SOLV Energy, Inc. (Nasdaq: MWH), a leading provider of infrastructure services to the power industry, announced that it has completed the acquisition of ASB Energy Services, a Texas-based contractor specializing in substation foundations, civil construction, and battery energy storage system (BESS) infrastructure.

Deal Details

SOLV acquired ASB for approximately USD 45 million, excluding customary closing adjustments. The consideration consists of $36 million in cash and $9 million in shares of SOLV's Class A common stock.

The acquisition strengthens SOLV's energy infrastructure platform and expands its self-perform high-voltage construction capabilities. According to the company, the transaction broadens SOLV's ecosystem of services, increases its presence in Texas and other high-growth regions, and improves its ability to support customers across the power lifecycle.

Who Is ASB Energy Services

Founded in 2007 and headquartered in Amarillo, Texas, ASB has built a reputation for delivering complex energy infrastructure projects safely and efficiently. The company serves customers across the data center, energy storage, renewable energy, and industrial sectors and is recognized for its experienced workforce, strong execution, and commitment to safety.

Under the deal, ASB will operate as a SOLV Energy company, retaining its leadership team, operating approach, and customer relationships.

Leadership Perspectives

"This acquisition advances our strategy to build a diversified energy infrastructure services platform capable of supporting customers throughout the power lifecycle," said George Hershman, Chief Executive Officer of SOLV Energy.

"ASB brings proven expertise, a strong safety culture, and an experienced team that complements our existing capabilities and strengthens our ability to deliver critical energy infrastructure for customers across the country."

Hershman added that as demand for reliable electricity continues to grow, SOLV believes investments in generation, storage, transmission, and substation infrastructure will remain an important long-term opportunity.

Dwayne Hoving, founder and CEO of ASB Energy Services, called the acquisition an exciting next chapter for ASB's employees and customers. "From the beginning, ASB was built around delivering high-quality work, developing our people, and creating long-term value for our customers," Hoving said.

"By becoming part of SOLV, we gain access to additional resources, broader opportunities, and a shared commitment to safety and execution excellence, while continuing to deliver the level of service our customers have come to expect."

Strategic Context

The acquisition supports SOLV's long-term strategy to expand its energy infrastructure platform and capitalize on increasing investment driven by grid modernization, energy storage deployment, industrial growth, and rising electricity demand across the United States, the company said.

About SOLV Energy

SOLV Energy provides infrastructure services to the power industry, including engineering, procurement, construction, testing, commissioning, operations, maintenance, and repowering.

Since 2008, the company has built more than 500 power plants representing 22 GW of generating capacity and provides operations and maintenance services to 152 operating power plants representing over 23 GW of generating capacity. In addition to EPC and O&M for utility-scale power plants and related transmission and distribution infrastructure, SOLV offers large-scale repair, emergency response, and repowering services and installs end-to-end SCADA and network infrastructure solutions designed to maximize project performance and energy availability.

The company also offers SCADA and operational technology solutions, providing plant control systems for photovoltaic and battery energy storage projects, along with real-time project tracking and reporting through its technology and innovation offerings.

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