As the appetite for renewable energy grows in parts of the world, some renewable energy companies are making the switch from private to public.

Among the latest announcing plans for a public debut is residential solar provider Suntuity Renewables. The company said May 19 it is being acquired by Beard Energy Transition Acquisition Corp., a special purpose acquisition company (SPAC), for a pre-money equity value of $190 million. The combined company, which will become public and trade on the New York Stock Exchange, is expected to have a pro forma enterprise value of $249 million, with the transaction generating up to about $255 million in gross cash proceeds, according to a news release.

The combination takes place amid growth in the residential solar market as homeowners take advantage of incentives offered by the U.S.

“Since 2017, Suntuity’s mission has been to support the transition to a 100% clean and renewable energy future by simplifying residential solar power,” Suntuity CEO Dan Javan said in a news release. “In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country, and establish ourselves as a significant industry participant in the renewable energy transformation.

The transaction is expected to close in the fourth quarter of 2023.

Here’s a look at other renewable energy news.

Energy Storage

TotalEnergies Launches Battery Storage Project in Belgium

TotalEnergies said May 15 the company has started its largest battery storage project in Europe: a 25-megawatt (MW) battery farm at its Antwerp refinery in Belgium—the country’s first.

The facility, expected to start operations by year-end 2024, is intended to help ease intermittency issues that come with use of renewable energy resources.

“It fits in perfectly with the multi-energy strategy of TotalEnergies,” Olivier Jouny, senior vice president integrated power at TotalEnergies, said of the project in the news release. “Backed by [TotalEnergies’ wholly owned subsidiary] Saft’s battery energy storage system expertise, TotalEnergies intends to deploy storage solutions – notably in countries where we are actively developing renewable energies.”

The project comes as the company aims to strengthen the electricity value chain in Europe with battery energy storage systems. TotalEnergies said it has commissioned four battery parks in France with a combined energy storage capacity of 130 MWh.

Pylontech, Energy to Build Battery Factory in Italy

China’s Pylontech said May 19 it will build its first overseas battery energy storage system plant in Italy with Energy SpA after the two formed a joint venture.

The planned factory marks another step in the companies’ efforts to meet global demand for energy storage.

“It’s an important step for Pylontech to set localized production as our partners, especially in Europe, are eager to have [a] more secured and stable supply chain,” said Geoffrey Song, vice president of Pylontech.

Cobalt-free lithium-iron-phosphate (LFP) batteries will be manufactured at its facilities starting from this autumn, with an initial overall investment of 10 million euros by the two partners, according to a Reuters report. The batteries at the site, which will eventually become a gigafactory, will be used to store energy produced from renewable sources, in particular photovoltaic panels, Energy said in a statement.


GreenFire Signs Agreement to Advance Geothermal in Taiwan

San Francisco-based GreenFire Energy has partnered with Taiteck Co. Ltd. and Taiwan Power Co. to develop geothermal projects in Taiwan, the geothermal energy company said May 15.

Plans are to utilize GreenFire’s closed-loop Advanced Geothermal System (AGS), called GreenLoop.

“The technology enables new and existing operators and developers to retrofit idle wells, to expand existing fields with new wells and de-risk the development of new geothermal resources quickly and economically,” GreenFire said in a news release. “Additionally, GreenLoop can be precisely tailored for optimal power generation and techno-economic feasibility.”

The company said its technology can also be applied to depleted or abandoned geothermal wells.

GreenFire also said this week it has signed an agreement in which PT Armada Energi Solusi (Armada) will secure and service businesses in Indonesia on behalf of GreenFire Energy. Armada, an energy technology and services company, has experience in developing both geothermal and oil and gas wells in Indonesia. The country, which has a geothermal power generation capacity of 2,356 MW, aims to add 3.3 GW of geothermal installed capacity by 2030, the release stated.

Calpine the Geysers
GreenFire Energy is demonstrating its Steam Dominated GreenLoop technology in the geysers in California. (Source: Sound Ideas Media, courtesy of Calpine Corp.)


Global Hydrogen to Go Public with $112 Million Merger

New York-headquartered Global Hydrogen Energy said May 15 it plans to go public with a planned merger with special purpose acquisition company Dune Acquisition Corp. in a deal valued at $112 million.

The hydrogen pure-play and carbon recovery project developer mainly targets renewable waste as feedstock to generate industrial gases to sell. The proposed merger, which has been approved by Dune’s board of directors, as well as managers and unitholders of Global Hydrogen, is expected to close the second half of 2023 and is subject to approval by Dune’s stockholders and customary closing conditions, a news release stated.

Upon closing, the combined company will be called Global Gas Corp. and be listed on Nasdaq under the new ticker symbol HGAS.

Ambient Fuels Secures Investment from Generate Capital

Green hydrogen project developer Ambient Fuels has received a commitment from Generate Capital partners to fund up to $250 million of green hydrogen infrastructure, according to a May 17 news release.

The investment news comes as the New York-based company grows its pipeline of projects to support the decarbonization of heavy industries and transportation.

“Ambient Fuels offers custom-engineered green hydrogen solutions, overseeing every step of execution—from project development and design to financing and construction—of its renewable hydrogen centers,” the release stated. “The company’s technology-agnostic approach works with any renewable energy source to support decarbonization at scale.”

H2B2 Plans to Go Public in $750 Million SPAC Deal

Hydrogen tech company H2B2 Electrolysis Technologies plans to go public, having announced it is merging with SPAC RMG Acquisition Corp. III in a $750 million deal.

H2B2, a green hydrogen producer focused on U.S. and European markets, said its stockholders will roll 100% of their equity holdings into the combined public company. The proposed deal, supported by a private capital raise or a private investment in public equity transaction, is expected to close in the second half of 2023 subject to meeting closing conditions.

The proposed merger is expected to help the company execute its near-term projects and better scale its operations to meet demand growth. H2B2 said the company plans to expand in the Latin America and Asia-Pacific regions, where it is involved in several projects.

H2B2’s 3-MW green hydrogen production facility, SoHyCal, in California was expected to start production in May 2023.


Solar Alliance to Acquire Canadian Solar Company

Solar energy provider Solar Alliance Energy Inc. signed a non-binding letter of intent on May 16 to acquire an unnamed Canadian commercial and utility solar company for $6 million.

The unnamed solar company is based in Alberta with a year-to-date unaudited 2023 fiscal year revenue of $5,801,023 and future contracted projects totaling more than $5.6 million.

The transaction is primarily share-based and consideration will be paid for with:

  • $500,000 in cash;
  • $700,000 in unsecured convertible debt (five-year term, 10% interest per annum, convertible at a price of $0.16 per share);
  • $4,800,000 in Solar Alliance common shares, at a price of $0.08 per share, for a total of 60,000,000 common shares; and
  • One half share purchase warrant for each common share issued, at a price of $0.20 per share for a period of two years, for a total of 30,000,000 warrants.

“The transaction is expected to significantly increase the scale of Solar Alliance, be immediately accretive to Solar Alliance, provide access to the rapidly expanding Canadian solar market and create operational synergies, while positioning the company to be cash flow positive post-transaction,” Solar Alliance CEO Myke Clarke said in a May 18 press release.

Solar Alliance’s increase in scale will allow for shared engineering, administrative and accounting services, increased buying leverage and decreased bonding and debt facility costs. The combined management, board and insiders will own approximately 54%, Clark said in the press release.

The transaction also comes at a favorable time for Canadian solar due to the introduction of a 30% investment tax credit in the federal budget for renewable energy projects in 2023.

Closing of the transaction remains subject to completion of due diligence, a binding definitive agreement, shareholder approval and approval by TSX Venture Exchange, which Solar Alliance has 90 days to complete.

Solar energy provider Solar Alliance Energy Inc. signed a non-binding letter of intent on May 16 to acquire an unnamed Canadian commercial and utility solar company for $6 million. (Source:

Osaka Gas Buys 350-MW Solar Project in Texas

Osaka Gas USA Corp. is expanding its solar footprint in North America, having agreed to purchase a 350-MW solar project in Texas from European Energy subsidiary EE North America.

The sale is part of EE North America’s long-term growth strategy as the company works to become a “leading global force in promoting the green transition,” EE North America CEO Lorena Ciciriello said in a news release May 16.

Osaka, which focuses on power generation as well as LNG liquefaction and shale gas development, will take over development of the solar project. It is expected to start operations in 2025, according to the news release.

“We hope to expand this longstanding relationship through future collaboration and contribute to the decarbonization of the U.S. “


Ukraine’s DTEK Launches New Wind Farm as War Rages

(Reuters) Ukraine’s biggest private energy company, DTEK, has launched the first stage of a 500-MW wind power plant in a boost to the country’s energy sector following Russian air strikes.

The Russian attacks on Ukraine’s energy infrastructure caused widespread damage and left millions without electricity and heating over winter. Ukraine is now racing to repair and strengthen the sector before the winter.

The project will cost 450 million euros, he said.

Once completed, the Tyligul wind farm will be the largest in Ukraine. For now, 19 wind turbines will generate electricity to support Ukraine's energy balance.

DTEK started building the plant in 2021, but construction stopped after Russia invaded Ukraine on Feb. 24, 2022. The plant is less than 100 km (62 miles) from the frontline.

Work resumed in April last year with engineers and workers building 13 wind turbines since then. Six turbines were built before the war.

“This project is very special because it was constructed mostly in times of war,” said Henrik Monefeldt, regional head at FairWind, a company involved in the installation of wind turbines at the site.

“It has been strenuous for the guys, it has been interrupted multiple times—air alarms and missiles flying by. But...they have been so proud working on this for the simple fact that we are helping to supply energy to Ukraine.”

Hart Energy Staff and Reuters contributed to this report.