Suntuity Renewables to Mix with Beard Energy and Go Public

Dan Javan

Suntuity Renewables, a supplier of renewable energy options, and Beard Energy Transition Acquisition Corp., a particular goal acquisition firm, have entered into an settlement to grow to be a mixed, publicly traded firm.

After the transaction closes, the mixed firm will likely be named Suntuity Inc. (New Suntuity), and its Class A typical inventory and warrants are anticipated to be listed on the New York Stock Exchange below the brand new ticker symbols STY and STY.WS, respectively.

Suntuity, one of many bigger end-to-end residential solar firms within the U.S., counts greater than 9,500 residential programs installations throughout 25 states. 

Since the corporate started its residential solar enlargement in 2017, it has originated alternatives representing greater than 200 MW and expanded its capabilities to incorporate offering electrification options, putting in power technology and storage programs, and arranging third-party financing options for residential clients. 

Suntuity has a considerable share of the residential solar market, with a 26.7% set up CAGR over the previous three years and a strong $55 million backlog together with over 1,100 tasks.

“In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country and establish ourselves as a significant industry participant in the renewable energy transformation,” says Dan Javan, president and CEO of Suntuity. 

Gregory A. Beard, CEO of Beard, notes: “When searching for a potential partner in this transaction, we sought to identify a high-growth business in the renewable energy space with a clear path to scalability and a public-ready management team; we believe Suntuity satisfies each of these criteria and much more.”

Pursuant to the enterprise mixture settlement, Beard will purchase Suntuity for a pre-money fairness worth of $190 million. The mixed firm, New Suntuity, will problem 19 million new shares to present members of Suntuity.

Existing Suntuity members will alternate 100% of their fairness pursuits in Suntuity for fairness in New Suntuity. Cash proceeds will consist of money from Beard’s belief account after redemptions by Beard’s public stockholders. Suntuity has additionally already raised $15 million in funded debt financing.

The enterprise mixture has been unanimously authorised by the boards of administrators of each firms and is anticipated to shut within the fourth quarter of 2023.

Upon closing of the transaction, Suntuity’s senior administration will proceed to serve of their present roles. Current Suntuity members are anticipated to personal roughly 40% of the mixed firm at shut of the transaction, assuming no redemptions by Beard’s public stockholders.

Vinson & Elkins LLP is serving as authorized advisor to Beard. Roth Capital Partners is serving as capital markets advisor, and Loeb & Loeb LLP is serving as authorized advisor to Suntuity.

Recent Articles

Luminous 165 watt solar panel unboxing!putting in!

hi there doston is video mai hum unboxing kiye hai luminous firm ka 165 watt solar panel ka. I hope video passand ayega.

New report: U.S. solar trade put in over 6 GW in first quarter

By Chris Crowell June 8, 2023 The U.S. solar trade put in 6.1 gigawatts (GW) of solar capability and...

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here

Stay on op - Ge the daily news in your inbox