Solar company Peck changes name, goes public

Peck Electric Co., a South Burlington commercial solar engineering, procurement and construction company, has changed its name and gone public after becoming a wholly owned subsidiary of a company called Jensyn Acquisition Group in Freehold, New Jersey.In doing so, Peck becomes the fifth publicly traded company based in the state. Officials from Peck were due to ring the closing bell at NASDAQ in New York City on Tuesday afternoon, said Cory Ziskind, the managing director of a public relations firm working for Peck.

Get all of VTDigger's daily news.

You'll never miss a story with our daily headlines in your inbox.

Jensyn’s stockholders approved the merger in late June, that company said in a prepared statement. As a result, Peck Electric on June 20 changed its name to Peck Company and started trading on the NASDAQ under the symbol “PECK,” the company said.Jeffrey Peck, the company’s owner and CEO, will continue in his leadership role, the two companies said.In a presentation to investors in May, Peck Electric Co. said it is the largest commercial solar contractor in the Northeast, with about 100 employees and about $27 million in revenues. The company says in its materials that it was founded in 1972 and started to focus on solar in 2013. It has built about 100 megawatts of solar systems since its inception, and is responsible for about a third of the solar installations in Vermont, the presentation said.

Portugal Powered Their Entire Country Running On Renewable Energy Alone. In 2016, Portugal powered their entire nation for 4 consecutive days through a combination of wind, solar and hydro-generated electricity. This 107-hour run marked a milestone in Portugal’s clean energy run to meet the EU’s renewable targets for 2020.

Peck said on its website that it has traditionally operated only in Vermont, but plans to expand into other New England states and New York, the largest regional market. The company has labor relationships with electrical workers in other states, it said. About 70% of the company’s revenue is derived from the solar business, Peck said on its website. About 30% comes from its electrical and data business, and less than 1% from its own solar arrays.The presentation said the future of solar in the Northeast is strong, with nine of the 10 highest-ranked states for solar array installation in the region.

“Immediate plans are to begin expanding into the surrounding Northeast states to capture growth,” the company said in its presentation.

VTDigger's business coverage is underwritten by:
The agreement with Jensyn was initially signed in February, the presentation said.“Small private companies like Peck don’t often have an opportunity to participate in a NASDAQ IPO, particularly in an era of high-priced “unicorns” where it where it may be difficult for investors at or after the IPO to benefit from future growth,” Peck said in its presentation to investors.The other Vermont-based public companies are Casella Waste Management in Mendon; Union Bankshares, the holding company for Union Bank in Morristown; Community Bankcorp. in Derby; and Middlebury National Corp., the holding company for the National Bank of Middlebury. Jensyn is known as a special-purpose acquisition corporation, or SPAC, which raises capital through an initial public offering for the purposes of buying a company.

Blowing away the competition. Coca-Cola and Burlington Northern Santa Fe may be two of Warren Buffett's most well-known investments, but the Oracle of Omaha also represents one of renewable energy's greatest advocates. MidAmerican Energy Company, a subsidiary of Berkshire Hathaway, has the long-term goal of providing 100% renewable energy to its customers. Illustrating its prominence in the renewable energy sector, MidAmerican claims on its website that "no other U.S. rate-regulated utility owns more wind-powered generation capacity." And the energy company shows no signs of slowing down its commitment: MidAmerican is currently constructing the 2,000 megawatt Wind XI project, which is expected to be completed in late 2019.

“It’s a more efficient route for companies like Peck to go public,” Ziskind said.Correction: An earlier version of this story misstated the number of publicly traded companies based in Vermont. There are five.

Want to stay on top of the latest business news? Sign up here to get a weekly email on all of VTDigger's reporting on local companies and economic trends. And check out our new Business section here.

SIMILAR ARTICLES: