Suntuity Renewables, a Holmdel, N.J.-based residential solar installer, announced plans to go public this week through a merger with special purpose acquisition company (SPAC), Beard Energy Transition Acquisition Corp., a $249 million SPAC platform operated by Gregory A. Beard, a former investment principal from Apollo Global Management, a global private equity firm.

“Since 2017, Suntuity’s mission has been to support the transition to a 100% clean and renewable energy future by simplifying residential solar power,” said Dan Javan, president and chief executive officer of Suntuity. “In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country, and establish ourselves as a significant industry participant in the renewable energy transformation.”

New Jersey-based Suntuity provides residential solar installation solutions in 25 U.S. states and has deployed 9,500 systems to date. Since 2017, the company has originated more than 200 MW of aggregate solar and storage systems, as well as third-party financing solutions.

Suntuity’s industry relationships with top-tier suppliers and financing partners have contributed to its 26.7% installation compounded annual growth rate for the past three years, as well as a $55 million backlog for more than 1,152 projects whose cycle time from deal acceptance to installation is 59 days.

The company has forecast growth of 79 MW of installations in 2022 increasing to 125 MW of 2023 solar installations across its 25-state market. Suntuity breaks down its top state markets primarily in the Northeast and Mid-Atlantic markets, such as New Jersey (33%), Pennsylvania (22%), Connecticut (6%), Massachusetts (6%) and Maryland (6%).

Suntuity uses a mix of in-house and outsourced solutions and capabilities to deploy home solar, storage and EV charging solutions. Outside of its key states, Suntuity has an outsourced installation crew in additional states in Ohio, Illinois, Nevada, California and Texas, among other states capable of installing the company’s systems, with outsourced crew hubs in Utah, Texas, Florida, South Carolina and across the Northeast.

Upon closing of the transaction, the combined company will be named Suntuity Inc. and its shares will trade on the New York Stock Exchange under ticker, “STY.” The business combination has been approved by the boards of directors of both Suntuity and Beard, and is expected to close in Q4 2023, subject to regulatory and stockholder approval.

Citigroup and Roth Capital Partners served as underwriter and capital markets advisor on the SPAC transaction, while Loeb & Loeb LLP is Suntuity’s legal advisor. Vinson & Elkins advised Beard.

Suntuity’s senior management are expected to continue to serve in their existing roles following the SPAC transaction. Current Suntuity employees are expected to retain a 40% ownership of the company at closing, assuming no redemptions by the SPAC’s public shareholders.

“When searching for a potential partner in this transaction, we sought to identify a high-growth business in the renewable energy space with a clear path to scalability and a public-ready management team; we believe Suntuity satisfies each of these criteria and much more,” said Beard.

Beard formed his energy transition SPAC platform in March 2021 with $250 million of capital commitments. Other members of the SPAC team held prior roles across the energy market, including Riverstone, Intervale Capital, Athlon Energy and Caelus Energy, both of which are historic oil and gas producers.

Institutional shareholders in Beard include the Alberta Investment Management Corp. (2.8%), Cantor Fitzgerald (4.6%), Sculptor Capital (4.7%), Adage Capital Partners (5.4%) and Saba Capital (7.7%).