M&A budget
$2,800M / 12mo
Approved by Board · Mar 2026
| Code | Thesis | Horizon | Conviction | Committed | Modeled | Coverage |
|---|---|---|---|---|---|---|
| EV-CHG | EV fleet charging infrastructure 3 targets · A-priority Voltaira leading |
Now | 0.78 | $900 | $702 | 78% |
| TELE-DATA | Fleet telematics & data products 3 targets · Pulsewave + Mileway |
Now | 0.81 | $450 | $365 | 81% |
| BATT-VI | Battery vertical integration 2 targets · M&A + capex hybrid |
Next | 0.66 | $720 | $475 | 66% |
| RETRO-EV | Commercial vehicle electrification retrofits 2 targets · ReCharge + Switchback |
Next | 0.58 | $230 | $133 | 58% |
| AUTO-LOG | Autonomous logistics platforms Watch-only · downgraded Apr 11 |
Later | 0.42 | — | — | — |
| H2-HD | Hydrogen for heavy-duty Organic only · incubate Stuttgart |
Later | 0.31 | — | — | — |
| Total committed | $2,300M | $1,675M | ||||
The committee approved a $2.8B twelve-month M&A envelope on 14 March 2026. Of that, $2.3B is now committed across four active theses; the remaining $500M is held against opportunistic moves and HSR-driven contingency.
EV-CHG is the largest single allocation. The Voltaira IOI alone consumes $1.05B of the tranche if accepted at the indicated mark.
Coverage is calculated as conviction × allocated over allocated. Lower coverage indicates capital committed to a thesis whose conviction has not yet caught up to its capital weight — a signal to either raise conviction or trim the tranche before the quarter closes.
— M. Cheng, VP Corporate Development
Acquire depot CPO + telematics SDK assets to convert Acme's 1,400 depots into a defensible charging network. Inorganic-led; window closes 18 months. Voltaira IOI in market at $1.05B post.
| Target | Priority | HQ | Mcap | Modeled |
|---|---|---|---|---|
| Voltaira Networks DC fast-charge + telematics SDK | A | Austin TX | $410 | $1,050 |
| Northwind Charging Depot CPO, fleet-only | B | Calgary CA | $330 | $420 |
| Switchback Power Mid-power chargers + retrofit | B | Denver CO | $305 | $385 |
| ReCharge Systems Class-6/7 retrofit, EU homologated | B | Lyon FR | $210 | $260 |
| Total modeled · single-target ceiling | $1,050M | |||