Credentials
A track record built on trust and results.
Explore the clients who have gotten ahead with Apricum
We are proud of the successful fundraises, M&A deals and other transactions in the cleantech space that we have guided to success – with over 500 completed projects and counting. Our deep financial expertise, extensive high-level network, tailored and innovative approach, real-time insights and independent advice has made a broad range of transactions possible.
selected transactions

Sell-side M&A
Value not disclosed


Capital raise
Value not disclosed


Sell-side M&A
Value not disclosed


Sell-side M&A
Value not disclosed


Sell-side M&A
Value not disclosed


Sell-side M&A
Value not disclosed


Commercial due diligence
Value not disclosed


Commercial due diligence
Value not disclosed


Commercial due diligence
Value not disclosed


Growth Capital
$15m


Sell-side M&A
Value not disclosed


JV formation


Commercial Due Diligence
€200m+


Acquisition
Value not disclosed


Commercial Due Diligence
€100m
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Commercial due diligence
Value not disclosed


Series C Fundraise
$15m


Series A2 Fundraise
€5m


Debt raising
€185m
Bank consortium

Sale of majority
Value not disclosed


Sale of Majority
Value not disclosed


Series B Fundraise
Value not disclosed


Joint Venture
Wind tower manufacturing

Joint Venture
PV mounting structure manufacturing

Strategic Investment
Value not disclosed


Strategic investment, JDC and share option
$5m (JDA)
What our clients say about us
Apricum partners with corporates, SMEs, start-ups, and investors across energy and cleantech markets. We are proud to consistently exceed expectations in delivering results for our clients.
M&A and capital raising
Sell-side M&A · Sale to ista
“Apricum was an outstanding partner throughout our M&A process.”
Hannes Münzinger
Founder and CEO, Homenergy
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“Apricum was an outstanding partner throughout our M&A process. Their highly experienced team developed a deep understanding of our business model and market within a very short period of time and combined this with excellent transaction expertise, remarkable speed and a strong hands-on approach. Even during the most challenging phases of the transaction, the team remained pragmatic, responsive and fully committed to finding the right solutions. We greatly appreciated having such a competent and trusted advisor by our side throughout the entire process.”
Sell-side M&A · Sale to E.ON
“…strong network of strategic investors was key to finding the right partner…”
Bastian Arend
Founder and CEO, Klarsolar
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“Apricum’s strong network of strategic investors was key to finding the right partner for Klarsolar. Their team combined deep market expertise with hands-on support throughout the negotiations, making E.ON the ideal partner for our next chapter – we couldn’t have asked for a better advisor on this journey.”
Sell-side M&A · Sale to Octopus Energy
“Apricum… a key support for us.”
Devrim Celal
CEO, Upside Energy Limited
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“I’m really excited for Upside as we become part of Octopus Energy Group and take advantage of the opportunities this acquisition will bring. Apricum, with its industry knowledge, network and transaction experience was a key support for us.”
Capital raising
“We want to extend our heartfelt thanks to the Apricum team…”
Alistair Munro
Founder and CEO, Ryse Energy
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“We want to extend our heartfelt thanks to the Apricum team for their support through this fundraising process. It was certainly not an easy one and their guidance throughout was very welcome. The funds will allow us to start our growth plan investments into our technology and manufacturing operations with a cornerstone investor.”
Partner search
“…exceptional network and access to top decision makers…”
Raymond Wang
Executive Vice President, Sungrow China
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“Apricum supported us in a strategic partner search conducted in five countries on four continents. We were very impressed with their exceptional network and access to top decision makers in each target country. Apricum introduced us to highly targeted, high-level companies with the exact strategic fit we were looking for.”
Capital raising
“…crucial to refining our approach to capital markets…”
Matt Harper
Co-founder and Chief Commercial Officer, Invinity Energy Systems
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“Apricum has been a terrific partner for our company, initially as Avalon Battery then after our merger with redT Energy to form Invinity Energy Systems. Not only was Apricum’s expertise crucial to refining our approach to capital markets, but their insights into the broader energy ecosystem were tremendously valuable in understanding, evaluating and crafting the commercial positioning of our vanadium flow batteries for potential customers and strategic partners.”
Capital raising · Series C fundraise
“…their professionalism and dedicated support were instrumental…”
Marc Borrett
CEO, Reactive Technologies
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“We were very impressed by the high-caliber investors Apricum brought to us as well as their transaction expertise and deep understanding of the power grid industry and its technical complexities. Their professionalism and dedicated support throughout the entire process were instrumental in concluding this fundraising round so successfully.”
M&A · Buy-side engagement
“…we rarely find this sense of partnership and genuine concern for our long-term interests…”
David Haughie
Managing Director, Investments and Structuring, Mercuria
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“The Apricum team’s approach to diligence and expert investment advice makes them feel more like a co-risk-taker than an advisor; we rarely find this sense of partnership and genuine concern for our long-term interests in investments from other bankers and consultants. With our commitment to the energy transition, we look forward to successful collaboration with Apricum long into the future.”
Due diligence
Due Diligence · Residential solar
“With Apricum’s deep expertise… we were able to make an informed decision…”
Maximilian Zoller
Principal, HV Capital
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“Apricum helped HV during our SPV DD in assessing the quality of Enpal’s SPVs. With Apricum’s deep expertise we were able to holistically look at both the technical and financial quality of Enpal’s portfolio and make an informed decision with regard to an investment into Germany’s largest residential PV installer.”
Due Diligence · Utility-scale solar
“…profound knowledge of both the solar industry and the M&A space.”
Marcia Maynard
Vice-President, Sustainable Energy Development, National Energy Corporation of Trinidad and Tobago Limited
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“Apricum’s flexibility and ability to work with new partners for project delivery, coupled with their profound knowledge of both the solar industry and the M&A space made our entry into assessing renewable energy projects a very rewarding experience. They were always very open to sharing information and experiences which assisted us in building capacity and understanding the performance and structuring for successful utility-scale solar PV projects.”
Due diligence · Vendor, mobility
“We couldn’t have made a better choice, and the value add was tangible.”
Alessandro Frangi
Executive Director, UBS
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“Apricum combines a truly differentiating understanding of the new technologies driving the energy transition with the best-in-class quality of legacy consulting firms. We have recently worked together on a capital raise in the mobility space where one of our clients hired Apricum to prepare a vendor commercial due diligence, and they proved professional, knowledgeable, and effective. We couldn’t have made a better choice, and the value add was tangible. Going forward we will continue recommending Apricum as our top pick for any of our clients seeking to hire a commercial advisor for maximizing the success of its process.”
Strategy consulting
Strategy · Solar energy
“Their in-depth knowledge of the global rooftop solar market was of great value to us.”
Stijn Vos
CEO, Enstall
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“Apricum provided us with very detailed data and insights on rooftop solar – a highly important market segment for us. Working with them really helped us in identifying interesting growth markets as well as targeting promising trends. Their in-depth knowledge of the global rooftop solar market was of great value to us.”
Strategy · Solar energy
“We were impressed by the combination of their rooftop solar industry knowledge, deal track record and team quality/capabilities…”
Johannes Duijzer
CEO, Sunrock
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“Apricum supported Sunrock in defining our European expansion strategy. We were impressed by the combination of their rooftop solar industry knowledge, deal track record and team quality/capabilities and decided to work with them again in the next step.”
Strategy · Solar energy
“Their output and insights helped us refine our own strategic priorities.”
Leif Andreassen
Chief Financial Officer, Evyon
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“Apricum quickly grasped the key drivers and intricacies behind a complex technical market and developed a robust model to estimate the market size across several unique customer segments. Their output and insights helped us refine our own strategic priorities by significantly improving the quality of the facts we had on the table.”
Strategy · Energy storage
“…superior professionalism and reliability – simply a pleasure to work with.”
Sebastian Gerhard
Director Batteries, Vattenfall
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“Apricum supported us in several strategy projects as well as with a comprehensive analysis of cost structures for our stationary battery storage business. Their in-depth stationary storage expertise in this sector is impressive as is their superior professionalism and reliability – simply a pleasure to work with.”
Strategy · Energy storage
“…robust expert advice, even for niche segments.”
Rune Bruøygard
VP Head of Business Development, Hydro Batteries
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“Apricum supported us in a diverse set of strategy projects over the years, including topics related to digital energy, maritime batteries and battery recycling. We highly appreciate Apricum’s comprehensive coverage of the cleantech sector in combination with their ability to drill down deeply into specific areas, providing robust expert advice even for niche segments. Furthermore, Apricum’s flexibility in the way of collaboration – from embedding our own team members to fully independent work execution – allows for support exactly tailored to our individual needs.”
Strategy · E-mobility
“It’s not obvious to me if there are any areas you could have done better… we definitely picked the right advisor…”
David McCreadie
Manager of EV Energy and Data Services, Ford Motor Company
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“It’s not obvious to me if there are any areas you could have done better… we definitely picked the right advisor. Apricum struck the right balance of a structured and thoughtful approach, while remaining flexible to pivot and modify when necessary. It was clear to me that the Apricum staff had a good command of the vehicle-grid integration space (both technical and business), and the rigor that you brought in the overall approach and process was exactly what we needed. The Apricum team was extremely professional, personable and delivered the objectives.”
Strategy · E-mobility
“Working together with Apricum in the field of smart charging was definitely the right decision!”
Dr. Markus Seidel
Head of Mergers & Acquisitions, BMW Group
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“Working together with Apricum in the field of smart charging was definitely the right decision! Alongside the great expertise, always being well-structured, finding realistic solutions and the willingness to go the extra mile, it was the relaxed mood even under pressure that made the project successful.”
Strategy · E-mobility
“Working together with Apricum was a great experience.”
Michael Stipa
VP Strategy, Product and Business Development Stationary, Rolls-Royce Power Systems
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“Working together with Apricum was a great experience. Apricum combines deep technology and market knowledge with a customer-centric, tailored and professional approach. This combination was key as we set the focal points along the project jointly resulting in real co-creation and tangible results which is the valuable fundament for our next steps.”
Strategy · E-mobility
“…Apricum’s ability to go down to the ‘nuts and bolts’ of technology and system design… made the project a great success.”
Johannes Buchmann
VP Strategy, Business Development & Product Management, Rolls-Royce Sustainable Power Systems
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“It was a pleasure working with the Apricum team again. Their approach of fully sharing and discussing intermediate results allowed for perfect tailoring of the project to our needs even under a tight timeline. Combined with Apricum’s ability to go down to the ‘nuts and bolts’ of technology and system design as well as with their knowledge of the player landscape, this made the project a great success.”
Strategy · Multi-sector renewables
“Their dedication, deep expertise, and thorough understanding of the clean energy sector were evident throughout the engagement.”
Emran Alireza
Executive Committee Member and COO, Xenel
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“We had a great experience working with Apricum on the KSA Clean Energy Strategy report. Their dedication, deep expertise, and thorough understanding of the clean energy sector were evident throughout the engagement. Apricum’s team delivered a comprehensive and insightful report tailored to our needs. It was a pleasure collaborating with them, and we look forward to future opportunities to work together.”
Strategy · Multi-sector renewables
“Apricum’s advisory service has proved highly effective in assisting the development of our corporate strategy…”
Tamer Kalou
Group Chief Operating Officer, Al-Babtain Power & Telecommunication Co.
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“Apricum’s advisory service has proved highly effective in assisting the development of our corporate strategy. They have an excellent understanding of the renewable energy industry and did a great job of finding the right partners for Al-Babtain. Working with Apricum not only helped to confirm our strategic direction, but also enabled our team to build relationships with key members of the renewable energy industry.”
Strategy · Multi-sector renewables
“The Apricum team has done an outstanding job…”
Javier Huergo Cruzado
CIO, FRV
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“The Apricum team has done an outstanding job, applying a very pragmatic approach, with a sensible, broad and deep understanding of the power industry, providing clear recommendations very well presented and meeting the established deadlines.”
A selection of our clients
client case studies
Transaction advisory: M&A sell-side
Klarsolar
About the project
Apricum advised Klarsolar on a full-scope sell-side M&A process from strategic positioning through closing, including investor preparation, a structured auction process, buyer outreach, offer evaluation, and transaction execution. The process successfully attracted E.ON, one of Europe’s largest energy companies, enabling the client to close the transaction in a challenging market environment.
Strategy consulting: Sales and go-to-market strategy
European PV manufacturer
About the project
Apricum supported a European leader in organic photovoltaics (OPV) by reviewing and enhancing its go-to-market strategy and sales plan to strengthen market positioning and accelerate growth. Through in-depth market, demand and competitor analysis, as well as targeted workshops and actionable recommendations, Apricum helped realign the client’s commercial approach with its sales growth targets.
Strategy consulting: Product roadshow
Chinese inverter and BESS manufacturer
About the client
Apricum supported a leading Chinese provider of solar inverters and energy storage systems in accelerating its entry into the European residential hybrid inverter and BESS market by designing and executing a targeted product roadshow. Through structured customer screening, outreach and meeting facilitation, Apricum helped secure key partners and customers, enabling the client’s successful market entry.
Strategy consulting: Commercial due diligence
PE & VC investor
About the client
Apricum conducted CDD for a family-owned investment holding raising funds to acquire innovative electrical installation businesses in Germany, assessing market attractiveness, competitive positioning, risk strategies, and specific business cases. Based on Apricum’s analysis, the client confidently participated in the >€200 million fundraise, strengthening its position as a leading cleantech investor in Germany.
Strategy consulting: BESS deployment strategy
Major GCC utility
About the project
Apricum developed a comprehensive BESS deployment strategy for a major GCC utility, covering optimal business models, vendor selection, financing pathways, and a detailed implementation roadmap. The strategy provided clear action steps and flexibility for changing conditions, and is now being implemented by the client.
Transaction advisory: Competitive landscape review
UK-based IPP
About the project
Apricum reviewed competitors’ operating models and funding strategies for a UK-based renewable IPP, analyzing peers, market trends, and value chain developments to provide strategic context to the client’s board. The analysis helped the client understand that achieving their ambitious capacity targets would require a more sophisticated and patient funding approach.
Strategy consulting: Commercial due diligence
Growth capital fund
About the client
Apricum conducted commercial due diligence on an AI-assisted grid infrastructure inspection provider for a growth capital firm, analyzing market dynamics, competition, and the target’s strategic positioning. The analysis gave the client a clear understanding of the market and technology maturity, enabling them to confidently lead a €30 million investment round in the company.
Transaction advisory: Capital raise
European solar PV wafer manufacturer
About the client
Apricum supported a European solar PV wafer manufacturer in raising equity, managing investor outreach, due diligence, presentations, and negotiations. The client successfully secured a Chinese strategic investor to accelerate the establishment of a 20 GW manufacturing facility in Spain.
Strategy consulting: Commercial due diligence
PV module producer
About the project
Apricum conducted a profitability analysis of a high efficiency PV module production project. The detailed analysis included volume projections, price forecasts, sales pipeline review, and the assessment of marketing channels and local competition. Based upon this assessment, the client was able to make an informed investment decision.
Strategy consulting: Commercial due diligence
MENA sovereign wealth fund
About the project
Apricum conducted CDD on a PEM electrolyzer manufacturer comprising a comprehensive analysis of the green hydrogen market, including electrolyzer technology competitiveness, global policy landscapes, manufacturer benchmarking across 70+ products, and key commercial and operational factors to support valuation. As a result, the client invested in a $380m round after gaining confidence through the due diligence report and market insights.
Strategy consulting: Technical due diligence
Global technology company
About the client
Apricum conducted technical due diligence on an EU-based DAC manufacturer (direct air carbon capture), assessing their technology USP, competitive positioning, R&D and manufacturing capabilities through analysis, Q&A sessions, and an on-site visit. The client followed Apricum’s recommendation not to proceed with the investment due to red flags identified.
Strategy consulting: Business review
Leading DIY/hardware store
About the client
Apricum performed a high-level business review of a company providing renovation and energy savings advice with the aim of identifying possible red flags. Through our analysis of German PV and heat pump markets, review of the target’s financial model, valuation using comparable multiples, and assessment of key business plan risks, we enabled the client to deepen their understanding and acquire a majority stake in the target.

































































































































































