Solar Firm Suntuity to Go Public in Latest Clean-Tech SPAC Deal
(Bloomberg) -- Residential solar and storage provider Suntuity Renewables plans to go public by merging with a special purpose acquisition company, the latest clean-tech firm to take that path to market even as investor enthusiasm for such stocks dims.
Suntuity, based in New Jersey, will merge with Beard Energy Transition Acquisition Corp. in a deal expected to give the combined company a $249 million pro-forma enterprise value. The boards of both businesses have approved the deal, which is expected to close in this year’s fourth quarter. Beard is led by Gregory Beard, former head of natural resources at private equity firm Apollo Global Management Inc.
Founded in 2008, Suntuity provides residential solar arrays and batteries in 25 states. But Chief Executive Officer Dan Javan says he sees rooftop panels as just an entry point into a fast-evolving home energy market.
As part of the fight against climate change, many states are pushing for all-electric homes, eliminating natural gas use and the emissions that come with it. President Joe Biden, meanwhile, has made the switch to electric cars a cornerstone of his climate and economic policies. Javan sees great potential in managing how those homes and cars interact with the electric grid.
“We look at ourselves as a home electrification company — solar happens to be the gateway,” he said in an interview.
The last three years have seen a host of companies involved in the energy transition go public via SPAC, especially startups focusing on electric cars and advanced batteries. Many of the resulting stocks, however, now languish well below their debut price.
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More utilities news
![BloomburgMedia_SH029YT1UM0W00_22-07-2024_06-24-28_638572032000000000.jpg](/media/kixlhdmg/bloomburgmedia_sh029yt1um0w00_22-07-2024_06-24-28_638572032000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133661030689370000&format=webp)
China Greenlights Massive Offshore Wind Project for Shanghai
![BloomburgMedia_SGTHNUT0AFB400_19-07-2024_11-00-09_638569440000000000.jpg](/media/ykwdlzf1/bloomburgmedia_sgthnut0afb400_19-07-2024_11-00-09_638569440000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133658604093100000&format=webp)
Germany Accused of Hoarding Gas Meant for Czech Republic
![BloomburgMedia_SGHC0KT0AFB400_20-07-2024_12-00-07_638570304000000000.jpg](/media/o0jfkgex/bloomburgmedia_sghc0kt0afb400_20-07-2024_12-00-07_638570304000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133659504077430000&format=webp)
Sabesp Privatized in Year’s Biggest Latin America Stock Deal
![BloomburgMedia_SGRX9MDWLU6800_18-07-2024_13-22-56_638568576000000000.jpg](/media/vz3f0u2i/bloomburgmedia_sgrx9mdwlu6800_18-07-2024_13-22-56_638568576000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133657825763030000&format=webp)
Wildfires Erupt in Canada Crude Patch in Threat to Oil Sands
![BloomburgMedia_SGP6PGDWX2PS00_17-07-2024_12-00-07_638567712000000000.jpg](/media/vv1os5oy/bloomburgmedia_sgp6pgdwx2ps00_17-07-2024_12-00-07_638567712000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133656912072430000&format=webp)
SK Group to Merge Energy Units to Help Ailing Battery Business
![BloomburgMedia_SGPCY7DWRGG000_16-07-2024_12-00-07_638566848000000000.jpg](/media/e4spnknq/bloomburgmedia_sgpcy7dwrgg000_16-07-2024_12-00-07_638566848000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133656048073530000&format=webp)
UK Water Watchdog Now Probing All Utilities on Sewage Spills
![MAR 9600](/media/qfxn3mb3/mar_9600.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133655881555500000&format=webp)
Enersol signs agreement to acquire a majority stake in NTS Amega
![BloomburgMedia_SGNCH4DWRGG000_15-07-2024_06-13-24_638565984000000000.jpg](/media/nska0lrh/bloomburgmedia_sgnch4dwrgg000_15-07-2024_06-13-24_638565984000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133654976040970000&format=webp)
The World’s Power Grids Are Failing as the Planet Warms
![Audif1 Bp Showcar.Jpg.Img.1024.Medium](/media/qqhdotsq/audif1-bp-showcar-jpg-img-1024-medium.png?anchor=center&mode=crop&width=240&height=135&rnd=133655088561830000&format=webp)
Audi and BP partner for Formula 1 entry in 2026
![BloomburgMedia_SGHXQKDWLU6800_15-07-2024_06-23-53_638565984000000000.png](/media/w3ppn4mg/bloomburgmedia_sghxqkdwlu6800_15-07-2024_06-23-53_638565984000000000.png?anchor=center&mode=crop&width=240&height=135&rnd=133654982331000000&format=webp)
European Gas Prices Rise After Global Supply Risks Resurface
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
![OIL INDIA Thumbnail (1)](/media/oddlww2x/oil-india-thumbnail-1.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133506537128730000&format=webp)
Oil India charts the course to ambitious energy growth
![DNV Thumbnail](/media/chkphnjn/dnv-thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133491856590700000&format=webp)
Maritime sector is stepping up to the challenges of decarbonisation
Partner content
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)
Essar outlines how its CBM contribution is bolstering for India’s energy landscape
![HNC 7611 V2](/media/0dqbya15/hnc_7611_v2.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133517899616530000&format=webp)