BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ:PECK), a leading commercial solar engineering, procurement and construction (EPC) company, today provided an update to investors about progress regarding the Company’s solar project acquisition strategy.
The Peck Company is deploying a multi-pronged growth strategy with the following core pillars:
- Organic growth by leveraging existing relationships to expand across the Northeast;
- Accretive M&A of profitable businesses to expand geographic footprint, capabilities, and cash flow; and
- Acquisition of solar arrays to construct and resell at a profit or to hold for recurring revenue
With respect to the solar array acquisition strategy, the Company previously announced an initial agreement to construct a portfolio of PV solar arrays it acquired that will generate 7 megawatts for one of its customers.
The Peck Company recently completed two projects from this portfolio during the fourth quarter. John Sullivan, CFO, commented, “We have consistently achieved our profitability targets across the project portfolio and continue to utilize our financial metrics when adding to our project pipeline.” Additional financial details were not disclosed.
Jeffrey Peck, CEO, commented, “Our Company is in an ideal position to serve the solar industry as a solar EPC contractor that can interface between both the early stage developers and late stage asset owners by de-risking the construction phase of the project, a core competency of The Peck Company. We will continue to provide value to the industry by solving problems and delivering results.”
Jeffrey Peck continued, “In light of the increasing awareness and support of the renewable energy sector by local governments, states, and some of the largest investment firms, we recognize the tremendous growth opportunity ahead of us to construct our energy future and will continue to stay focused on delivering profitable results through the renewable energy transition.”
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.