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Summary
- Peck Company Holdings, a solar engineering, procurement and construction (EPC) firm, is set to purchase EV hub provider iSun Energy in an all-stock transaction.
- The companies plan to capitalize on Joe Biden’s renewable and clean energy investment drive.
- The acquisition deal is set to be completed by January-end.
The Peck Company Holdings Inc (NASDAQ: PECK, PECK:US) saw its stocks soar by over 70 per cent on Tuesday, January 5, after it announced its plans to purchase electric vehicle hub provider iSun Energy in an all-stock transaction.
©Kalkine Group 2021
Following the acquisition, which is expected to be completed by January-end, Peck Company Holdings will take up iSun Energy’s name and change its stock ticker to ‘ISUN’.
Peck claims to be the largest solar engineering, procurement and construction (EPC) company in Vermont. Amid the coronavirus pandemic last year, which disrupted operations and production for most companies, Peck reported no project cancellations.
Montreal-based iSun Energy provides electric vehicle-related solar power and smart city solutions. Its primary services include iSun Energy & Mobility Hub, which is a solar-powered canopy for electric vehicle charging, and iSun Oasis Smart Solar Bench, which facilitates charging for any mobile device.
Key highlights of the Peck Company Holdings and iSun Energy acquisition deal
- The two renewable technology companies are heading for an accretive acquisition, which means Peck is expecting its earnings per share (EPS) to grow following the completion of the deal.
- Peck and iSun Energy plan to capitalize on US President-elect Joe Biden’s renewable and clean energy investment drive, which includes a major funding in 500,000 electric vehicle charging hubs.
©Kalkine Group 2021
- Peck Solar, Peck Data and Peck Electric business units will be expanding into new markets following the merger.
- Services of the iSun Energy & Mobility Hub and the iSun Oasis Smart Solar Bench will be offered to the current and new prospect base of the entire combined company.
- Experts say that the renewable tech industry is likely to see massive investments by 2030 and 100 GWs of solar infrastructure in the next five years. This, the report says, represents a growth of 50 per cent for the industry.
