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The global automotive mergers and acquisitions market experienced a decline in deal volume and value in 2022. The rise of electric powertrains in the automotive industry has led to an increase in mergers and acquisitions. Companies aim to expand their EV ecosystem through tech development, building charging infrastructure, or acquiring complementary businesses to improve overall value. Battery technology firms are a significant focus of M&A activity in the EV industry because they are a critical part of the EV value chain. The electric vehicle (EV) market is rapidly changing, with new partnerships and deals being announced regularly as companies compete for market share. As the move towards electric cars and sustainable energy grows, we anticipate increased investments in battery technology, charging stations, and other critical areas (Conway, 2023).

Orion Energy Systems Inc. is a member of the U.S. Energy Star program, which promotes appliances, lights, and other items that offer efficient energy consumption. The company has expanded into the electric vehicle (EV) charging station market by acquiring Voltrek LLC. Voltrek offers comprehensive EV charging solutions and continuous support to various commercial industries. As a resale partner for top electric vehicle supply equipment and service providers, they provide solutions that cover everything from planning and installation to maintenance and management services (Bates, 2022). On October 5, 2022, Orion Energy acquired Voltrek LLC for $19.2 million. The purchase price comprised $5 million in cash and $1 million worth of shares of Orion's common stock, subject to standard closing adjustments (Market Screener, 2022).

The CEO of Orion has reported a net loss and EPS due to a $17.8 million non-cash tax charge for recording a valuation allowance against Deferred Tax Assets, as well as a $1.5 million accrual for the earnout related to the Voltrek acquisition in Q323. In Q323, total operating expenses rose to $9.4 million from $6.3 million in Q322, mainly because of costs associated with the Voltrek acquisition. Despite this, Voltrek is performing well and is on track to achieve a projected revenue estimate of $3-$5 million for the second half of FY23 (Orion Energy INC, 2023).