Suntuity Renewables and Beard Energy Transition Acquisition today announced a definitive merger agreement at pro forma enterprise value of $249 million.
If approved, upon closing Suntuity stock and warrants are expected to be listed on the New York Stock Exchange under new ticker symbols STY and STY.WS.
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, according a press release announcing the deal.
Terms call for Beard to acquire Suntuity for a pre-money equity value of $190 million. The combined company will issue 19 million new shares to current Suntuity investors.
Cash proceeds will consist of Beard’s trust account after any redemptions. Suntuity has also already raised $15 million in debt financing.
Beard Energy’s termination date is May 29, although the SPAC will almost certainly deploy its option for a three-month extension to Aug. 29.
Beard Energy raised $200 million in its November 2021 IPO to focus on companies engaged in clean tech and renewable energy. Read more.