| Work Detail |
Florida-based renewable energy provider Sunergy Renewables has successfully completed a business combination with special purpose acquisition company (SPAC) ESGEN Acquisition Corp. The merger has led to the formation of Zeo Energy Corp., which commenced trading on the NASDAQ stock exchange on March 14, 2024, under ticker symbols “ZEO” and “ZEOWW.” Tim Bridgewater, Chief Executive Officer of the newly formed entity, rang the closing bell for the stock exchange on March 13, marking a significant milestone in the company’s journey.
“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,” stated Bridgewater.
The transaction has generated gross proceeds of approximately $18 million for Zeo, which are earmarked to bolster its operations and growth initiatives, as well as to cover expenses associated with the business combination. Sunergy Renewables, founded in 2005, possesses licenses for the installation of air conditioning units, roofs, back-up generators, solar panels, and home energy storage systems.
In the first nine months of 2023, Sunergy reported impressive financial performance, with net revenues reaching $86.7 million, reflecting a 31% year-over-year increase. Gross profits surged by 30% to $17.1 million during the same period, while adjusted EBITDA saw a 12% rise to $9.9 million. Solar installations also witnessed a notable uptick, climbing approximately 35% year-over-year.
Looking ahead, Zeo Energy Corp. has ambitious expansion plans for 2024, with intentions to establish operations in Ohio, Illinois, and Virginia.
“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,” remarked Andrejka Bernatova, CEO of ESGEN. |
