Peck Company Holdings, a solar EPC, has entered into a binding term sheet with iSun, a solar and smart city solution provider, in which Peck will acquire iSun in an all-stock transaction. Peck will change its name to iSun Energy and trade on NASDAQ under the ticker “ISUN.”
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 customers as a full-service energy solutions provider. Combining Peck’s profitable EPC business for solar, data and electrical contracting with iSun’s products and platforms that are modular, scalable and connected is a powerful combination that differentiates the company from other solar EV charging companies.
The iSun brand offerings include the iSun Energy & Mobility Hub (a solar canopy for EV charging) and the iSun Oasis Smart Solar Bench. The products will immediately begin to be offered by the entire group to its current and new prospect base.
Jeffrey Peck, Chairman of the Board and Chief Executive Officer 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 clean energy, and we want to provide them with 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.”
Sass Peress, Founder and Chief Executive Officer of iSun Energy, 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.”
The transaction is expected to close in January 2021, subject to approval by Peck’s Board of Directors.
The Peck Company had previously announced it would be acquiring solar developer Sunworks in August 2020, but the deal was never completed.