Holmdel-based residential solar company Suntuity Renewables has been acquired by special purpose acquisition company Beard Energy Transition Acquisition Corp. and will be a listed company on the New York Stock Exchange.
Suntuity said that it will be acquired for a pre-money equity value of $190 million. After the transaction, the combined company will be renamed 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.
Suntuity is one of the largest end-to-end residential solar companies in the country, with over 9,500 residential systems installations across 25 states as of April.
Since Suntuity’s residential solar expansion beginning in 2017, the company has originated opportunities representing over 200 megawatts and expanded its capabilities to include providing electrification solutions, installing power generation and storage systems, and arranging third-party financing solutions for residential customers.
The company’s industry relationships with top-tier suppliers and financing partners have contributed to making it a leading player in the residential solar market, with a 26.7% install compound annual growth rate over the past three years and a robust $55 million backlog comprising over 1,100 projects.
“Since 2017, Suntuity’s mission has been to support the transition to a 100% clean and renewable energy future by simplifying residential solar power,” Dan Javan, CEO and president 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.”
“We are looking forward to partnering with Dan and his team to grow Suntuity,” Gregory Beard, CEO of Beard, stated. “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. Dan and his team are revolutionizing residential solar access in the United States, and we look forward to supporting them in their mission through this combination.”
Vinson & Elkins LLP is serving as legal adviser to Beard. ROTH Capital Partners is serving as capital markets adviser, and Loeb & Loeb LLP is serving as legal adviser to Suntuity.