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.
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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.
