PECK stock was up more than 40% on October 7, 2020, after the company reported a big Rhode Island contract.
The Peck Company Holdings, Inc. (NASDAQ: PECK), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to announce the signing of a 5.3MW contract in Rhode Island, from a long time customer.
The $7.256 million contract for a project located in Rhode Island is targeted to be completed in the first quarter of 2021. Peck’s expansion into Rhode Island adds to the recent news about the Company’s expansion into Maine. Today’s announcement of this 5.3MW contract is significant by exemplifying again that Peck is expanding its geographic footprint across the northeastern states and proving to accomplish its goals.
A recent report by Cambridge, Mass.-based Synapse Energy Economics Inc. concludes that Rhode Island can produce a greater amount of electricity than it consumes by installing solar arrays on more roofs, landfills, brownfields, gravel pits, and parking lots.
The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “This is our first project in Rhode Island, so we are very excited about working in the state and helping with their renewable energy goals. Our organic growth strategy of serving our existing customer base in other states is working and benefitting all stakeholders. We look forward to our continued expansion into Rhode Island, Maine, other states in the northeast and coast to coast. We would also like to thank our valued partners who continue to rely on Peck for our expertise and craftsmanship. These long-term relationships are an integral component of our current and future growth.”
Mr. Peck continued, “This momentum is important as we advance our efforts to close the previously announced business combination with Sunworks, Inc. (NASDAQ: SUNW). As detailed in the preliminary joint proxy statement/prospectus, we filed with the Securities and Exchange Commission on October 1, 2020, we believe the transaction with Sunworks will allow us to leverage the combined synergies to create a larger solar EPC platform with greater geographical reach and enhanced financial resources which will benefit our partners, customers and shareholders.”
Since becoming a public company in 2019, Peck has been successfully executing its three-pronged growth strategy including:
(1) Organic expansion across the Northeastern United States
(2) Conducting accretive merger and acquisition transactions to expand geographically
(3) Investing in company-owned solar assets that provide recurring revenue
The Peck Company Holdings is guided by the mission to facilitate the reduction of carbon emissions through the expansion of clean, renewable energy and it believes that leveraging such core values to deploy resources toward profitable business is the only sustainable strategy to achieve these objectives.
On September 30, 2020, The Peck Company Holdings announced the signing of a 6.8MW contract in Maine, from a long time customer. The $2.365 million contract for a project located near Portland, Maine is targeted to be completed in the first quarter of 2021. Peck’s expansion into Maine has been a highlighted area for growth for the Company, and today’s announcement of this 6.8MW contract is a significant step in gaining a foothold in Maine. According to SEIA’s Solar Market Insights Report, Maine is projected to develop 873 MW of solar over the next 5 years, which will result in Maine moving from one of the lesser developed solar markets in the country to one of the more advanced over the next several years.