DALLAS and NEW PORT RICHEY, Fla. , March 13, 2024 (GLOBE NEWSWIRE) — ESGEN Acquisition Corp., a publicly-traded special purpose acquisition company, today announced the completion of its business combination with Sunergy Renewables, LLC, a leading Florida-based provider of residential solar and energy efficiency solutions.
At the closing, ESGEN changed its name to “Zeo Energy Corp.” (“Zeo”), and will be led by Sunergy’s senior management. The Board of Directors of Zeo will include members from both Sunergy and ESGEN. Commencing at the open of trading on March 14, 2024, Zeo’s common stock and warrants are expected to trade on the Nasdaq Capital Market under the new ticker symbols “ZEO” and “ZEOWW,” respectively.
“Becoming a publicly traded company is an extraordinary milestone for our employees, our shareholders, and for the residential solar industry,” said Zeo CEO Tim Bridgewater. “We are confident that this merger with ESGEN enables us to accelerate our growth strategy, partner with industry players, and serve more customers seeking renewable energy solutions to meet their power and energy storage needs. We’ve worked hard to build our strong financial performance track record in recent years and look forward to delivering continued growth and profitability through Sunergy’s approach to selling residential solar systems.”
“From the beginning, we set out to partner with a scalable and profitable company dedicated to advancing the energy transition,” said ESGEN CEO Andrejka Bernatova. “We’re confident that Tim and the Sunergy team are the ideal partner, and that the combined company will be attractively positioned in the secular shift towards a distributed, decarbonized economy. We also focused on building a supportive and cohesive investor base, and carefully structured this transaction to best position the combined company for growth and flexibility moving forward. We look forward to our continued partnership working with Tim and his exceptional team in their next chapter of growth.”
The transaction will result in gross proceeds of approximately $18 million to Zeo. Funds from the transaction are expected to fund Zeo’s operations and growth strategy and pay certain expenses related to the Business Combination.
Nasdaq Opening Bell Ceremony
Date: Wednesday, March 13, 2024
Location: New York, NY
Event Details: Select members of Zeo’s leadership team will join CEO Tim Bridgewater to ring the Nasdaq Opening Bell. The ceremony will be held at the Nasdaq MarketSite in New York City and will be webcast live starting at 3:45 p.m. ET and will be available for replay via the following link: Livestream
For more information, please visit Zeo’s investor relations website at investors.zeoenergy.com.
Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), served as exclusive financial advisor and lead capital markets advisor to ESGEN. Kirkland & Ellis LLP served as legal counsel to ESGEN. Eversheds Sutherland (US) LLP and Ellenoff Grossman & Schole LLP served as legal counsel to Sunergy.
About Sunergy
Sunergy is a Florida-based regional provider of residential solar, distributed energy, and energy efficiency solutions focused on high growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Sunergy serves customers who desire to reduce high energy bills and contribute to a more sustainable future.
About ESGEN Acquisition Corp.
ESGEN was a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities. ESGEN was led by Chief Executive Officer, Andrejka Bernatova and Chief Financial Officer, Nader Daylami, and was affiliated with Energy Spectrum Capital, a Dallas-based private investment firm with long-standing experience building companies across the energy infrastructure landscape over multiple decades.
