After upgrading/migrating EPiServer Commerce from 7.0 to 7.5 have following error during runtime:

[ArgumentNullException: Value cannot be null.
Parameter name: type]
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes) +14259240
   System.Activator.CreateInstance(Type type, Object[] args) +38
   EPiServer.Shell.Modules.ModuleFinder.GetModuleInDirectory(String routeBasePath, String moduleResourcePath, IEnumerable`1 configuredAssemblyNames, AutoDiscoveryLevel discoveryMode, String configuredName) +1721
   EPiServer.Shell.Modules.ConfigModuleProvider.GetConfiguredModules(ModulesElementCollection configuredModules) +1018
   EPiServer.Shell.Modules.ConfigModuleProvider.GetModules() +295
   EPiServer.Shell.ShellInitialization.<GetConfiguredModules>b__1a(IModuleProvider p) +67
   System.Linq.<SelectManyIterator>d__14`2.MoveNext() +267
   System.Collections.Generic.List`1..ctor(IEnumerable`1 collection) +536
   System.Linq.Enumerable.ToList(IEnumerable`1 source) +80
   EPiServer.Shell.Modules.ShellModule.MergeDuplicateModules(IEnumerable`1 modules) +102
   EPiServer.Shell.ShellInitialization.GetConfiguredModules(IServiceLocator locator) +277
   EPiServer.Shell.ShellInitialization.Initialize(InitializationEngine context) +226
   EPiServer.Framework.Initialization.<>c__DisplayClass5.<Initialize>b__4() +95
   EPiServer.Framework.Initialization.ModuleNode.Execute(Action a, String key) +101
   EPiServer.Framework.Initialization.ModuleNode.Initialize(InitializationEngine context) +220
   EPiServer.Framework.Initialization.InitializationEngine.InitializeModules() +1065
   EPiServer.Framework.Initialization.InitializationEngine.Initialize(HostType hostType) +367
   EPiServer.Framework.Initialization.InitializationModule.Initialize(HostType hostType) +543
   EPiServer.Framework.Initialization.InitializationModule.FrameworkInitialization(HostType hostType) +101
   EPiServer.Global..ctor() +139
   Coop.Web.Global..ctor() +43
   ASP.global_asax..ctor() in c:\Windows\Microsoft.NET\Framework64\v4.0.30319\Temporary ASP.NET Files\root\ef74cf39\6d4dc9c6\App_global.asax.0.cs:0

[TargetInvocationException: Exception has been thrown by the target of an invocation.]
   System.RuntimeTypeHandle.CreateInstance(RuntimeType type, Boolean publicOnly, Boolean noCheck, Boolean& canBeCached, RuntimeMethodHandleInternal& ctor, Boolean& bNeedSecurityCheck) +0
   System.RuntimeType.CreateInstanceSlow(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +159
   System.RuntimeType.CreateInstanceDefaultCtor(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +256
   System.Activator.CreateInstance(Type type, Boolean nonPublic) +127
   System.RuntimeType.CreateInstanceImpl(BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes, StackCrawlMark& stackMark) +14259449
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes) +200
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture) +28
   System.Web.HttpRuntime.CreateNonPublicInstance(Type type, Object[] args) +83
   System.Web.HttpApplicationFactory.GetSpecialApplicationInstance(IntPtr appContext, HttpContext context) +312
   System.Web.Hosting.PipelineRuntime.InitializeApplication(IntPtr appContext) +475

[HttpException (0x80004005): Exception has been thrown by the target of an invocation.]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +12968244
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +159
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +12807949