SB Energy Acquisition, Valuation, Funding & Investors

Northland Power develops, constructs, and operates sustainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland’s growth opportunities are global and span North America, Europe, Latin America, and Asia.

Cadeler AS is an offshore wind farm vessel contractor. It is engaged in offshore wind farm construction, maintenance, and decommissioning and provides marine and engineering operations to the wind industry, focusing on safety and the environment. The company operates six offshore jack-up wind farm installation vessels. In addition to wind farm installation, these vessels can perform maintenance, construction, decommissioning, and other tasks within the offshore industry.

SOLV Energy Inc is a provider of infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance and repowering. It specializes in designing, building and maintaining utility-scale solar and battery storage projects and related T&D infrastructure. The company's projects include: The Eldorado Solar Project, Gravel Pit Solar Project, and Vikings Solar-plus-Storage Project. It operates in one reportable segment which derives revenue through providing EPC, O&M and Development services throughout the Unites Sates. The company derives maximum of revenue from its EPC contracts.

Enpal is a Berlin-based provider of comprehensive renewable energy solutions including solar panels, batteries, wallboxes, heat pumps, and energy management systems. The company offers 20-year lease models with no upfront costs, covering installation, maintenance, and insurance for residential customers in Germany and Italy. Recognized as Germany's market leader in solar installations, Enpal operates over 200 installer teams and a dedicated training center near Berlin.

Arcadia is a clean energy platform facilitating access to renewables and utility data across the United States. Founded in 2014 and headquartered in Washington, D.C., the company operates Arc, which aggregates billing and usage data from 125 utilities representing over 80 percent of U.S. electric accounts. Arcadia manages the largest community solar program nationwide, subscribing more than 100,000 households and offsetting five terawatt-hours of demand through partnerships with developers like Nexamp and Common Energy.

Base Power is a residential energy provider offering backup battery systems and fixed-rate electricity plans in Texas. Dallas-headquartered, its home batteries supply up to three days of whole-home power during outages with automatic failover. Plans feature transparent pricing from 9 cents per kWh plus delivery and membership fees, serving deregulated market customers seeking cost predictability.

Teekay Tankers Ltd is a provider of marine services to the international oil and natural gas industries and an operator of medium-sized oil tankers. The company operates in two segments: Tankers, which consists of the operation of all of the company's tankers (including the operations from those tankers employed on full service lightering contracts), and the company's U.S. based ship-to-ship support service operations (including its lightering support services provided as part of full service lightering operations); and Marine Services, which consists of operational and maintenance marine services provided to the Australian government, Australian energy companies and other third parties. The company generates the majority of its revenue from the Tankers segment.

Topaz Energy Corp is a royalty and energy infrastructure company focused on generating low-risk income and paying dividends to its shareholders. It generates revenue from the Royalty Assets, which generate the company's Royalty Production Revenue; and the Infrastructure Assets, which generate the company's Processing Revenue and Other Income. The majority of the company's revenue is earned through royalties.

ERG is an Italian renewable power producer based in Genoa that was founded in 1938 and is listed on the Milan stock exchange. It generates electricity from wind and solar plants and reported installed capacity of 3,974 MW at the end of 2025. The group is controlled with 62.53 percent by SQ Renewables, a holding in which the family office of the Garrone-Mondini family and IFM Investors, through its Net Zero Infrastructure Fund, agreed in 2022 to hold 35 percent. Chief executive Paolo Merli leads the group, whose industrial plan includes a geographic refocus on core markets such as Italy, the United Kingdom, France, Germany and the United States. It has grown by buying operating plants, among them seven Italian wind farms from EDP Renewables in 2022, a 75 percent US portfolio from Apex Clean Energy in 2024 and a 73 MW English wind portfolio in 2026, while selling its Swedish Furuby wind farm.

Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules.

Energix-Renewable Energies Ltd is an Israel based renewable energy company engaged in the field of solar (photovoltaic) and wind energy. The group operates its activities in two reporting segments namely, the Photovoltaic segment, and the Wind segment. It develops, plans, and constructs projects for the production and sale of electricity using its photovoltaic solar systems under the Photovoltaic segment. The company also plans and constructs projects for the production and sale of electricity by using wind energy. Its Wind energy segment projects are located in Israel and Poland. The group generates the majority of its revenue from the Wind segment.

Chesapeake Utilities Corp is an energy delivery company engaged in the distribution of natural gas, electricity, and propane; the transmission of natural gas; the generation of electricity and steam; and providing mobile compressed natural gas and other energy-related services to its customers. The company operates in two reportable segments, Regulated Energy and Unregulated Energy. The company's natural gas and electric distribution operations in Delaware, Maryland, and Florida are subject to regulation by PSC. Eastern Shore's natural gas transmission is subject to regulation by the FERC, and Peninsula Pipeline and Aspire Energy Express, its intrastate pipeline subsidiaries, are subject to regulation by the Florida PSC and Public Utilities Commission of Ohio, respectively.

Greencoat UK Wind PLC is a renewable infrastructure fund, solely and fully invested in operating UK wind farms. The company aims to provide investors with an annual dividend that increases in line with RPI inflation. It also tries to preserve the capital value of its investment portfolio in the long-term on a real basis through reinvestment of excess cash flow and the prudent use of portfolio leverage. The company invests in both onshore and offshore wind farms. All of the group's income is generated within the UK.

RWE is a German energy giant developing the Norfolk Vanguard offshore wind farm off the UK coast, contributing to large-scale renewable power generation in the North Sea.

Devens, Massachusetts-headquartered Commonwealth Fusion Systems pioneers compact tokamak fusion reactors powered by high-temperature superconducting magnets. The company constructs SPARC, a six-meter-wide demonstration tokamak scheduled for net energy production by 2025 at its Devens site, which serves as a prototype for ARC, a 200-400 megawatt pilot plant intended for grid connection in New Hampshire during the early 2030s. CFS produces its proprietary magnets in-house at a dedicated factory opened in 2021 and collaborates closely with the MIT Plasma Science and Fusion Center on plasma physics advancements. Key technologies include the VIPER cable design enabling 20-tesla magnetic fields essential for plasma confinement. Founded in 2018 as an MIT spinout, CFS advances commercial fusion through rigorous peer-reviewed engineering.

Enphase Energy is a global energy technology company. It delivers smart, easy-to-use solutions that manage solar generation, storage, and communication on one platform. The company's microinverter technology primarily serves the rooftop solar market and produces a fully integrated solar-plus-storage solution. Enphase derives a majority of revenue from the United States.

Qatar Fuel QSC is engaged in the sale, marketing, and distribution of oil, gas, and refined petroleum products, vehicle inspection services, marine bunkering, transportation of oil and gas, and other related services. Some of the firm's products are lubricants, gas, and bitumen, among others. The company generates the majority of its revenue from the sale and distribution of refined petroleum products. Geographically, it operates in the state of Qatar, which is the key revenue-generating market.

Drax Group PLC is a UK-based renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. It operates a generation portfolio of sustainable biomass, hydro-electric, and pumped hydro storage assets across four sites in England and Scotland. The company also operates a bioenergy supply business with manufacturing facilities in the United States and Canada, producing compressed wood pellets for its own use and for customers in Europe and Asia. Its segments include Pellet Production, Generation, and Customers. The majority of its revenue is generated from the Customers segment which sells renewable electricity to industrial and commercial customers in the United Kingdom.