US residential solar company Suntuity Renewables will be acquired by blank check company Beard Energy Transition Acquisition Corp (NYSE:BRD) for a pre-money equity value of USD 190 million (EUR 176m), it was announced today.
The deal, expected to close in the fourth quarter of 2023, will see Suntuity start trading on the New York Stock Exchange under the ticker symbol STY.
According to the announcement, Suntuity has delivered over 9,500 residential systems across 25 states as of April 2023 and has a USD 55 million backlog consisting of more than 1,100 projects.
Commenting on the transaction, Gregory Beard, chief executive of Beard, said the buyer was looking for “a high-growth business in the renewable energy space with a clear path to scalability and a public-ready management team.”
Suntuity president and chief executive Dan Javan said that by going public, the company aims to accelerate growth, broaden its focus to include comprehensive home electrification solutions and services across the country, and become a significant participant in the renewable energy transformation.
The parties hope to capitalise on the growing residential solar market in the US, driven by solar energy’s cost-saving benefits and tax incentives from the Inflation Reduction Act.
(USD 1 = EUR 0.925)