Florida-based rooftop solar, energy storage,and energy efficiency provider Sunergy Renewables completed a business combination with special purpose acquisition company (SPAC) with ESGEN Acquisition Corp.
Following the combination, the new entity has joined the NASDAQ stock exchange as Zeo Energy Corp. The company begins trading on March 14, 2024 under ticker symbols “ZEO” and “ZEOWW.” Chief Executive Officer Tim Bridgewater rang the closing bell for the stock exchange on March 13.
“This merger with ESGEN enables us to accelerate our growth strategy, partner with industry players, and serve more customers seeking renewable energy solutions to meet their power and energy storage needs,” said Bridgewater.
Image: NASDAQ
The transaction results in gross proceeds of about $18 million to Zeo. The funds are expected to support Zeo’s operations and growth strategy and cover costs from the business combination.
Sunergy has been in business since 2005. It holds licenses to install air conditioning units, roofs, and back-up generators, along with solar and home energy storage.
For the first nine months of 2023, the company delivered net revenues of $86.7 million, up 31% year-over-year, while gross profits increased 30% to $17.1 million. Adjusted EBITDA for the first nine months of 2023 increased 12% to $9.9 million, while solar installations increased about 35% year-over-year.
The company state plans to expand to Ohio, Illinois and Virginia in 2024.
“We’re confident that Tim and the Sunergy team are the ideal partner, and that the combined company will be attractively positioned in the secular shift towards a distributed, decarbonized economy,” said Andrejka Bernatova, chief executive officer, ESGEN.
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