Leading solar EPC is uniquely positioned to capitalize on significant
growth opportunities across the Northeast and other key solar
installation markets
BURLINGTON, Vt.–(BUSINESS WIRE)–Peck
Electric Co. (“Peck”, or “the Company”), a leading commercial solar
engineering, procurement and construction (EPC) company, today announced
the completion of four solar projects in the first quarter of 2019.
Peck Electric holds a rich history as a family owned business in
operation in Vermont for 47 years. The Company began operations as a
traditional electric contractor and holds a wide range of capabilities
to install electric equipment for a variety of end uses. Today, these
core capabilities have developed the Company’s business in solar array
installation, traditional electric, and data services. These projects
range in size from several kilowatts for residential loads to
multi-megawatt systems for large commercial and utility projects. The
Company can deploy these capabilities to other large, rapidly growing
renewable energy geographies and end markets; namely EV charging
stations and energy storage.
As
announced earlier this year, Peck has signed a definitive agreement
to enter into a business combination with Jensyn Acquisition Corp.
(NASDAQ: JSYN).
Upon the closing of the business combination expected in Q2 2019, Jensyn
will be renamed “The Peck Company, Inc.” and its common stock is
expected to be listed on The Nasdaq Capital Market under the symbol
“PECK.”
“Peck Electric is off to a strong start in 2019 as we completed four
solar projects and have multiple projects currently under construction,
ranging from multi megawatt utility scale projects to commercial rooftop
solar arrays,” said Jeff Peck, Chief Executive Officer of Peck Electric.
“With 30 MW of solar projects planned for 2019, we are uniquely
positioned to bring more clean, renewable energy online and capitalize
on the significant growth opportunities across the Northeast and other
key solar installation markets.”
Peck Electric Completed Projects in Q1 2019:
-
Completed a nearly 1.3 MW ground mount driven post solar array in
Morrisville, VT for Encore Renewable Energy, a leading integrated
clean energy services company focused on community-scale solar PV
systems for the redevelopment of underutilized property. This project
sited on property owned by Morrisville Water and Light, is the first
solar array to be completed under the partnership between Encore
Renewable Energy and the Vermont Public Power Supply Authority
(“VPPSA”), which was formed to pursue the development, financing, and
construction of approximately 10 MW of solar capacity on behalf of
VPPSA’s municipal utility members. The project began producing power
in May 2019. -
Completed a 1.3559 MW ballasted roof array in Windsor, Vermont. Peck
Electric was the subcontractor for Norwich Solar Technologies, a
provider of complete end-to-end solar solutions to businesses in
Vermont and throughout New England. Norwich Solar Technologies’
mission is to advance the integration and deployment of affordable
Solar Power to help New England companies improve their Triple Bottom
Line – Financial, Social and Environmental. The array began producing
power in May 2019. -
Completed the second 20.6 KW installment of a roughly 45 KW solar
array on the roof of Brickliners
Custom Masonry & Chimney Services in Burlington. The rooftop
solar array began producing power in May 2019 and powers a significant
portion of the building’s electricity. -
Completed a 12.8 KW solar roof top system for Union Bank’s new branch
in Jericho, VT. This rooftop solar array began producing energy in May
2019 and will be used to offset a significant portion of the branch’s
power needs.
Peck Electric Projects Currently Under Construction:
-
Began construction of two projects for EDF Renewables Distributed
Solutions, which originates, develops, builds, and operates
customer-focused renewable energy projects that incorporate solar,
storage, electric vehicle charging, and energy storage management.
These utility scale projects for Green Mountain Power consist of a 7
MW driven ground mount system in Milton, VT and a 6.3 MW tacker ground
mount in Ferrisburgh, VT. Peck Electric is responsible for the AC and
DC wiring and other electrical services for both projects, which are
expected to begin producing power in Q3 2019. -
Continued construction of a nearly 7 MW project for Green Mountain
Power, serving as the subcontractor for Green Lantern Solar, a leading
provider of turnkey commercial-scale solar
solutions for
municipalities, schools, businesses & healthcare. Peck Electric is
responsible for installing all DC and AC wiring, installing inverters,
and commissioning. The project in the Sand Hill Park neighborhood of
Essex, VT is approximately 70% complete and is expected to begin
producing power in Q3 2019. -
Began constructing a nearly 100 KW roof-mounted array on top of Red
Clover Commons, a low-income retirement building in Brattleboro, VT.
The power that the system produces will directly power the Red Clover
building beginning in Q3 2019.
About Peck Electric Co.
Headquartered in South Burlington, VT, Peck Electric Co. is a
2nd-generation family business founded in 1972 and rooted in values that
align people, purpose, and profitability. Ranked
by Solar Power World as the largest commercial solar contractor in
the Northeast and one of the largest in U.S., Peck Electric Co. provides
engineering, procurement and construction (EPC) services to solar energy
customers for projects ranging in size from several kilowatts for
residential loads to multi-megawatt systems for large commercial and
public works projects. Peck Electric Co. has installed over 100MW of
solar systems since inception and is focused on profitable growth
opportunities. Please visit www.peckelectric.com
for additional information.
Forward-Looking Statements
This press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United Stated Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
not historical facts, and involve risks and uncertainties that could
cause actual results to differ materially from those expected and
projected. Words such as “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “seeks” and variations and similar words and
expressions are intended to identify such forward-looking statements.
Such forward-looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the businesses
of Jensyn, Peck Electric Co. and the combined company after completion
of the proposed business combination, are based on current expectations
that are subject to risks and uncertainties. A number of factors could
cause actual events, performance or results to differ materially from
the events, performance and results discussed in the forward-looking
statements. These factors include, but are not limited to: (1) the
occurrence of any event, change or other circumstances that could give
rise to the termination of the business combination agreement relating
to the proposed business combination; (2) the outcome of any legal
proceedings that may be instituted against Jensyn, Peck Electric Co. or
others following announcement of the business combination agreement and
transactions contemplated therein; (3) the inability to complete the
transactions contemplated by the business combination agreement due to
the failure to obtain approval of the stockholders of Jensyn or other
conditions to closing in the business combination agreement; (4) delays
in obtaining, adverse conditions contained in, or the inability to
obtain necessary regulatory approvals or complete regulatory reviews
required to complete the transactions contemplated by the business
combination agreement; (5) the risk that the proposed transaction
disrupts current plans and operations as a result of the announcement
and consummation of the transactions described herein; (6) the ability
to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things, competition,
the ability of the combined company to grow and manage growth
profitably, maintain relationships with suppliers and obtain adequate
supply of products and retain its key employees; (7) costs related to
the proposed business combination; (8) changes in applicable laws or
regulations; (9) the possibility that the combined company may be
adversely affected by other economic, business, and/or competitive
factors and not achieve projected results; and (10) other risks and
uncertainties indicated from time to time in the proxy statements
relating to the proposed business combination, including those under
“Risk Factors” therein, and other filings with the United States
Securities and Exchange Commission (“SEC”) by Jensyn. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made, and Jensyn and Peck
Electric Co. undertake no obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Additional Information about the Business Combination and Where to
Find It
In connection with the proposed business combination, Jensyn has filed
with the SEC a preliminary proxy statement. When completed, Jensyn will
mail a definitive proxy statement and other relevant documents to its
stockholders in connection with its solicitation of proxies for the
special meeting of stockholders to be held to approve the proposed
business combination and related transactions. This press release does
not contain all the information that should be considered concerning the
proposed business combination. It is not intended to provide the basis
for any investment decision or any other decision in respect to the
proposed business combination. Jensyn stockholders and other interested
persons are advised to read, when available, the preliminary proxy
statement, the amendments thereto, and the definitive proxy statement in
connection with Jensyn’s solicitation of proxies for the special meeting
to be held to approve the proposed business combination, as these
materials will contain important information about Peck Electric Co.,
Jensyn and the proposed business combination. The definitive proxy
statement will be mailed to stockholders of Jensyn as of a record date
to be established for voting on the business combination agreement and
related transactions. Stockholders will also be able to obtain copies of
the proxy statement, without charge, once available, at the SEC’s
Internet site at http://www.sec.gov,
or by directing a request to: Jensyn Acquisition Corp., 800 West Main
Street, Suite 204, Freehold, New Jersey 07728, attention: Jeffrey J.
Raymond, 1-888-536-7965.
Jensyn and its directors and executive officers and Peck Electric Co.
and its stockholders and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of
Jensyn in connection with the proposed business combination. Information
regarding the special interests of these directors, members and
executive officers in the business combination will be included in the
proxy statement referred to above. Additional information regarding the
directors and executive officers of Jensyn is also included in the
Annual Report on Form 10-K for the year ended December 31, 2017, which
is available free of charge at the SEC web site (www.sec.gov)
and at the address described above and will also be contained in the
definitive proxy statement for the proposed business combination) when
available.
Contacts
Media:
Cory Ziskind
ICR
[email protected]
646-277-1232
Investors:
Michael Callahan
ICR
[email protected]
203-682-8311
