US power industry saw a rise of 10.87% in overall deal activity during February 2022, when compared with the last 12-month average, led by Chevron’s $3.15bn acquisition of Renewable Energy Group, according to GlobalData’s deals database.
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A total of 51 deals worth $4.7bn were announced in February 2022, compared with the 12-month average of 46 deals.
venture financing was the leading category in the month in terms of volume with 30 deals, which accounted for 58.8% of all deals.
In second place was M&A with 14 deals, followed by private equity with seven transactions, respectively accounting for 27.5% and 13.7% of overall deal activity in the US technology industry during the month.
In terms of value of deals, M&A was the leading deal category in the US power industry with total deals worth $3.19bn, while venture financing and private equity deals totalled $1.18bn and $357.5m respectively.
US power industry deals in February 2022: Top deals
The top five power industry deals accounted for 90.4% of the overall value during February 2022.
The combined value of the top five power deals stood at $4.28bn, against the overall value of $4.7bn recorded for the month.
The top five power industry deals of February 2022 tracked by GlobalData were:
1) Chevron $3.15bn acquisition deal with Renewable Energy Group
2) The $375m venture financing of Palmetto Solar by Bennett &Inc.,ArcTern Ventures ,Gaingels,Lerer Hippeau Ventures,MacKinnon and Social Capital
3) Yorkville Advisors $350m private equity deal with Romeo Power
4) The $200m venture financing of Epirus by Bedrock Capital Partners,Broom Ventures,Eight Partners,EPIQ Capital Group,Gaingels,General Dynamics Land Systems,I Squared Capital,Moore Strategic Ventures,Parkwood,Piedmont Capital Partners,Red Cell Partners,StepStone Group and T Rowe Price Associates
5) Coatue Management,Emerson Collective,Energize Ventures,Fifth Wall Ventures II,ICONIQ Capital and Lux Capital $200m venture financing deal with Aurora Solar