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SOLV Energy strengthens battery storage capabilities with ASB Energy Services acquisition
SOLV Energy, a provider of services for large-scale solar and battery storage projects, has acquired ASB Energy Services for approximately $45 million. This acquisition expands SOLV Energy's high-voltage construction capabilities and reinforces its presence in Texas. ASB Energy Services will continue to operate under its existing leadership, amidst significant growth in energy storage M&A activity.
SOLV Energy, a leading provider of construction, operation, and maintenance services for large-scale solar and battery storage projects, has acquired ASB Energy Services. Texas-based ASB Energy Services specializes in substation foundations, civil construction, and battery energy storage infrastructure.
The transaction, valued at approximately $45 million, comprises $36 million in cash and $9 million in shares of SOLV Energy’s Class A common stock. Founded in 2007, ASB Energy Services provides construction services to clients across various sectors, including data centers, energy storage, renewable energy, and industrial applications.
Following the acquisition, ASB Energy Services will continue to operate as a SOLV Energy company, retaining its existing leadership team, operational approach, and customer relationships. Through this acquisition, SOLV Energy enhances its high-voltage construction expertise and reinforces its foothold in Texas and other areas where energy infrastructure investment is on the rise.
According to Dwayne Hoving, Founder and CEO at ASB Energy Services, this move marks an exciting new chapter for their employees and customers. He emphasized that ASB was built around delivering high-quality work, developing its people, and creating long-term value for its customers. Becoming part of SOLV Energy provides access to additional resources and broader opportunities.
Since 2008, SOLV Energy has constructed over 500 power plants with a combined generating capacity of 22 GW. The acquisition is anticipated to support its expansion in energy infrastructure services amidst increasing investments in grid modernization, energy storage deployment, and industrial development.
Corporate M&A activity in the energy storage sector increased by 35% year-over-year, with 27 transactions announced in the first nine months of 2026, compared to 20 during the same period in 2025. This information is based on a recent report by Mercom India.
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Talk to Oranje-Eco →This article is an Oranje-Eco summary of a report by Mercom India. Read the original: Mercom India.
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