Press Release

The Peck Company Continues to Perform and Grow in the Second Quarter with Completed and New Projects

Company Release - 9/10/2019 8:00 AM ET

BURLINGTON, Vt.--(BUSINESS WIRE)-- The Peck Company (NASDAQ:PECK), a leading commercial solar engineering, procurement and construction (EPC) company, today announced the completion of six solar projects in the second quarter of 2019 and provided an update on existing projects under construction.

Established as a traditional electrical contractor, The Peck Company branched into data and communications before expanding further to offer solar EPC services in 2008. Today, The Peck Company continues to construct our energy future with the completion of six existing solar projects, commencing construction of six new projects, and the acquisition of NTP (Notice to Proceed) projects for construction and sale as part of the growth strategy.

“The U.S. solar market is expected to see 14 percent growth in 2019, showing the increased adoption of renewable energy as part of a diversified, renewable energy mix,” said Jeff Peck, Chief Executive Officer of The Peck Company. “We are focused on continuing to drive profitable growth and capitalizing on these significant growth opportunities in the industry by deploying our capabilities across the Northeast and in other key solar installation markets. We have continued to execute on our growth strategy and are pleased to share the following update on our recently completed projects and projects under construction.”

The Peck Company Completed Six Projects in Q2 2019:

  • Completed construction of a nearly 7-MW project in Chittenden County, VT.
  • Completed construction of over 400-kW across five ground-mount and roof-mount projects.

The Peck Company Begins Construction of Six New Projects:

  • Commenced construction of an additional 7 -MW project in Chittenden County, VT and a 3.7-MW project in Bennington County, VT, which are both expected to begin producing power in Q3 2019.
  • Broke ground on a nearly 820-kW project in Rutland County, VT.
  • Commenced construction on a 765-kW solar array in Caledonia County, VT, expecting power production in Q3 2019.
  • Two solar projects have begun in Addison County, VT: a 756-kW fixed array and a 6.3-MW array with a tracker system. Both will begin producing power in Q3 2019.

Acquired Three Projects at NTP as Part of a of 7-MW, Nine-Project Portfolio That Will Be Sold Post-Construction

An important part of the Company’s growth strategy to scale up its project pipeline is to acquire fully-developed projects from developers at the NTP stage. The Company takes over the construction and prepares the asset for purchase by Peck’s customers. As an EPC, the Company’s is in an ideal position to de-risk the construction process for its customers by delivering projects at commercial completion while also allowing developers to focus on preparing more greenfield projects for NTP.

About The Peck Company

Headquartered in South Burlington, VT, The Peck Company, 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 the largest commercial solar contractor in the Northeast and one of the largest in U.S., The Peck Company provides engineering, procurement and construction (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 public works projects. The Peck Company has installed over 100MW of solar systems since inception and is focused on profitable growth opportunities. Please visit www.peckcompany.com for additional information.

Forward-Looking Statements

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.

Media:
Cory Ziskind
ICR
[email protected]
646-277-1232

Investors:
Michael Callahan
ICR
[email protected]
203-682-8311

Source: The Peck Company