Details are surfacing about Elon Musk’s acquisition of a mobile gas turbine company — several weeks after the unpublicized deal itself went through. That’s Musk, who recently became the richest person in the world, buying the company as an individual, not acting on behalf of his companies like Tesla or SpaceX.
APR Energy, based in Jacksonville, Florida, owns and operates one of the world’s largest mobile gas turbine fleets, with more than a gigawatt of capacity. Those turbines, APR says, are modular, can run on a variety of fuels, and can be brought online in as little as 30 days to provide both bridge and long-term power, either behind-the-meter or grid-tied.
According to a Federal Trade Commission filing, the deal, with Musk as the named buyer, rather than any of his companies, went through in mid-May, after the FTC waived its merger-review waiting period and ended its federal antitrust review ahead of schedule.
Additional information stems from a June 8-K filing by Duos Technology Group, an AI and energy infrastructure company which held a 5% stake in APR’s parent company. According to that filing, and a statement Duos issued at the time, the company received around $50.4 million in net proceeds for its 5% of APR, which would put the total value of the acquisition around $1 billion.
