Business
ESGEN Acquisition Corp. Announces Updated Transaction Terms for its Pending Business Combination with Sunergy Renewables
DALLAS and NEW PORT RICHEY, Fla., Jan. 25, 2024 (GLOBE NEWSWIRE) -- ESGEN Acquisition Corp. (“ESGEN”) (Nasdaq: ESACU, ESAC, ESACW), a special purpose
About this update from Zeo Energy Corporation
[{"type":"text","content":"DALLAS and NEW PORT RICHEY, Fla., Jan. 25, 2024 (GLOBE NEWSWIRE) -- ESGEN Acquisition Corp. (“ESGEN”) (Nasdaq: ESACU, ESAC, ESACW), a special purpose acquisition company, and Sunergy Renewables, LLC (“Sunergy” or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, today announced amended transaction terms for its pending business combination (the “Transaction” or the “Business Combination”) that would result in the combined company becoming a publicly listed company on the Nasdaq Stock Exchange. By the updated terms of the Transaction, ESGEN’s sponsor, ESGEN LLC (the “Sponsor”) has committed to purchase up to $15 million in Convertible Preferred Equity Securities (the “Convertible Preferred Securities”), of which $10 million will be funded at the close of the Business Combination and the remaining $5 million can be funded at the combined company’s discretion up to six months after closing. The purchase of the Convertible Preferred Securities will be funded by Energy Spectrum Partners VIII LP (“Energy Spectrum”). The updated pro forma implied enterprise value of the combined company is expected to be $390 million, and proceeds are expected to be used to fund operations and growth. “We’re confident that these updated terms will allow Sunergy to hit the ground running in the public markets,” said Sunergy CEO Tim Bridgewater. “With our proprietary, differentiated approach to selling residential solar systems, we’ve demonstrated a strong track record of financial performance and profitability. This amendment to our business combination terms highlights ESGEN’s continued partnership and commitment to supporting our team as we execute our growth strategy in 2024 and beyond.” “We set out to partner with a stable, innovative, and profitable company, and are confident that our combination with Sunergy will accelerate our path towards being a key player in the residential solar market,” said ESGEN CEO Andrejka Bernatova. “This amendment is an indication of our commitment to Sunergy as a capable partner that will help us achieve our goals, and we look forward to our future with Tim and the Sunergy team.” “This amendment to our business combination terms represents a significant progression in our partnership with Sunergy,” said ESGEN CFO Nader Daylami. “We believe that these restructured te...