The Peck Company Holdings to Acquire iSun Energy LLC, Award-Winning Solar-Powered Electric Vehicle Infrastructure Provider and Clean Energy Product Innovator
The Peck Company Holdings, Inc. (NASDAQ: PECK) ("Peck"), a leading commercial solar engineering, procurement and construction ("EPC") company and iSun Energy LLC. ("iSun"), a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects, announced that they have entered into a binding term sheet under which Peck will acquire iSun in an all-stock transaction. Mr. Peress will become Chief Innovation and Experience Officer.
Peck established a dominant position over the past 50 years as a leading electrical and data contractor, as well as the largest solar EPC in Vermont, focused on high-quality commercial, industrial and small-utility scale solar projects. Despite COVID related challenges last year, there were no project cancellations, and the last reported pipeline was $56M, with no anticipated overhead additions required to execute the existing pipeline. Peck has been executing a disciplined growth plan since becoming a public company in June 2019, and accretive M&A has been a top priority. Acquiring the iSun ® Brand and its innovations is consistent with Peck's evolution toward serving our customers as a full-service energy solutions provider. Furthermore, adding the higher margin products and energy services will have a positive impact on typical solar EPC margins. Combining Peck's profitable EPC business for solar, data and electrical contracting with award-winning products and platforms that are modular, scalable and connected is a powerful combination that differentiates the company from other solar EV charging companies.
Highlights
- PECK will change its name to iSun Energy and trade on Nasdaq under the ticker "ISUN" upon closing.
- Peck Solar will continue to serve the commercial, industrial and utility-scale solar markets with high quality rooftop and ground mount solar installations, and, along with Peck Data and Peck Electric business units, will expand into new markets.
- The iSun ® Brand offerings include the iSun Energy & Mobility Hub, a solar canopy for EV charging, and the iSun Oasis Smart Solar Bench will immediately begin to be offered by the entire group to its current and new prospect base.
- iSun Energy near term pipeline is in Connecticut, Massachusetts, New York and other locations, to be announced shortly.
- Timely market expansion capitalizes on the Biden administration's plan to make major public investments in renewables and electric mobility infrastructure, including in 500,000 electric vehicle charging stations.
- Industry experts anticipate 100 GWs of solar infrastructure will be constructed over the next 5 years, representing 50% growth.
The transaction is expected to close in January 2021, subject to approval by Peck's Board of Directors.
The Peck Company Holdings | www.peckcompany.com
iSun Energy | www.isunenergy.com
