Peck Electric holds a rich history as a family owned business in operation in Vermont for 47 years. The Company began operations as a traditional electric contractor and holds a wide range of capabilities to install electric equipment for a variety of end uses. Today, these core capabilities have developed the Company’s business in solar array installation, traditional electric, and data services. These projects range in size from several kilowatts for residential loads to multi-megawatt systems for large commercial and utility projects. The Company can deploy these capabilities to other large, rapidly growing renewable energy geographies and end markets; namely EV charging stations and energy storage.
As announced earlier this year, Peck has signed a definitive agreement to enter into a business combination with Jensyn Acquisition. Upon the closing of the business combination expected in Q2 2019, Jensyn will be renamed “The Peck Company, Inc.” and its common stock is expected to be listed on The Nasdaq Capital Market under the symbol “PECK.”
“2018 was a pivotal year for Peck Electric as we continued to deploy our proven business model to efficiently and economically deliver solar project design, installation, and operations and maintenance services to a range of solar energy customers,” said Jeff Peck, Chief Executive Officer of Peck Electric. “We have historically operated exclusively in Vermont, which is one of the most attractive states for investment in solar arrays. By leveraging our existing infrastructure and labor relationships with the International Brotherhood of Electrical Workers (IBEW), we believe that Peck is uniquely positioned to expand into additional solar markets in the Northeast, including Massachusetts, New Jersey, Rhode Island and New York, as well as other attractive U.S. regions, with limited investment in additional infrastructure or capital equipment.”
Peck continued, “We are pleased to provide the following update to our stakeholders on Peck’s recently completed solar projects as we prepare to enter the public markets to capitalize on the significant growth opportunity we see across the Northeast and other key solar installation markets.”
Peck Electric Completed Projects in Q4 2018:
- Completed a nearly 7 MW (6.93792) ground mount driven post array off of South Main Street in St. Albans, VT. Peck was the EPC contractor for Cypress Creek Renewables, an integrated solar company with a proven track record of developing, financing, building, and operating solar projects. This project started to produce energy in late 2018 for Green Mountain Power, an energy transformation company providing power and innovative products and services to three-quarters of Vermont.
- Completed installation of 745.2-kW solar array for Encore Renewable Energy at the Long View Forest headquarters in Hartland, VT. The array now lies on top of a property that was once a sawmill and lumber treatment facility. The solar project is expected to produce approximately 900,000 kWh per year, enough to power approximately 125 homes annually. The solar array was a critical part of Long View’s plan to redevelop the brownfield site as a “forestry business park”, which has added numerous local forestry sector jobs and increased the size of the local tax base in addition to generating renewable power. The project is generating energy and financial savings for Mascoma Bank as well as the Montshire Museum of Science located in Norwich, VT. Together, Mascoma and the Montshire Museum of Science will realize approximately $700,000 of savings on their electricity bills over the 25-year term of the agreement.
- Completed a 745-kW solar project in Rockingham, Vermont as the EPC contractor for Kendall Sustainable Infrastructure (KSI), a leading private real asset firm focused on sustainable infrastructure projects with a track record of owning and operating over 25 MW of distributed generation projects. Peck was responsible for the project’s design, install, and operations and maintenance. The solar array generates enough electricity to power approximately 150 homes annually in Vermont. Peck and KSI have a number of other opportunities on the drawing board including one project that anticipates breaking ground in the second quarter of 2019.
- Completed installation of a 198.2-kW ballasted solar array on the roof of the UVM Medical Center on Holly Court in Williston, VT. Peck served as the subcontractor on the project for Encore Renewable Energy. The project began generating solar electricity in December 2018 and provides enough of the building’s electricity to enable UVM Medical Center to receive net metering credits at a discount and a new stream of lease revenue from the roof.
- Completed a 160-kW solar carport, the largest to date in Vermont. The system was installed for the ECHO, Leahy Center for Lake Champlain in Burlington, VT, a premiere science and nature museum with a mission to inspire and engages families in the joy of scientific discovery. The solar canopy creates a significant portion of the electricity needs for the 34,500-square foot, award-winning LEED-certified facility. Peck served as the subcontractor on the project for Encore Renewable Energy, a leading integrated clean energy services company focused on community-scale solar PV systems for the redevelopment of underutilized property. Peck deployed innovative two-sided panels that capture reflected light as well as the direct rays of the sun, increasing its output.
- Completed installation of a nearly 300-kW solar system on the roof of the Essex Outlets in Essex, VT. Peck served as the subcontractor for Encore Renewable Energy. The solar systems that lie on top of the roof is a ballasted system while the panels on the sloped awnings of the building are fastened by a rail system. The energy gathered by the solar system helps the Outlets meet environmental sustainability goals.
- Completed installation of a 20.6-kW solar array on top of Brickliners Custom Masonry & Chimney Services in Burlington, powering a significant portion of the building’s electricity. Peck has entered into a second agreement to install another 20.6-kW solar array later this year.
Source: Company Press Release
