The Peck Company Holdings To Acquire iSun Energy

Peck Company Holdings To Acquire iSun Energy

Timely market expansion capitalizes on the Biden administration's plan to make major public investments in renewables and electric mobility infrastructure.

The Peck Company Holdings, Inc., a leading commercial solar engineering, procurement and construction (EPC) company and iSun Energy LLC, a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects, recently announced that they have entered into a binding term sheet under which Peck will acquire iSun in an all-stock transaction. Sass Peress will become chief innovation and experience officer.

Acquisition Rationale

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 its 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 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 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.

Jeffrey Peck, chairman of the board and CEO of Peck, commented, “The acquisition of iSun Energy with its strong brand and innovative products is transformational for Peck. Consistent with our full-service approach to customers, we are having more conversations about Energy as a Service as we reach new customers in the fast-growing clean energy, smart-city and mobility industry. More customers want to experience the benefits of the clean energy, and we want to provide them that service by owning and managing the assets. We expect the new relationships we build will be a catalyst for the company’s rapid growth. As we re-brand to iSun Energy and expand into new markets with higher-margin products, we are dedicated to profitable growth for our shareholders and to high-quality service that our customers expect. Our incredible team and the services we currently provide through Peck Solar, Peck Data and Peck Electric remain a strong platform to support our growth and will be leveraged in the new markets we will serve. We are also pleased to welcome Sass Peress as chief innovation and experience officer. He has been an innovator in our industry since 1988 when he founded a solar energy company that sold some of the first solar charging products in the world, and then moved into electric vehicle charging technology in 2010. He will help us communicate our new offerings through the iSun Brand and will lead new business development, marketing and technology initiatives across mobility, smart city, and other markets.”

Peress added, “We create innovative products to serve important unmet needs in the industry, and joining with Peck assures that we will be able to deliver on the promises to a much wider audience, in manners more efficient and effective than ever before. Designing and integrating with today’s complex energy systems requires an ecosystem approach to assure grid resilience. Technologies such as Vehicle to Grid, Internet of Things (IoT) connectivity, stationary storage, and more are becoming central to satisfying smart grid and off-grid opportunities of the future. Our ‘Triple ROI’ approach (investment, intention, impact) is important to satisfy various stakeholders, and our ability to custom-tailor assets for sites means that we can now truly create unique experiences for clients, while delivering higher margins to our combined bottom line. We are proud to be joining Peck given the strength of their precision execution combined with our innovations are perfectly synergistic.”

The transaction is expected to close in January 2021, subject to approval by Peck’s board of directors.

You May Also Like

Dana Expands Line of Spicer ReadyPack Kits

Dana added new part numbers to its line of Spicer ReadyPack preassembled kits for commercial-vehicle driveshafts, coupling shafts and interaxle shafts.

Dana Expands Line of Spicer ReadyPack Kits

Dana Incorporated has added new part numbers to its line of Spicer ReadyPack preassembled kits for commercial-vehicle driveshafts, coupling shafts, and interaxle shafts. The new SKUs, combined with the original 13 SKUs, now provide driveshaft builders a kit solution for all commercial-vehicle drivelines, the company said.

“Spicer ReadyPack kits were very well received by Dana customers when first introduced, so we are pleased to announce that we have tripled our offerings, now providing full kit coverage for Dana drivelines,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “The Spicer ReadyPack line now includes service-free, SPL Lite coupling shaft, and new Spicer and SPL series options.  These time-saving kits offer convenience and streamlined ordering, as well as savings on inventory and labor costs.”

Bendix Marks One Year of Accident-Free Operations

Five hundred people work at the company’s Huntington, Indiana, campus, where 365 days have gone by without a recordable injury, according to Bendix.

Bendix Marks One Year of Accident-Free Operations
Bosch Releases 87 New Part Numbers in June

Bosch’s new part numbers cover 318 million vehicles in operation across North America.

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells

Schaeffler also is demonstrating its progress toward the commercialization of green hydrogen, at the Hydrogen Americas 2024 Summit and Exhibition in Washington, D.C. 

Schaeffler Showcases Hydrogen Electrolyzers and Fuel Cells
Transtar Holding Company Acquires PPi Automotive

PPi Automotive is a family-owned and operated automotive parts wholesale distributor based in Pittsburgh.

Transtar acquires PPi Automotive

Other Posts

Akebono Releases ProACT and Severe Duty Kits

Nine new part numbers provide more than 4M VIO, adding late-model coverage for Chevrolet, Dodge, Ford, GMC, Lincoln and Ram, Akebono said.

Akebono-Releases-ProACT-and-Severe-Duty-Kits
Schaeffler Releases TorCon 6L80 Torque Converter

The LuK TorCon 6L80 is “the only all-new, never remanufactured torque converter available in the independent aftermarket,” Schaeffler said.

Schaeffler Announces Release of TorCon 6L80
Bendix Marks Opening of Manufacturing Facility in Mexico

The 185,000-square-foot plant will use highly automated manufacturing processes to produce two technologies: Global Scalable Brake Control and Global Scalable Air Treatment.

Bendix Marks Opening of Advanced Manufacturing Facility in Mexico
Standard Motor Products Introduces 200 New Numbers

The release provides new coverage in 60 distinct product categories and 75 part numbers for 2023 and 2024 model-year vehicles.

Standard Motor Products Introduces 200 New Numbers