ABM Acquires RavenVolt to Grow Its eMobility Business
ABM, a provider of integrated facility services and solutions, has entered into an agreement to acquire RavenVolt, headquartered in Alpharetta, Georgia. RavenVolt is a nationwide provider of microgrid systems utilised by diversified commercial and industrial customers, national retailers, utilities, and municipalities.
RavenVolt is projected to generate revenue of $70 million to $80 million in 2022. The transaction is expected to close during the fourth quarter.
RavenVolt designs and installs customized microgrid solutions, including RavenVolt branded generators and switchgear that deliver modular and redundant power to ensure energy resiliency and reliability. The addition of RavenVolt’s microgrid capabilities offers ABM the potential to grow its eMobility business through the delivery of customized power solutions in facilities where additional power generation capacity is needed to support EV charging.
Mark Hawkinson, president of ABM’s Technical Solutions group, said:
“Besides the clear synergies with our eMobility and Power businesses, RavenVolt also increases our opportunities in manufacturing and distribution, education, and through our bundled energy solutions offerings. We also see opportunities to cross-sell core ABM services to existing RavenVolt clients, especially for ongoing engineering and maintenance of installed systems.”
Last year, ABM acquired Able Services for $830 million to bolster ABM’s sustainability and energy efficiency offerings amid growing demand for environmentally responsible solutions, the company says. Able provides facility services to over a billion square feet of real estate, which strengthened ABM’s national presence.
The company also announced a $39 million collaboration with The New York Power Authority (NYPA) to support the electrification of New York City Transit buses. NYC Transit is implementing an infrastructure retrofit through the installation of inaugural overhead chargers, making progress in reaching its goal of obtaining an all-electric bus fleet by 2040.
Source: Environmental Leader