Project News / Energy & Solar
SOLV Energy Buys Amarillo Substation and Battery Storage Contractor ASB Energy Services for About $45 Million
The deal brings a Panhandle high-voltage contractor serving data center, storage and renewables clients into the Nasdaq-listed solar builder.
SOLV Energy has acquired ASB Energy Services, an Amarillo contractor that builds substation foundations, civil works and battery storage infrastructure. The purchase price is about $45 million, made up of $36 million in cash and $9 million in SOLV Class A stock, before closing adjustments.
ASB was founded in 2007. Its customers are in the data center, energy storage, renewables and industrial markets.
ASB will operate as a SOLV company and keep its current leadership. Founder and CEO Dwayne Hoving is staying with the business.
SOLV CEO George Hershman said the deal advances the company's "diversified energy infrastructure services platform." SOLV said the acquisition expands its high-voltage capability and its presence in Texas.
SOLV, which trades on Nasdaq under the ticker MWH, has built more than 500 solar and storage plants totaling about 22 gigawatts since 2008. The company closed its initial public offering in February. SOLV announced the completed acquisition on November 2; it did not state a separate closing date.
