US residential solar company Suntuity Renewables has been acquired by special purpose acquisition company Beard Energy Transition Acquisition Corp (Beard) to become a listed company on the New York Stock Exchange.
Suntuity Renewables said that it will be acquired for a pre-money equity value of US$190 million. After the transaction, the combined company will be renamed to Suntuity Inc, while its Class A common stock and warrants will be listed on the New York Stock Exchange under the new ticker symbols “STY” and “STY.WS,” respectively.
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In connection with the transaction, the combined company will issue 19 million new shares to current members of Suntuity.
Dan Javan, president and CEO of Suntuity, said: “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.”
According to Suntuity, it had over 9,500 residential systems installations across 25 states in the US, and a US$55 million backlog spread across 1,100 planned projects as of April 2023 with a capacity of 200MW. In addition, the company has expanded its capabilities to provide electrification solutions, install power generation and storage systems, and arrange third-party financing solutions for residential customers since 2017.
“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,” said Gregory Beard, CEO of Beard.