Tag Archives: Energy

Blackstone Announces Agreement to Acquire Hill Top Energy Center in Western Pennsylvania for Nearly $1 Billion

Blackstone

New York, NY – September 15, 2025 – Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone Energy Transition Partners (collectively, “Blackstone Energy Transition Partners”) have entered into a definitive agreement to acquire Hill Top Energy Center (“Hill Top”), a 620-megawatt natural gas power plant in Western Pennsylvania for nearly $1 billion, from Ardian, a global private investment firm.

This transaction follows Blackstone’s recent July 2025 announcement that it would invest over $25 billion to support the build out of Pennsylvania’s digital and energy infrastructure supporting the AI revolution and help catalyze an additional $60 billion investment into the Commonwealth.

Hill Top is one of the newest and most efficient combined cycle gas turbine plants in the country with among the best-in-class operating performance – situated in an area of the country that is well suited to serve as a strategic hub to power America’s AI future. Completed in 2021 and located in Greene County, Pennsylvania, Hill Top will continue to help support the power needs related to data center development and other use cases in the Pennsylvania-New Jersey-Maryland (“PJM”) electric market.

Bilal Khan, a Senior Managing Director, and Mark Zhu, a Managing Director, at Blackstone Energy Transition Partners, said: “The electricity infrastructure required to power the AI revolution requires a tremendous amount of capital. We are proud to make our latest investment in this sector – which is among our highest conviction investment themes – in Western Pennsylvania. Hill Top is among the best-in-class and a highly efficient modern power generation facility that is exceptionally well positioned to help Pennsylvania and the region serve as a key center of AI innovation.”

“In addition to the historic $25 billion investment they announced at our Energy and Innovation Summit in Pittsburgh this summer, I am thrilled to see Blackstone deepening its commitment to Pennsylvania’s energy infrastructure,” said Senator Dave McCormick.

Blackstone is a leader in investing in the infrastructure powering AI – across not just energy but a wide array of areas. Blackstone is the largest data center provider in the world with major investments in both Pennsylvania and globally. Blackstone also recently made an investment in Potomac Energy Center, a 774-megawatt natural gas power plant in Loudoun County, Virginia, and has been in late stage development or construction for approximately 1,600 megawatts of new-build power generation capacity over the last three and a half years in the United States.

Santander and Houlihan Lokey served as financial advisors and Kirkland & Ellis served as a legal advisor to Blackstone Energy Transition Partners on this transaction.

About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having committed over $27 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.

About Ardian
Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last. Ardian.com 

Media Contacts

Blackstone
Jennifer Heath
Jennifer.Heath@Blackstone.com

Ardian
H/Advisors Abernathy
ardian@h-advisors.global

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Apollo Commits €3.2 Billion to RWE Joint Venture Supporting the German Transmission Grid

Apollo logo

Investment will help fund long-term growth capex for grid expansion

NEW YORK, Sept. 08, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates have agreed to commit €3.2 billion of equity to a newly established joint venture with RWE, Germany’s largest power producer and a global leader in renewable power generation. The JV will be operationally controlled by RWE and hold and fund RWE’s 25.1% stake in Amprion, a Transmission System Operator (TSO) spanning across seven German federal states and serving approximately 29 million people and industrial corporations.

The JV will provide the required equity capital for its 25.1% stake to support Amprion’s major investment program for grid expansion over the next decade, enhancing critical German energy infrastructure. The JV is supported by reliable and stable dividend returns from Amprion’s regulated asset base. For RWE, the partnership with Apollo also aligns with its strategy to grow its generation portfolio of renewables, batteries and flexible generation assets and to focus on its core activities of power generation and energy trading.

Apollo Partner Jamshid Ehsani said, “This partnership with RWE will help fund long-term capex for critical grid expansion in Germany to power homes and industry, and it underscores our focus on delivering tailored capital solutions to leading global companies and essential infrastructure. It also reflects Apollo’s commitment to strong, lasting partnerships across both the private and public sectors. Looking ahead, we expect to further accelerate our investment activity in Europe, with a particular focus on Germany, France, Italy and the UK.”

The JV investment builds on Apollo’s significant record of providing scaled capital solutions to leading companies. Since 2020, Apollo has originated more than $100 billion of bespoke, high-grade solutions, including for European companies and/or European assets such as EDF, BP, Vonovia, Air France-KLM, AB InBev and Intel’s Fab 34 in Ireland, among others. Earlier this year, the Firm announced that it expects to deploy more than $100 billion in Germany alone over the next decade, helping to meet market demand for long-term financing and investments.

The transaction is subject to regulatory approvals and customary closing conditions, and it is expected to close in the fourth quarter of 2025. Latham & Watkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as legal counsel to the Apollo funds.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had approximately $840 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

 

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Carlyle to acquire Altera Infrastructure Group’s FPSO business

Carlyle

London and Aberdeen, UK – 01 September 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to acquire a diversified FPSO (Floating Production, Storage and Offloading) business from Altera Infrastructure Group, a leading offshore energy infrastructure company owned by Brookfield Asset Management’s private equity business. The transaction is subject to customary closing conditions and regulatory approvals.

The acquired business includes ownership of multiple FPSOs and one FSO (Floating Storage and Offloading), which are underpinned by long-term contracts with major oil and gas companies. The portfolio includes the Petrojarl Kong FPSO and FSO Yamoussoukro, deployed in the Ivory Coast with Eni, which represents the first net zero emission upstream project (Scope 1 and 2) in Africa, the Piranema FPSO, as well as 50% of the Altera&Ocyan joint-venture asset Pioneiro de Libra FPSO, deployed in Brazil with Petrobras. Additionally, the business benefits from a strong pipeline of future growth and redeployment opportunities.

Carlyle’s investment will support the Altera FPSO business through its sector-specific investment team and available follow-on equity capital for accretive growth and M&A, building on the company’s track record in redeployments.

Equity for the transaction will come from Carlyle International Energy Partners II (“CIEP II”), a private equity fund that focuses on energy opportunities globally. Carlyle will leverage its strong track record and experience in successful carve-outs of energy assets, following previous investments in Neptune Energy, Assala Energy and SierraCol.

Bob Maguire, Co-Head of CIEP, said: “This is a rare opportunity to acquire an established and high-quality FPSO business with a strong management team, operating track record and long-term cashflows. This portfolio benefits from long-term contracts, strong FPSO market fundamentals, and exposure to world-class operators which position it well for success.”

Bendik Dahle, Managing Director on the CIEP investment team, said: “We are delighted to partner with Altera FPSO to further build out the business’ scale and operations. We look forward to working closely with their strong management team to support the business in becoming a leading FPSO player globally through unlocking organic growth opportunities, M&A, partnering with operators on the delivery of their flagship upstream projects and supporting their decarbonization plans.”

Chris Brett, President at Altera Production, and Arne Hygen Tørnkvist, Executive Vice President – Projects, said: “Partnering with Carlyle marks an important step forward in our journey. Carlyle’s deep sector expertise and global network in the energy space, combined with its scale and resources, will allow us to further optimize the long-term performance of our assets, identify efficiencies across the portfolio and execute on growth initiatives to scale the business. We are excited to partner with Carlyle and look forward to delivering for our clients in a rapidly evolving energy landscape.”

—

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $465 billion of assets under management as of June 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 27 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

About Altera Infrastructure Group

Altera Infrastructure is a leading global energy infrastructure services group primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and West Africa.

Altera Infrastructure has consolidated assets of approximately $3 billion, consisting of offshore assets: floating production, storage and offloading (FPSO) units and floating storage and offtake (FSO) units. An additional three offshore units are managed through a joint venture. The majority of Altera Infrastructure’s fleet is employed on medium-term, stable contracts.

Media Contacts

Charlie Bristow
Carlyle
Charlie.Bristow@carlyle.com
+44 7384 513568

Maria Sjöstrand Blücher 
Altera Infrastructure
Media@alterainfra.com
+47 907 14 884

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CVC DIF to acquire a large scale hybrid solar PV and battery storage project in Chile

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CVC Capital Partners
  • CVC DIF has agreed to acquire a utility-scale hybrid PV-BESS energy project in Chile from Grenergy.
  • The project is currently under construction in Northern Chile and comprises 272 MW of installed solar PV capacity and 1,100 MWh of battery storage
  • The investment highlights CVC DIF’s commitment to the global energy transition sector

CVC DIF, the dedicated infrastructure investment strategy of leading global private markets manager CVC, is pleased to announce that it has agreed to acquire the Gabriela project, a utility-scale hybrid PV-BESS energy project located in Northern Chile, from Grenergy, a Spanish multinational clean energy producer.

The project comprises 272 MW of installed solar capacity and 1,100 MWh of battery storage. The project is currently under construction and is backed by a signed 15-year USD denominated, inflation-indexed hybrid power purchase agreement (PPA). This asset will also benefit from Chile’s supportive regulatory framework for storage investments.

The investment highlights CVC DIF’s commitment to the global energy transition sector, where it already manages renewable energy assets totaling over 7 GW of installed capacity and several investments in BESS and multi-technology projects.

Caine Bouwmeester, Partner, Co-head of DIF Infrastructure fund strategy and Head of Renewable Energy of CVC DIF commented: “We are very pleased to partner with Grenergy on this exciting project in Chile’s renewable energy sector. Gabriela will combine large-scale PV and battery storage to deliver reliable, clean energy and improve the resilience of the Chilean grid. This investment underlines our long-term commitment to the global energy transition.”

Quotes

We are very pleased to partner with Grenergy on this exciting project in Chile’s renewable energy sector.

Caine BouwmeesterCo-head of DIF Infrastructure fund strategy and Head of Renewable Energy of CVC DIF

According to David Ruiz de Andrés, CEO of Grenergy: “This transaction reflects the value and deep expertise in our hybridization model, as well as the ability to bring in high quality investment partners. We’re delighted with the agreement with CVC DIF and proud to partner on this important project, and look forward to future projects together.”

The asset transfer will take place after the Commercial Operation Date (COD), expected in the first half of 2026, and remains subject to the fulfillment of conditions customary for these types of transactions.

CVC DIF is advised by BNP Paribas (financial advisor), Cuatrecasas (legal advisor), KPMG (tax advisor), Valgesta (commercial advisor), DNV (technical advisor) and Marsh (insurance advisor).

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Endeit Capital Leads €12.5M Investment in Deftpower to Accelerate Europe’s Smart Charging Future

Endeit

Deftpower

Investment round led by Endeit Capital with participation from Proeza Ventures, 4impact Capital, Rethink Mobility, and business angel Jan Fredriks.

Arnhem, Friday 29th 2025 — Deftpower, the fast-growing European provider of AI-powered electric vehicle charging solutions, has raised €12.5 million in a round led by Endeit Capital. Existing investors Proeza Ventures, 4impact Capital, Rethink Mobility, and business angel Jan Fredriks are participating in the round. The funding will accelerate Deftpower’s European expansion and further develop its AI-driven smart charging technology.

Smart charging for a cleaner, more stable grid

Deftpower’s mission is clear: make EV charging cheaper, cleaner, and smarter for EV drivers and charge point operators, while easing pressure on Europe’s congested power grids.

Unlike other EV charging platforms, its scalable infrastructure can handle millions of transactions transparently and efficiently, cutting operational costs and reducing customer frustration.

Deftpower’s AI-driven smart charging gives it a unique advantage: the platform can anticipate charging needs even before an EV is plugged in. By shifting charging to times when renewable energy is abundant and prices are low, customers save money while Co2 emissions and grid strains are reduced. Two-thirds of charging can potentially be moved from peak to off-peak hours, an essential step in building a resilient, renewable-based energy system. 

Strengthening the highly burdened grids

Europe’s grids face unprecedented congestion, costing society hundreds of billions in lost economic activity and forced grid upgrades. Building more grid infrastructure alone cannot keep pace with rising demand from electrification. Deftpower tackles the problem at its source: by adjusting demand to match renewable energy production instead of the outdated approach of ramping production to meet demand.

When using Deftpower’s platform, two-thirds of charging potentially shifts from peak to off-peak hours, easing strain on grid infrastructure and maximizing the use of clean, low-cost electricity. This is a win for consumers, energy providers, and grid operators alike.

Proven scale and growth

Deftpower’s white-label eMobility Service Provider (eMSP) already serves more than 40 clients across 10 European countries. Designed to handle millions of transactions with full transparency, it supports the industry’s next stage: seamless smart charging and readiness for vehicle-to-grid (V2G) technology.

Despite employing just 70 people, Deftpower has been growing fast since the start.

Collaboration between Endeit Capital and Deftpower

Endeit has been investing for more than 20 years in the best founding teams in Europe. Endeit recognises Deftpower as the most innovative and ambitious scale-up in the European EV market. 

Endeit Capital’s perspective: “As a lead investor, we see Deftpower as uniquely positioned to be the backbone of Europe’s EV charging future, one where cost savings, carbon reduction, and grid stability go hand in hand. Their AI-driven approach is exactly what the energy transition needs at scale.” – Sara Resvik, Partner Endeit Capital. 

“As a lead investor, we see Deftpower as uniquely positioned to be the backbone of Europe’s EV charging future.”

Sara Resvik, Partner
Partner Endeit Capital. 

“We know charging your EV is both too expensive and too complicated today and the aggregator role we foresee for the MSP will tie the room together as it should. All players, including EV drivers, charge point operators and grid operators benefit financially from Deftpower’s charging platform,” says Deftpower CEO Jacob van Zonneveld.

About Deftpower

Deftpower is an Arnhem and Berlin-based technology company, founded by Jacob van Zonneveld, Marc Diks, and Remco Tjeerdsma. Deftpower is building the most advanced AI-powered charging platform for electric vehicles in Europe. Through white-label solutions for eMobility Service Providers, Deftpower enables millions of EVs to charge at the best times for consumers, the environment, and the grid. www.deftpower.com.

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EQT completes sale of common stock of Kodiak Gas Services

eqt
  • The sale resulted in aggregate gross proceeds of c. USD50 million

Frontier TopCo Partnership, L.P. (the “Selling Stockholder”), an affiliate of the funds known as EQT Infrastructure III and EQT Infrastructure IV, is pleased to announce the completion of the sale (the “Sale”) of c. 1.5 million shares of common stock of Kodiak Gas Services, Inc. (NYSE: KGS) (the “Company”), which were repurchased by the Company in a privately negotiated transaction under its previously announced share repurchase program. The Sale resulted in aggregate gross proceeds of c. USD50 million for the Selling Stockholder. The Sale was made on August 11, 2025. Following this transaction, the Selling Stockholder now holds c. 29.8 million shares of the Company’s common stock.

Contact

EQT Press Office, press@eqtpartners.com

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About EQT

EQT is a purpose-driven global investment organization with €266 billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

About Kodiak

Kodiak is a leading contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

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Apollo Funds to Acquire Kelvion, a Leading Global Provider of Heat Exchange & Cooling Solutions

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Apollo logo

Triton to retain minority interest in Kelvion

LONDON and HERNE, Germany, Aug. 13, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have agreed to acquire a majority stake in Kelvion (or the “Company”), a leading global provider of energy efficient heat exchange and cooling solutions, from funds advised by Triton (“Triton”). Triton will maintain a minority interest in Kelvion.

Founded and headquartered in Germany for over a century, Kelvion has established itself as a premier provider of thermal management solutions across a broad spectrum of industrial and high-growth end markets. Today, Kelvion is a leader in advanced cooling technologies for data centers, the Company’s largest and fastest-growing segment. It also plays an enabling role in several key energy transition markets, including carbon capture, hydrogen, electrification, renewables, and heat pumps, delivering highly reliable and sustainable solutions to customers around the globe.

Kelvion operates an extensive global footprint with sites across the Americas, EMEA, and APAC. Triton acquired and rebranded the company in 2014 (formerly GEA Heat Exchanger Group). Since then, Kelvion has undergone a significant transformation, shifting its portfolio and strategic focus toward secular megatrends in High Tech and Green Tech, while driving operational excellence and expanding its global customer base.

Waleed Elgohary, Partner, Apollo, said, “Kelvion has established itself as a premier provider of energy efficient solutions, with a global footprint and leading customer base. The Company is well positioned to meet the demand of several very large secular tailwinds, including AI & cloud revolution, energy transition, and reindustrialization. We are thrilled to have the opportunity to support the Company’s growth in this next phase in partnership with the Triton, Andy and the rest of the management team.”

Andy Blandford, CEO of Kelvion, said: “We thank Triton for their support and the good collaboration throughout the years. Today, Kelvion stands stronger than ever, delivering cutting-edge solutions across high-growth markets that matter most for the future of industry and the planet. We are thrilled to welcome Apollo Funds as our new majority investor. Their deep expertise in both clean energy and industrial technology, along with their global network and long-term mindset, makes them an ideal partner. Backed by the combined strength of Apollo and Triton, we are poised to accelerate our growth trajectory, continue investing in innovation and talent, and further solidify our position as a global leader in energy-efficient thermal solutions.”

Apollo Partners Claudia Scarico and Jeremy Honeth added, “We have followed the Kelvion business for several years, and Andy and the management team have done a terrific job transforming the business into a leading solutions provider serving highly technical end markets that we believe should continue to benefit from multiple secular megatrends. We are excited by its growth plans and look forward to supporting Kelvion in partnership with Triton.”

Claus von Hermann, Fund Managing Partner, Head of DACH and Co-Head of Industrial Tech at Triton, said: “We thank Andy, the further management team and all employees of Kelvion for their hard work, commitment and collaboration over the years. Together, they have driven a remarkable transformation, positioning the company at the forefront of global industrial innovation. We believe that Apollo is the perfect new partner for the company providing avenues to new growth and we look forward to supporting both the management and Apollo team in that.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billion1 of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close between Q4 2025 and Q1 2026.

UBS AG, J.P. Morgan Securities plc and Barclays Bank PLC (acting through its investment bank) served as financial advisors to the Apollo Funds, while Sidley Austin LLP served as legal counsel on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel in connection with the financing of the transaction.

Guggenheim Securities, LLC and Morgan Stanley & Co. International plc acted as financial advisors to Triton while Kirkland & Ellis served as legal advisors.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2025, Apollo had $840 billion of assets under management. To learn more, please visit www.apollo.com.

About Kelvion

Kelvion is a leading global developer and manufacturer of heat exchange solutions. Renowned for its commitment to innovation and sustainability, the company delivers cutting-edge thermal management solutions that empower customers to ensure reliable and efficient operations. Kelvion’s extensive portfolio serves a wide range of applications such as data centres, hydrogen production, heat pumps, marine, HVAC, refrigeration and the food and beverage industry. The company’s global sales, service and production network ensures that Kelvion is always available to support customers wherever they are. Whether supporting site installation, providing on-site technical service or replacement parts – Kelvion’s comprehensive range of service offerings is designed to optimise performance and extend the product lifecycle to ensure sustainability and reliability.

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 150 investment professionals and value creation experts across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit
For further information: www.triton-partners.com

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / EuropeanMedia@apollo.com

Triton Contact
Anja Schlenstedt
media@triton-partners.com

Kelvion Contact
Karin Pyc
Head of Communications
karin.pyc@kelvion.com

_______________________________
1 As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

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Hubbell to Acquire DMC Power

Golden Gate Capital

Shelton, CT (GLOBE NEWSWIRE) —

• Provider of connectors and tooling for utility substation and transmission markets
• Complementary technology enhances Hubbell’s Utility Solutions portfolio
• Attractive growth and margin profile aligned to megatrends in load growth, datacenter interconnection and aging infrastructure
• $825 million transaction to be financed with cash and debt; anticipate adjusted EPS accretion in 2026

Hubbell Incorporated (NYSE: HUBB) today announced it has entered into a definitive agreement to acquire DMC Power, LLC, a portfolio company of Golden Gate Capital and a provider of connectors and tooling for utility substation and transmission markets, for $825 million in cash, subject to customary adjustments.

“We are excited to add another high growth, high margin business to Hubbell’s Utility Solutions portfolio,” said Gerben Bakker, Chairman, President and CEO. “As load growth, datacenter buildouts and aging infrastructure drive highly visible utility substation and transmission investment over the next several years, the acquisition of DMC Power expands Hubbell’s strong presence in these attractive markets.”

Greg Gumbs, President of Hubbell Utility Solutions, added, “DMC Power’s swage connection system offers a strong complement to our existing substation and transmission connector solutions. This acquisition will deepen and broaden Hubbell’s technology offering with our core customers, enabling fast, reliable buildout of substation infrastructure and datacenter interconnections while further accelerating our near and long-term growth profile.”

Javier Puig, a Managing Director at Golden Gate Capital, said, “We are thrilled with this outcome and the significant progress that DMC made as an electrical connectivity provider since our investment in 2023. During Golden Gate Capital’s ownership period, DMC experienced rapid organic growth, reflecting the company’s investments in expanded facilities and new machines, the development of innovative new products, and expansion into new market segments. We are proud to have supported Tony and the DMC team, and wish the company well in its next chapter with Hubbell.”

Tony Ward, Chief Executive Officer at DMC Power, said, “I want to extend my thanks to our dedicated employees and customers whose commitment has driven DMC’s success. As the pioneers behind swage technology for utilities, we are proud to have developed a world-class solution that is transforming the industry. By joining forces with Hubbell, we are confident that swage will accelerate its industry adoption and that our customers will continue to receive the high-quality service and solutions they have come to expect from DMC.”

DMC Power is a designer and manufacturer of connector technology systems for high voltage power infrastructure with over 350 employees and two manufacturing facilities in Carson, CA and Olive Branch, MS, along with multiple distribution facilities located across North America. DMC Power anticipates 2026 revenue of approximately $130 million and EBITDA of approximately $60 million.

The transaction is anticipated to close by the end of 2025, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals. Hubbell plans to finance the transaction with a combination of cash on hand and debt. The company expects the acquisition to be accretive to adjusted EPS in 2026.

Advisors

Stephens Inc. is serving as financial advisor to Hubbell, and Holland & Knight LLP is serving as legal advisor. Harris Williams and Lincoln International are serving as financial advisor to Golden Gate Capital, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor.

About Hubbell

Hubbell Incorporated is a leading manufacturer of utility and electrical solutions enabling customers to operate critical infrastructure safely, reliably and efficiently. With 2024 revenues of $5.6 billion, Hubbell solutions electrify economies and energize communities. The corporate headquarters is located in Shelton, CT.

About DMC Power

DMC Power designs and manufactures the highest quality connection systems for transmission, distribution, substation, and industrial projects. The company’s Swage system, comprised of custom designed Power Connectors and a patented 360° Radial Swage Tool, has helped utilities around the world finish their projects with just the push of a button.

About Golden Gate Capital

Golden Gate Capital is a San Francisco-based private equity firm focused on partnering with management teams to build exceptional consumer, industrials, technology, and financial services companies. Since its founding in 2000, the firm has managed approximately $20 billion in cumulative committed capital. For more information, visit http://www.goldengatecap.com.

Contacts:
For Hubbell:
Dan Innamorato
Hubbell Incorporated
40 Waterview Drive
P.O. Box 1000
Shelton, CT 06484
(475) 882-4000

For Golden Gate Capital:
FGS Global
GoldenGate@fgsglobal.com

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Blackstone Announces Agreement to Acquire Enverus

Hellman & Friedman

Blackstone (NYSE: BX) announced today that private equity funds affiliated with Blackstone (“Blackstone”) have entered into a definitive agreement to acquire Enverus, a premier data analytics energy intelligence platform, from Hellman & Friedman and Genstar Capital.

Enverus was founded in 1999 and is a comprehensive data analytics platform empowering its customers’ capital allocation and asset optimization decisions across the entire energy ecosystem. Today, it is the largest and fastest-growing SaaS company and analytics provider dedicated to the energy market. It enables its 8,000 customers across 50 countries with real-time access to analytics, insights, and benchmark data from generative AI and partnerships with more than 95 percent of U.S. energy producers and 40,000 suppliers.

“This is more than a transaction – it’s a launchpad,” said Manuj Nikhanj, CEO of Enverus. “Blackstone shares our conviction that the future of energy will be defined by AI, real-time intelligence, and bold execution. Their global reach and deep expertise across energy, infrastructure, and data-rich industries will accelerate our momentum – helping us scale faster, build smarter, and deliver transformational outcomes for our customers. It is thanks to a strong partnership with H&F that Enverus is the company we are today. I am incredibly proud of what our team has built – especially our breakthrough work in power markets – and more excited than ever for what comes next.”

Eli Nagler and Bilal Khan, Senior Managing Directors at Blackstone, said: “As the leading energy-dedicated SaaS platform, Enverus’ advanced analytics and technology solutions are critical for its customers as they navigate unprecedented AI-driven electricity demand growth and the broader energy transition. We believe Blackstone’s energy market expertise and network can further enhance the company’s growth trajectory, and look forward to partnering with Manuj and the Enverus team.”

“After four years of tremendous partnership, Enverus stands as the clear SaaS, data, and analytics leader empowering the energy market,” said Ben Farkas, Partner at Hellman & Friedman. “We set out with a mission to build on the company’s core strengths, accelerate innovation, and expand its reach across the energy value chain. Today they are pioneering GenAI-powered solutions, scaling into new markets, and enabling smarter and more efficient decisions for customers worldwide. The company’s growth and culture of innovation have set a new standard for the industry. It’s been a privilege to partner with Manuj Nikhanj, Jeff Hughes, and the full Enverus team. We are confident Enverus is exceptionally well-positioned to shape the future of global energy.”

“Supporting Enverus through this exciting period of innovation and growth has been a great journey,” said Eli Weiss, Managing Partner of Genstar Capital. “We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

Enverus represents the latest in a number of recent transactions Blackstone has announced behind its high-conviction investment themes in electricity demand growth and the ongoing energy transition, such as TXNM Energy, Potomac Energy Center, Sediver, Westwood Professional Services, Trystar, and others. Blackstone’s core private equity strategy, Blackstone Energy Transition Partners, and Blackstone’s private equity strategy for individual investors are each expected to invest in Enverus as part of this transaction.

Terms of the transaction were not disclosed. The transaction is expected to close by the end of the year, subject to customary conditions. Citi and Morgan Stanley & Co. LLC acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Enverus and Hellman & Friedman. RBC Capital Markets served as financial advisor and Simpson Thacher & Bartlett LLP served as legal advisor to Blackstone.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Enverus
Enverus is the energy industry’s most trusted source for decision intelligence. With petabytes of proprietary data, deep domain expertise, and AI-native technology, Enverus empowers customers to invest smarter, operate more efficiently, and scale faster — across upstream, midstream, minerals, power, and renewables — all while navigating the most complex energy market in history. Learn more at www.enverus.com.

About Hellman & Friedman
Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail, and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $115 billion in assets under management as of December 31, 2024. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 35 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $50 billion of assets under management and targets investments focused on targeted segments of the financial services, software, healthcare, and industrials industries.

MEDIA CONTACTS: 

Blackstone
Matt Anderson
Matthew.Anderson@Blackstone.com
(518) 248-7310

Jennifer Heath
Jennifer.Heath@Blackstone.com
(347) 603-9256

Enverus
Jon Haubert
Jon.Haubert@enverus.com
(303) 396-5996

Hellman & Friedman
Dan Abernethy
Dan.Abernethy@fgsglobal.com
(646) 238-3902

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AURELIUS to acquire FIAMM Energy Technology from Resonac

Aurelius Capital
  • Definitive agreement reached for the acquisition of FIAMM Energy Technology
  • AURELIUS’ latest transaction involving a seller listed in Japan
  • Northern Italy-based FIAMM has generated revenues of €377m in 2024

Milan/Luxembourg, August 1, 2025 – AURELIUS Private Equity Mid-Market Buyout has entered into a definitive agreement for the acquisition of Resonac Corporation’s FIAMM Energy Technology business. Resonac Corporation is a subsidiary of Resonac Holdings Corporation.

The company is a renowned manufacturer of energy storage solutions and advanced battery technologies, with revenues of €377m in 2024. It is a market leader in Italy and has established a strong position across Europe. Headquartered in Vicenza, Northern Italy, the business operates two sites with just over 1,000 employees, serving around 3,000 customers globally.

This acquisition will mark AURELIUS’ latest transaction with a counterparty listed in Japan.

AURELIUS sees untapped growth potential in FIAMM Energy Technology as an important player in the global energy transition: building on the business’ strong brand and strategic positioning in its core markets, AURELIUS’ dedicated in-house operations advisory team AURELIUS WaterRise will support the company with bespoke advice throughout its transformation. AURELIUS WaterRise aims to enhance production quality and product performance, with the intention of improving overall customer satisfaction. AURELIUS anticipates growth opportunities, among others, from infrastructure investments such as data centres. It will support the business in identifying new market potential, expanding its core business and strengthening its global footprint.

Tomomitsu Maoka, CEO of FIAMM Energy Technology, comments: “We are excited about our partnership with AURELIUS, an investor with an established track record of building and growing businesses. This partnership should provide us with the resources and support to accelerate growth and bring cutting-edge energy solutions to markets worldwide.”

Fabian Steger, Managing Director AURELIUS IV and V, says: “FIAMM Energy Technologies is highly suited to leverage AURELIUS’ core strengths: our teams are experienced in conducting complex buyouts and subsequently supporting management teams through bespoke advice along their transformation journeys. Given our expertise in industrials, FIAMM is a great fit for our portfolio, and we look forward to working with the team to drive the business’ growth.”

Massimo Vendramini, Managing Director AURELIUS Investment Advisory Milan, says: “I am very proud that the Milan team could play its part in getting this deal signed. I would like to thank our counterparts at Resonac and all our advisors for making it happen. Given the strength of its market position in Europe, and the momentum behind the energy transition worldwide, I believe FIAMM can look forward to a great future. I am confident that AURELIUS will play its part in supporting that future.”

The transaction is subject to customary closing conditions, including regulatory approvals. Closing is expected in Q4 2025.

AURELIUS was advised by DC Advisory (M&A), Advant NCTM (Legal), Haver & Mailänder (Legal), BCG (Commercial), EY (Financial), EY (Tax), ERM (EHS) and AON (Insurance).

Resonac was advised by Houlihan Lokey (M&A), BonelliErede (Legal), Nishimura & Asahi (Legal), EY (Financial), EY (Tax) and ERM (EHS).

About AURELIUS

AURELIUS is a global private equity investor, distinguished and widely recognised for its operational approach. It focuses on private markets, in particular Private Equity and Private Debt. Its key investment platforms include AURELIUS Opportunities V, AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, especially expanding its global footprint, and today employs more than 400 professionals in 9 offices spanning Europe and North America.

AURELIUS is a renowned specialist for complex investments with operational improvement potential such as carve-outs, platform build-ups or succession solutions as well as bespoke financing solutions. To date, AURELIUS has completed more than 300 transactions, and has built a strong track record of delivering attractive returns to its investors. Its approach is characterised by its uncompromising focus on operational excellence and an unrivalled ability to efficiently execute highly complex transactions.

More info: www.aurelius-group.com

AURELIUS media contact:

Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7785 722 191

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