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ESGEN Acquisition Corp. (ESACW), now known as Zeo Energy Corp., has successfully completed its business combination with Sunergy Renewables, LLC, a leading provider of residential solar and energy efficiency solutions based in Florida. With this merger, Zeo is poised to accelerate its growth strategy, partner with industry players, and expand its customer base seeking renewable energy solutions.
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ESGEN Acquisition Corp. completes its business combination with Sunergy Renewables, forming Zeo Energy Corp. The company will trade on Nasdaq under the ticker symbols 'ZEO' and 'ZEOWW'. Zeo aims to accelerate growth in the residential solar industry, leveraging Sunergy's expertise. The merger is expected to position Zeo favorably in the transition to a decarbonized economy, with gross proceeds of around $18 million.
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ESGEN Acquisition Corp. shareholders approve business combination with Sunergy Renewables; Combined company to be renamed Zeo Energy Corp and listed on Nasdaq Stock Exchange.
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ESGEN Acquisition Corp. and Sunergy Renewables, LLC announce the approval of the Business Combination by the SEC. The combined company will be named Zeo Energy Corp. and will be listed on the Nasdaq Stock Exchange. The Special Meeting to finalize the Business Combination is scheduled for March 6, 2024.
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Sunergy Renewables, LLC reported a 31% increase in net revenue for the first nine months of 2023, reaching $86.7 million. The company also amended the terms of its business combination agreement with ESGEN Acquisition Corp. to become publicly listed on the Nasdaq Stock Exchange. Solar system installations increased by approximately 35% compared to the same year-ago period. However, the third quarter of 2023 saw a 3% decrease in net revenue, with gross profit and net income also declining. The company aims to expand into three additional states in 2024, including Ohio, Illinois, and Virginia.
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ESGEN Acquisition Corp. and Sunergy Renewables, LLC announced amended transaction terms for its pending business combination, with ESGEN's sponsor committing to purchase up to $15 million in Convertible Preferred Equity Securities, funded by Energy Spectrum. The updated pro forma implied enterprise value of the combined company is expected to be $390 million. The completion of the proposed Transaction is subject to customary closing conditions and is anticipated to occur in the first half of 2024.
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ESGEN Acquisition Corporation announces the postponement of its extraordinary general meeting to consider an extension of the date to consummate an initial business combination. The meeting will now take place on October 20, 2023, instead of October 17, 2023. Shareholders are encouraged to vote as soon as possible.
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Sunergy Renewables reports strong financial results for the first half of 2023, with net revenue increasing by 80% to $48.8 million and gross profit increasing to $9.6 million. Solar system installations also grew by 65%. The company has submitted an S-4 filing to the SEC for review in relation to its business combination agreement with ESGEN Acquisition Corp. Sunergy's CEO expresses confidence in the company's growth strategy and plans to enter the public markets.
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Sunergy Renewables invited to present at solar symposium, CEO to speak at 4pm PT on Sept 12. Focus on driving sustainable, profitable growth. Business combination with ESGEN expected to close in Q4 2023 or Q1 2024.
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FAQ
What is ESGEN Acquisition Corp.'s new name after the business combination?
ESGEN Acquisition Corp. has been rebranded as Zeo Energy Corp.
Who did ESGEN Acquisition Corp. merge with?
ESGEN Acquisition Corp. completed a business combination with Sunergy Renewables, LLC, a top provider of residential solar and energy efficiency solutions based in Florida.
Where will Zeo Energy Corp.'s common stock and warrants trade following the merger?
Zeo Energy Corp.'s common stock and warrants are expected to trade on the Nasdaq Capital Market under the new ticker symbols 'ZEO' and 'ZEOWW,' respectively.
When is the completion of the proposed Business Combination expected?
The Business Combination is expected to close, and the combined entity's common stock and warrants will commence trading on the Nasdaq Stock Market, subject to all closing conditions.
What are the expected proceeds to Zeo Energy Corp. from the transaction?
The transaction is expected to result in gross proceeds of approximately $18 million to Zeo Energy Corp.
What can shareholders expect after the completion of the business combination?
The Board of Directors of Zeo will include members from both Sunergy and ESGEN, and Zeo will focus on accelerating its growth strategy in the residential solar and energy efficiency solutions sector.
Where can investors find more information about Zeo Energy Corp.?
For more information, investors can visit Zeo's investor relations website at investors.zeoenergy.com.
ESGEN Acquisition Corporation