finance (decade-long collaboration with Bret Turner), First Citizens Bank)
Goli moves to Stifel as MD alongside Bret Turner; the pair anchored the SVB-era renewables project finance team and stayed together through the First Citizens transition. Stifel's launch of a dedicated project finance offering with this team signals an ambition to capture renewables and deep-tech debt mandates as larger banks pull back.
Allan Riska joined as EVP, Tax Credit Investments and Chief Investment Officer at KeyState (SOLCAP platform) (from Chief Investment Officer, Renewable Properties)
Riska crosses from DG developer Renewable Properties — where he closed >$2B financing >1 GW of projects — to lead KeyState's SOLCAP platform, which connects community bank capital with mid-sized renewable energy projects ($1B+ deployed across 200+ projects to date). High-signal move as IRA transferability deal flow scales into mid-market and community banks become a meaningful tax-credit buyer base alongside the traditional money-center tax-equity lenders.
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