Suntuity Renewables is listed on the US stock market after a $190 million acquisition

US residential solar energy company Suntuity Renewables has been acquired by special acquisition company Beard Energy Transition Acquisition Corp (Beard) to become a publicly traded company on the New York Stock Exchange.

Suntuity Renewables said it will be acquired for a pre-money equity value of US$190 million. Following the transaction, the combined company will be renamed Suntuity Inc, while the Class A common stock and warrants will be listed on the New York Stock Exchange under the new ticker symbols STY and STY.WS, respectively.

In connection with the transaction, the combined company will issue 19 million new shares to current Suntuity members.

Dan Javan, President and CEO of Suntuity, said: By taking this next step towards becoming a publicly traded company, we aim to accelerate our growth, broaden our focus to comprehensive home electrification solutions and services across the country, and establish ourselves as a major industrial participant in the transformation of renewable energy.

As of April 2023, according to Suntuity, it had more than 9,500 residential system installations in 25 US states and a $55 million backlog spanning 1,100 planned projects with a capacity of 200 MW. In addition, since 2017, the company has expanded its capabilities to provide electrification solutions, install power generation and storage systems, and arrange third-party financing solutions for residential customers.

In searching for a potential partner for this transaction, we sought to identify a high-growth renewable energy company with a clear path to scalability and a public-ready management team. We believe Suntuity meets all of these criteria and more, said Gregory Beard, CEO of Beard.