ESGEN Acquisition announced the completion of its business combination with Sunergy Renewables, a Florida-based provider of residential solar and energy efficiency solutions.
At the closing, the company was renamed Zeo Energy Corp. The board of directors will include members from both Sunergy and ESGEN.
Zeo’s stock and warrants began trading today on the Nasdaq under the new ticker symbols ZEO and ZEOWW.
The 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. The deal was announced last April at a pro forma implied enterprise value of $475 million.
ESGEN’s sponsor has committed to purchase up to $15 million in convertible preferred equity 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 securities will be funded by Energy Spectrum Partners VIII. Read more.
