Shares of commercial solar engineering, procurement and construction firm The Peck Company Holdings (NASDAQ: PECK) are up 75% premarket on Tuesday after the company announced it will acquire iSun Energy, a solar-powered electric vehicle infrastructure provider.
The all-stock transaction will see Peck change its name to iSun Energy and trade on the Nasdaq under the ticker ISUN.
Peck said it will continue to serve the commercial, industrial and utility-scale solar markets with rooftop and ground-mount solar installations, and, along with Peck Data and Peck Electric, it will expand into new markets.
All of iSun’s products, including the Energy & Mobility Hub, a solar canopy for EV charging, and the iSun Oasis Smart Solar Bench will immediately begin to be offered by the entire group to current and prospective customers.
“The acquisition of iSun Energy with its strong brand and innovative products is transformational for Peck. Consistent with our full-service approach to customers, we are having more conversations about Energy as a Service as we reach new customers in the fast-growing clean energy, smart-city and mobility industry, commented Peck’s CEO, Jeffrey Peck.
The transaction is expected to close in January 2021.
Peck shares shot higher on the news, they are currently priced at $10.78 premarket, after climbing 75.28%.