ARTICLE
10 December 2025

Sustainable Energy & Infrastructure M&A Activity — December 2025

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HCM II Acquisition Corp. acquired Terrestrial Energy, developer of an advanced nuclear reactor, through a reverse merger for an estimated $230 million...
United States Energy and Natural Resources
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Recent M&A Activity:

October 28, 2025: HCM II Acquisition Corp. acquired Terrestrial Energy, developer of an advanced nuclear reactor, through a reverse merger for an estimated $230 million, resulting in the combined entity trading on the Nasdaq Stock Market under the ticker symbol IMSR on October 28, 2025.

October 31, 2025: TED Renewables, a 300-megawatt solar photovoltaic project, was acquired by Xcel Energy (NAS: XEL) for an undisclosed amount on October 31, 2025. This acquisition marks a significant expansion in the solar energy delivered to Xcel Energy customers in the Upper Midwest.

November 4, 2025: Quantum Hydrogen, operator of a natural hydrogen exploration firm, reached a definitive agreement to be acquired by Pulsar Helium (TSX: PLSR) for $400,000 on November 4, 2025. This acquisition will allow Pulsar to leverage its experience across additional acreage with similar helium generation potential.

November 19, 2025: Blockfusion, operator of renewable-energy data centers designed to transform the production of Bitcoin, reached a definitive agreement to be acquired by Blue Acquisition for an undisclosed amount on November 19, 2025.

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