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.
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.
• 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.