Business
Sunergy, a Provider of Residential Solar and Energy Efficiency Solutions, Signs Business Combination Agreement to Become a Public Company Through a Combination with ESGEN Acquisition Corp.
Sunergy Renewables, LLC (“Sunergy”) has entered into a definitive business combination agreement with ESGEN Acquisition Corp. (“ESGEN”). The combined company
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[{"type":"text","content":"Sunergy Renewables, LLC (“Sunergy”) has entered into a definitive business combination agreement with ESGEN Acquisition Corp. (“ESGEN”). The combined company is expected to be listed on the Nasdaq Stock Exchange.Founded in 2005, Sunergy is a Florida-based leading provider of integrated rooftop solar, energy storage, and energy efficiency solutions to residential customers.Sunergy has a strong track record of financial performance and profitability, delivering approximately $123 million of revenue and approximately $11 million of EBITDA in 2022, underpinned by nearly 2,400 installations performed during the year.Sunergy is growing rapidly in the residential solar market with a differentiated sales approach, vertically integrated offerings, a geographic focus on high growth markets in Florida, Texas and Arkansas, and plans to expand further in the future.ESGEN’s sponsor, ESGEN LLC (to be funded by the sponsor’s affiliate, Energy Spectrum Partners VIII LP), has committed to a common stock PIPE investment of $10 million at $10 per share. Assuming no redemptions by ESGEN’s public stockholders, the transaction is currently expected to provide gross proceeds of up to $65 million to the combined company, comprised of up to $30 million from ESGEN’s trust account (before the impact of potential redemptions) and $35 million from the ESGEN LLC PIPE Investment and other potential financings anticipated to be executed prior to the closing of the business combination.Proceeds to provide growth capital to Sunergy for expansion of customer offerings and general corporate purposes. Sunergy also plans to consider strategic acquisitions of attractive targets to fuel growth and consolidate smaller companies in the heavily fragmented residential solar industry.Pro forma implied enterprise value of the combined company of $475 million. Transaction expected to be completed during the fourth quarter of 2023. DALLAS and NEW PORT RICHEY, Fla., April 19, 2023 (GLOBE NEWSWIRE) -- Sunergy Renewables, LLC (“Sunergy” or the “Company”), a leading Florida-based provider of residential solar and energy efficiency solutions, and ESGEN Acquisition Corp. (“ESGEN”) (Nasdaq: ESACU, ESAC, ESACW), a special purpose acquisition company today, announced a definitive agreement for a business combination (the “Transaction” or the “Business Combination”) that would result in...