SOLV Energy (Nasdaq: MWH) has completed its acquisition of ASB Energy Services, an Amarillo, Texas, contractor specializing in substation foundations, civil construction, and battery energy storage system (BESS) infrastructure. The San Diego company announced the deal on Nov. 2.
SOLV paid approximately $45 million, excluding customary closing adjustments.
Splitting the Check:
$36 million in cash, or 80% of the total
$9 million in SOLV Class A common stock
Meet the New Crew: Founded in 2007, ASB serves customers in the data center, energy storage, renewable energy, and industrial sectors. SOLV says the company is recognized for its experienced workforce, strong execution, and commitment to safety.
Building Out the Toolbox: According to SOLV, the deal expands its self-perform high-voltage construction capabilities and grows its presence in Texas and other high-growth regions. The company says it also broadens SOLV’s ecosystem of services and improves its ability to support customers across the power lifecycle.
Same Boots, Bigger Family: ASB will operate as a SOLV Energy company and keep its leadership team, operating approach, and customer relationships. Founder and CEO Dwayne Hoving said joining SOLV gives ASB access to additional resources and broader opportunities.
Sizing Up the Buyer: Since 2008, SOLV has built more than 500 power plants totaling 22 GW of generating capacity. It also provides operations and maintenance for 152 operating power plants representing over 23 GW.
CEO George Hershman said that as demand for reliable electricity grows, SOLV believes investments in generation, storage, transmission, and substation infrastructure will remain an important long-term opportunity.
Two of those four, storage and substations, are right where ASB already works.
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