M&A advisory for ClimateTech companies
Climate tech M&A has been shaped by the IRA in the US and the Green Deal in Europe, both of which have pulled a large pool of project finance, sovereign and infrastructure capital into the sector. The strategic acquirer set - utilities, oil and gas majors with transition mandates, industrial gases groups, chemicals strategics - has been consistently active, while PE infrastructure platforms have driven deal activity in deployed assets and project developers.
The strategic buyer set runs across utilities and IPPs, the oil majors with transition mandates (Shell, BP, Equinor, TotalEnergies), and the industrial energy strategics - Schneider Electric, Siemens Energy and GE Vernova - alongside infrastructure funds active on deployed assets and developer platforms. Most scaled climate operators run a blended OpCo-plus-SPV structure, so the process has to handle corporate-buyer and infrastructure-buyer logic in parallel. Flow has direct access to corporate development at the named strategics and to the sovereign and infrastructure investors most active in the category.
Flow team has relevant sector experience and has worked with climate tech companies across renewable energy and storage, grid and electrification infrastructure, carbon capture and removals, low-carbon industrials and materials, and sustainable fuels and hydrogen.
"ClimateTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing ClimateTech M&A targets
Capacity deployed (MW / tCO2)
Project pipeline (MW / contracts)
$/ton CO2 abated
Levelised cost ($/MWh)
Offtake / PPAs signed
Tax credits & grants secured
Project IRR
Capex deployed vs plan
Operating gross margin
Cash runway (months)
ClimateTech valuations in May 2026
Public ClimateTech comps trade at 2.7x EV/Revenue. Median revenue multiple across ClimateTech M&A deals was 2.0x in the last 12 months.
2.7x
Median EV/Revenue as of May 2026 for public ClimateTech companies
16x
Tesla is the highest valued public ClimateTech company based on EV/Revenue (excluding outliers)
2.0x
Median EV/Revenue across ClimateTech M&A deals in the last 12 months
12x
Median EV/Revenue across ClimateTech VC rounds in the last 12 months
Key recent ClimateTech M&A deals
$9.7B acquisition of Boralex by Brookfield Renewable was the largest ClimateTech M&A transaction completed in the last year.
See all ClimateTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Mar-26 | Boralex |  | Boralex is a power producer whose core business is dedicated to the development and operation of renewable energy power stations in Canada, France, the United States, and the United Kingdom. Boralex owns power generation assets across four technologies: wind, solar, hydroelectric, and thermal. Substantially all of its operating assets are subject to indexed fixed-price energy sales contracts. | Brookfield Renewable | $9.7B | - | |
Mar-26 | UniFirst |  | UniFirst Corp provides uniform and workwear programs, facility management, and safety supplies and services across North America. It designs, manufactures, rents, cleans, and sells uniforms and protective clothing, including flame-resistant and high-visibility garments. It also offers industrial wiping products, floor mats, cleaning supplies, first aid cabinets, and fire protection services such as inspection and maintenance. Serving various industries, the company provides customized uniforms and specialized cleaning for nuclear and cleanroom facilities. It operates through three segments: Uniform & Facility Service Solutions, First Aid & Safety Solutions, and Other, with the majority of revenue from Uniform & Facility Service Solutions. | Cintas | $5.5B | - | |
Jul-25 | Eco Material Technologies | | - | CRH | $2.1B | 2.8x | |
Mar-26 | Revolv | | Revolv is a provider of comprehensive electrification services for commercial fleets throughout North America. Headquartered in Atlanta, Georgia, the company delivers turnkey solutions including vehicle leasing, charging infrastructure deployment, maintenance, and 24/7 operations support. Revolv targets medium- and heavy-duty applications such as delivery trucks, school buses, and transit vehicles from manufacturers like Freightliner and Lion Electric. Its integrated platform manages energy procurement, telematics, and route optimization to lower operating costs and emissions. The company serves clients in logistics, e-commerce, and public sectors, with deployments in states including California, Texas, and New York. | Zenobe Energy | $1.6B | 1.3x | |
Nov-25 | Einride |  | Einride is a Gothenburg-headquartered freight technology company offering electric and autonomous trucking solutions. Founded in 2016, it launched the world's first public-road autonomous electric freight vehicle in Sweden in 2019. The Einride Saga truck and Freight OS platform enable route optimization, electrification, and pod-based cargo transport, with partnerships including Coca-Cola European Partners, DB Schenker, and Coca-Cola in the US. | Legato Merger Corp III | $1.4B | 30x | |
Dec-25 | Stakeholder Midstream | | Stakeholder Midstream is a midstream energy services provider headquartered in Tulsa, Oklahoma. The company develops natural gas gathering, compression, treating, and processing facilities, including NGL extraction. It operates carbon capture and sequestration sites with injection wells storing CO2 from industrial sources. Active in the Permian and Anadarko basins, Stakeholder Midstream provides disposal services to oil and gas producers. | Targa Resources | $1.3B | - | |
May-26 | Voi | | VOI Technology is a micromobility operator providing e-bikes and e-scooters across more than 150 cities in Europe. The Sweden-headquartered company achieved EBIT profitability in 2024 through efficient fleet management and urban partnerships. Voi collaborates with city governments in countries like the United Kingdom, Germany, and Sweden to deliver sustainable last-mile transportation solutions. | Uber | $1.2B | 5.9x | |
Apr-26 | SingAuto |  | SingAuto is a Singapore-headquartered developer of new-energy intelligent refrigerated vehicles for last-mile logistics. It integrates aided driving, IoT sensors, and full-stack software for temperature-controlled transport, building an ecosystem for commercial fleets. | Blueport Acquisition | $1.2B | - | |
Sep-25 | Hadron Energy | | Hadron Energy Inc is a nuclear technology company focused on developing factory-fabricated, transportable 10 megawatt-electric (MWe) micro-modular reactors (MMRs) to meet the growing demand for clean, reliable, and affordable power. The company aims to deliver scalable, carbon-free energy solutions that can be rapidly deployed to power a variety of industries, including data centers, industrial facilities, remote communities, government installations and more. The market segments for its proprietary reactor, Hadron Halos, are Data Centers, Industrial Facilities and Heavy Manufacturing, Remote Communities and Critical Infrastructure, and Utilities and Distributed Energy. | GigCapital7 | $1.2B | - | |
Oct-25 | Banpu Power |  | Banpu Power PCL is engaged in investments in power businesses in Thailand and overseas. The business activities of the group include the generation and sale of electricity and other related business. The company's business segments include Energy Generation and Energy Technology. The Energy Generation segment operates in electricity generation which consists of thermal and renewable energy both domestic and overseas. The Energy Technology segment operations comprise solar rooftops, electric vehicles, energy storage, and energy management systems. Geographically, the company has its presence in the United States which is the key revenue driver, China, and other regions. | Banpu | $1.2B | 0.2x | |
Mar-26 | Scythe | | Scythe Robotics is a Longmont-headquartered developer of autonomous lawnmowers for commercial landscapes. Founded in 2018, the M.52 model uses AI perception for obstacle avoidance in unstructured outdoor areas. Deployed on golf courses and campuses across the United States. | Autonomous Solutions | $1.0B | - | |
Oct-25 | PSI Software |  | PSI Software SE is a software producer in process control and information systems. Its core business consists of process control and information systems for managing energy and material flows in industries tailored to the electricity, gas, oil, and district heating sectors, engineering, automobile, and automotive supply and logistics sectors. The company's segments include Energy Management, which offers intelligent solutions for utility companies in the electricity, gas, oil, and water sectors; the Production Management segment provides solutions for planning and controlling production processes in metals production, logistics, mechanical engineering, and automotive manufacturing. It generates maximum revenue from the Energy Management segment. | Warburg Pincus | $823M | 2.5x | |
Oct-25 | RPMGlobal |  | RPMGlobal Holdings Ltd is engaged in the development of mining software solutions and professional development for the mining industry. The group has been advancing the mining industry through the provision of software solutions and deep domain expertis. The company brings together its technology, mining advisory, and professional development services to support mining clients in extracting more value at every stage of the mining lifecycle. Its segments include the Software Division and the Advisory Division. The group generates the majority of revenue from the Software Division, which offers software, including support (maintenance), training, and implementation services to mining companies. Geographically, the company operates in Australia, Asia, the Americas, Africa & Europe. | Caterpillar | $681M | 15x | |
Apr-26 | Electra Vehicles | | Electra Vehicles is a provider of AI-driven software for electric vehicles, fleets, and batteries from its Detroit, Michigan headquarters. Launched in 2021, its EVE-Ai 360 platform uses machine learning to extend battery range by 20% and lifetime by 30% via cloud-connected controls. The EnPower Design Suite offers simulations with 300+ cell types, serving OEMs like Ford and fleet operators managing 10,000+ vehicles for real-time performance optimization. | Iron Horse Acquisition Corp. II | $250M | - | |
Jun-25 | Inspired |  | Inspired PLC is a London-headquartered provider of energy assurance, optimisation, ESG strategy, disclosure, impact services, and software solutions for UK and Irish businesses seeking net-zero transitions. The company supports more than 3,400 organisations across full utilities needs. Cornwall Insight ranks it as the UK’s top advisor from 2018 through 2022. Founded in 2002, Inspired PLC delivers technology platforms that address climate response challenges through procurement, decarbonisation, and compliance tools. | HGGC | $233M | 0.8x |
Most active buyers of ClimateTech companies
Caterpillar, WEG SA and Life Electric Vehicles are the most active acquirers of ClimateTech companies in the last three years.
See all ClimateTech acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Caterpillar | | Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are construction, resource, energy, and transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services. | Monarch TractorRPMGlobalTangent Energy Solutions | 2 | |
WEG SA |  | Weg SA produces and sells electric motors, generators, control systems, and other industrial devices world-wide. The company has three reportable segments: industry, energy, and foreign (outside of Brazil). The industry segment manufactures various motors, drives, controls, and equipment for industrial automation. Energy segment products consist of electricity generators, alternators, wind turbines, hydraulic and thermal steam turbines (biomass), substations, transformers, measuring instruments, control panels, and systems integration services. The foreign segment consists of operations carried out through subsidiaries located in different countries. | TupinambaVolt Elektrik MotorSanelec Excitation Systems+1 | 2 | |
Life Electric Vehicles | | Life Electric Vehicles Holdings Inc is a developer, manufacturer and distributor in the light electric vehicle industry. The business model includes the launching, acquisition, and consolidation of multiple brands of e-bikes, e-trikes, e-scooters, and light EV companies to become an industry leader in the American micro-mobility market. | Rad Power BikesSerial 1 | 2 | |
Leon Capital | | Leon Capital is a Luxembourg-based private equity firm collaborating with management teams on transformational investments. The firm targets opportunities in Europe to build regional and global leaders in various sectors. Leon Capital provides capital for buyouts, growth, and consolidation strategies primarily in mid-market companies. | AvantisDomnaXynteo | 2 | |
Schneider Electric |  | Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India. | WattBuyEcoActMotivair+1 | 2 | |
Acciona |  | Acciona SA is an engineering and construction firm providing sustainable solutions for infrastructure and renewable energy projects across the world. It works in various phases, from design and construction to operations and maintenance. The company operates two business divisions energy and infrastructure. The infrastructure division encompasses construction, water treatment, industrial, and service business lines. Projects may be granted under concessions from governments or acquired independently when Acciona identifies an opportunity. Energy developments focus on renewable technologies and primarily revolve around wind, solar, hydro, and biomass. The company has a presence on five continents and utilizes an organizational structure to ensure availability. | Cable EnergiaGEH2Freya Renewables | 2 | |
AM Green Technology and Solutions |  | AM Green Technology and Solutions is a provider of renewable energy projects including green hydrogen and methanol production. Incorporated in the Netherlands, it operates modular plants capturing 1 million tons of CO2 yearly for synthetic fuels. The firm supplies solutions to European chemical manufacturers transitioning from fossil feedstocks. | ChempolisFortum’s Biobased Solutions | 2 | |
Occidental Petroleum | | Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2024, the company reported net proved reserves of 4.6 billion barrels of oil equivalent. Net production averaged 1.326 million barrels of oil equivalent per day in 2024 at a ratio of roughly 52% oil and natural gas liquids and 48% natural gas. | Holocene ClimateCarbon EngineeringCrownrock LP | 2 | |
I Squared Capital | | - | Radiant Energy SolutionsElea Data CentersOriden+1 | 1 | |
CTW Venture Partners | | - | Natural Fiber Welding | 1 |
Founders and investors we've worked with
We've supported winning builders across ClimateTech and beyond.
Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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Element
We provided buy-side commercial due diligence to Element Materials Technology, a London-headquartered global TIC services provider, on a series of potential add-on acquisitions in the testing, inspection and certification space.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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