Suntuity is contributing to America's transition to solar energy and home electrification. The Company conducts comprehensive customer outreach and engagement and provides end-to-end solar system and energy storage design, installation, and customer service and support across 25 U.S. states.
The pro forma enterprise value of the combined company is expected to be $249 million, with the transaction generating up to approximately $255 million in gross cash proceeds, in each case, assuming no redemptions by Beard's public stockholders. In connection with the transaction, Suntuity has already raised $15 million in funded debt financing.
Suntuity's existing equity holders will roll 100% of their equity into equity of the combined company and will retain approximately 40% of the ownership at the close of the combination, with Beard's existing public stockholders owning approximately 48% of the combined company, in each case, assuming no redemptions by Beard's current public stockholders.
HOLMDEL, N.J. & NEW YORK--(BUSINESS WIRE)--Suntuity Renewables ("Suntuity" or the "Company"), a leading provider of renewable energy solutions, and Beard Energy Transition Acquisition Corp. ("Beard") (NYSE: BRD, BRD.U, BRD.WS), a special purpose acquisition company, have entered into a definitive agreement that would result in the combined company becoming publicly traded.
Upon closing of the transaction, the combined company will be named "Suntuity Inc." ("New Suntuity"), and its Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the new ticker symbols "STY" and "STY.WS," respectively.
Suntuity is one of the largest end-to-end residential solar companies in the country with over 9,500 residential systems installations across 25 states as of April 2023. Since Suntuity's residential solar expansion beginning in 2017, the Company has originated opportunities representing over 200 Megawatts ("MW") and expanded its capabilities to include providing electrification solutions, installing power generation and storage systems, and arranging third-party financing solutions for residential customers. The Company's industry relationships with top-tier suppliers and financing partners have contributed to making it a leading player in the residential solar market, with a 26.7% install CAGR over the past three years and a robust $55 million backlog1 comprising over 1,100 projects.
The residential solar market continues to expand in the U.S. as homeowners take advantage of the cost-saving benefits of solar energy and tax incentives from the Inflation Reduction Act. These growth drivers, combined with the potential negative impacts of climate change on the grid, and the rapid rise in electric vehicle sales, are placing residential solar and energy storage at the center of a major shift in the overall energy landscape. Suntuity uses a mix of in-house and outsourced solutions and capabilities in an effort to help optimize growth, profitability, and service efficiency to scale in a fiscally responsible manner.
Management Commentary
"Since 2017, Suntuity's mission has been to support the transition to a 100% clean and renewable energy future by simplifying residential solar power," said Dan Javan, President and CEO of Suntuity. "In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country, and establish ourselves as a significant industry participant in the renewable energy transformation. The Beard team shares our vision to support the clean energy transition infrastructure buildout, and we'll be working with them to close this transaction and execute against our long-term growth plans."
"We are looking forward to partnering with Dan and his team to grow Suntuity," said Gregory A. Beard, CEO of Beard. "When searching for a potential partner in this transaction, we sought to identify a high-growth business in the renewable energy space with a clear path to scalability and a public-ready management team; we believe Suntuity satisfies each of these criteria and much more. Dan and his team are revolutionizing residential solar access in the United States, and we look forward to supporting them in their mission through this combination."
Suntuity Highlights
Substantial and Growing Addressable Market: Industry estimates show solar market growth to 11.5 GW by 20332. Despite these forecasts, total deployments are still a fraction of the addressable market with 94% of single-family homes currently without solar.
Broader Energy Storage Tailwinds: Residential home energy storage, highly complementary with home solar, has also grown substantially in tandem with home solar installations. Battery sales in conjunction with solar systems are expected to climb quickly through 2026, given tight battery supply has been the main bottleneck in recent years.
Compelling Government Incentives: The 2022 extension of the Investment Tax Credit in the Inflation Reduction Act provides stability and investment opportunity for solar and storage energy within the U.S., including a 30% tax credit for residents installing solar and/or energy systems.
Significant Existing Footprint with Future Visibility: Suntuity has originated approximately 21,000 projects since 2017 across 25 states, translating to a three-year install CAGR of 26.7%. As of April 2023, Suntuity has a $55 million backlog spread across 1,100 planned projects.
Defined Growth Plan Supported by Tier One Relationships: The Company has generated significant order momentum and planned geographic expansion with installs increasing 54% year-over-year in Q1 2023 and state coverage expanding to 25 states. Execution risk is reduced through the Company's industry relationships with top-tier suppliers and financing partners.
Experienced Industry Leadership: Suntuity's extended management team represents over 100 years of combined solar and related industry experience, including senior leadership positions with several industry peers.
Transaction Overview
Pursuant to the business combination agreement, Beard will acquire Suntuity for a pre-money equity value of $190 million. In connection with the transaction, the combined company, New Suntuity, will issue 19.0 million new shares to current members of Suntuity.
Existing Suntuity members will exchange 100% of their equity interests in Suntuity for equity in New Suntuity. Cash proceeds will consist of cash from Beard's trust account after redemptions by Beard's public stockholders. In connection with the transaction, Suntuity has also already raised $15 million in funded debt financing.
The business combination has been unanimously approved by the boards of directors of both Beard and Suntuity and is expected to close in the fourth quarter of 2023, subject to regulatory and stockholder approvals and other customary closing conditions.
Upon closing of the transaction, Suntuity's senior management are expected to continue to serve in their existing roles. Current Suntuity members are expected to own approximately 40% of the combined company at close of the transaction, assuming no redemptions by Beard's public stockholders.
About Suntuity Renewables
Suntuity Renewables is a leading residential solar company in the country. The Company acquires customers, designs solar energy and home electrification solutions, installs and maintains those systems, and arranges third-party financing solutions for residential customers across the United States. The Company uses a mix of in-house and outsourced solutions to optimize growth, profitability and efficiency of its services which enable it to grow and scale.
About Beard Energy Transition Acquisition Corp.
Beard is a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.
Suntuity正在爲美國向太陽能和家庭電氣化的過渡作出貢獻。公司進行全面的客戶拓展和參與,在美國25個州提供端到端的太陽能系統和儲能設計、安裝以及客戶服務和支持。
合併後的公司的預估企業價值預計爲2.49億美元,在每種情況下,假設Beard的公衆股東沒有贖回,交易將產生高達約2.55億美元的現金收益總額。在這項交易中,Suntuity已經籌集了1500萬美元的資金債務融資。
Suntuity的現有股東將把他們100%的股權轉爲合併後公司的股權,並將在合併結束時保留大約40%的所有權,而Beard的現有公衆股東將擁有合併後公司大約48%的股權,在每種情況下,假設Beard的現有公衆股東不贖回。
新澤西州HOLMDEL和紐約--(美國商業資訊)--(BUSINESS WIRE)--領先的可再生能源解決方案供應商Suntuity Renewables("Suntuity "或 "公司")與特殊目的收購公司Beard Energy Transition Acquisition Corp.("Beard")(紐約證券交易所:BRD、BRD.U、BRD.WS)已達成一項最終協議,將導致合併公司成爲上市公司。
交易完成後,合併後的公司將被命名爲 "Suntuity Inc."("新Suntuity"),其A類普通股和認股權證預計將在紐約證券交易所上市,新股票代碼分別爲 "STY "和 "STY.WS"。
Suntuity是美國最大的端到端住宅太陽能公司之一,截至2023年4月,在25個州安裝了超過9500個住宅系統。自2017年Suntuity的住宅太陽能擴張開始,公司已經發起了代表超過200兆瓦("兆瓦")的機會,並將其能力擴展到包括提供電氣化解決方案,安裝發電和存儲系統,以及爲住宅客戶安排第三方融資解決方案。公司與頂級供應商和融資夥伴的行業關係,使其成爲住宅太陽能市場的領先者,在過去的三年裏,安裝量的年複合增長率爲26.7%,並有超過1100個項目的5500萬美元的強勁積壓1。
在美國,住宅太陽能市場繼續擴大,因爲房主們利用了太陽能的成本節約優勢和《通貨膨脹削減法》的稅收優惠。這些增長動力,加上氣候變化對電網的潛在負面影響,以及電動汽車銷量的迅速上升,使住宅太陽能和儲能成爲整個能源格局重大轉變的中心。Suntuity使用內部和外包的解決方案和能力的組合,努力幫助優化增長、盈利能力和服務效率,以財政上負責任的方式進行擴展。
管理層評論
"自2017年以來,Suntuity的使命是通過簡化住宅太陽能發電,支持向100%清潔和可再生能源的未來過渡,"Suntuity總裁兼首席執行官Dan Javan說。"在邁出成爲上市公司的下一步時,我們打算加速我們的增長,擴大我們的重點,包括全國範圍內全面的家庭電氣化解決方案和服務,並將自己確立爲可再生能源轉型中的重要行業參與者。Beard團隊與我們有共同的願景,即支持清潔能源轉型的基礎設施建設,我們將與他們合作完成這項交易,並執行我們的長期增長計劃。"
"我們期待着與丹和他的團隊合作,共同發展Suntuity,"Beard公司首席執行官Gregory A. Beard說。"在這次交易中尋找潛在的合作伙伴時,我們希望在可再生能源領域找到一個高增長的企業,有明確的可擴展性和一個可上市的管理團隊;我們相信Suntuity滿足了這些標準,甚至更多。丹和他的團隊正在徹底改變美國的住宅太陽能接入,我們期待着通過這次合併支持他們完成他們的使命。"
"Beard公司首席執行官Gregory A. Beard說:"我們期待着與Dan和他的團隊合作,共同發展Suntuity。"在這次交易中尋找潛在的合作伙伴時,我們希望在可再生能源領域找到一個高增長的企業,有明確的可擴展性和一個可上市的管理團隊;我們相信Suntuity滿足了這些標準,甚至更多。丹和他的團隊正在徹底改變美國的住宅太陽能接入,我們期待着通過這次合併支持他們完成他們的使命。"
Suntuity的亮點
巨大的和不斷增長的可滿足的市場: 行業估計顯示,到2032年,太陽能市場將增長到11.5吉瓦。儘管有這些預測,但總部署量仍然是可解決市場的一小部分,目前94%的單戶家庭沒有太陽能。
更廣泛的儲能尾風: 住宅家庭儲能,與家庭太陽能高度互補,也與家庭太陽能安裝同步大幅增長。鑑於近年來電池供應緊張一直是主要瓶頸,預計到2026年,與太陽能系統結合的電池銷售將迅速攀升。
令人信服的政府激勵措施: 減少通貨膨脹法》中的投資稅收抵免2022年的延長,爲美國境內的太陽能和存儲能源提供了穩定和投資機會,包括爲安裝太陽能和/或能源系統的居民提供30%的稅收抵免。
巨大的現有足跡與未來前景: 自2017年以來,Suntuity已經在25個州發起了約21000個項目,轉化爲三年的安裝複合增長率爲26.7%。截至2023年4月,Suntuity有5500萬美元的積壓項目,分佈在1100個計劃項目中。
確定的增長計劃得到了一級關係的支持: 公司已經產生了巨大的訂單動力和計劃的地理擴張,2023年第一季度的安裝量同比增長54%,州的覆蓋範圍擴大到25個州。通過公司與頂級供應商和融資夥伴的行業關係,執行風險得以降低。
經驗豐富的行業領導: Suntuity的擴展管理團隊代表了超過100年的太陽能和相關行業的經驗,包括在幾個行業的同行中擔任高級領導職位。
交易概述
根據企業合併協議,Beard將以1.9億美元的貨幣前股權價值收購Suntuity。在這項交易中,合併後的公司,即新Suntuity,將向Suntuity的現有成員發行1900萬股新股。
現有的Suntuity成員將用他們在Suntuity的100%股權換取新Suntuity的股權。現金收入將包括Beard公司的信託賬戶在Beard公司公衆股東贖回後的現金。在這項交易中,Suntuity也已經籌集了1500萬美元的資金債務融資。
這項業務合併已經得到Beard和Suntuity雙方董事會的一致批准,預計將在2023年第四季度完成,但需要得到監管部門和股東的批准以及其他常規的成交條件。
交易完成後,Suntuity的高級管理人員預計將繼續擔任他們現有的職務。假設Beard的公衆股東沒有贖回,Suntuity的現有成員預計將在交易結束時擁有合併後的公司約40%的股份。
關於Suntuity Renewables
Suntuity Renewables是美國一家領先的住宅太陽能公司。公司獲取客戶,設計太陽能和家庭電氣化解決方案,安裝和維護這些系統,併爲全美國的住宅客戶安排第三方融資解決方案。公司採用內部和外包的混合解決方案,以優化其服務的增長、盈利和效率,這使其能夠增長和擴大規模。
關於Beard Energy Transition Acquisition Corp.
Beard是一家作爲特拉華州公司成立的空白支票公司,成立的目的是爲了實現與一個或多個企業或資產的合併、資本股票交換、資產收購、股票購買、重組或類似的業務組合。