Jun 30, 2016

Sungevity to go public via merger with Easterly

Admin
2 min
Oakland, California-based rooftop solar provider Sungevity is going public on the Nasdaq via a special-purpose acquisition company, Easterly Acquisit...

Oakland, California-based rooftop solar provider Sungevity is going public on the Nasdaq via a special-purpose acquisition company, Easterly Acquisition Corp.

All of the outstanding equity and convertible debt of Sungevity will be converted into shares of Easterly common stock as a result of the merger. Once the deal is complete, Easterly will change its name to Sungevity Holdings Inc and the combined company’s stock will trade on the Nasdaq exchange as SGVT. The deal values the solar sales and customer-acquisition platform company at US $357 million.

Sungevity has expanded significantly since its founding in 2007, though its share has lagged behind publicly traded competitors like SolarCity. The arrangement with Easterly is intended to encourage growth and bring further institutional investors to the mix.

Sungevity’s existing investors include the German utility Eon; American home-improvement chain Lowe’s and various venture capital firms. Existing shareholders will retain their 58.8 percent stake in the company.

“We have always considered ourselves to be the ‘disruptor’ within a disruptive industry,” Andrew Birch, Sungevity’s Chief Executive Officer, said in a statement. “Easterly’s management has a track record of bringing innovative, growing companies to public shareholders, and we expect that our merger will enhance our ability to innovate and grow as we strive to provide the highest customer experience to our expanding customer base.”

Executives have said that they expect the merger to go through by the end of this year.

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May 13, 2021

All but two UK regions failing on school energy efficiency

schools
energyefficiency
Renewables
Dominic Ellis
2 min
Yorkshire & the Humber and the North East are the only UK regions where schools have collectively reduced how much they spend on energy per pupil

Most schools are still "treading water" on implementing energy efficient technology, according to new analysis of Government data from eLight.

Yorkshire & the Humber and the North East are the only regions where schools have collectively reduced how much they spend on energy per pupil, cutting expenditure by 4.4% and 0.9% respectively. Every other region of England increased its average energy expenditure per pupil, with schools in Inner London doing so by as much as 23.5%.

According to The Carbon Trust, energy bills in UK schools amount to £543 million per year, with 50% of a school’s total electricity cost being lighting. If every school in the UK implemented any type of energy efficient technology, over £100 million could be saved each year.

Harvey Sinclair, CEO of eEnergy, eLight’s parent company, said the figures demonstrate an uncomfortable truth for the education sector – namely that most schools are still treading water on the implementation of energy efficient technology. Energy efficiency could make a huge difference to meeting net zero ambitions, but most schools are still lagging behind.

“The solutions exist, but they are not being deployed fast enough," he said. "For example, we’ve made great progress in upgrading schools to energy-efficient LED lighting, but with 80% of schools yet to make the switch, there’s an enormous opportunity to make a collective reduction in carbon footprint and save a lot of money on energy bills. Our model means the entire project is financed, doesn’t require any upfront expenditure, and repayments are more than covered by the energy savings made."

He said while it has worked with over 300 schools, most are still far too slow to commit. "We are urging them to act with greater urgency because climate change won’t wait, and the need for action gets more pressing every year. The education sector has an important part to play in that and pupils around the country expect their schools to do so – there is still a huge job to be done."

North Yorkshire County Council is benefiting from the Public Sector Decarbonisation Scheme, which has so far awarded nearly £1bn for energy efficiency and heat decarbonisation projects around the country, and Craven schools has reportedly made a successful £2m bid (click here).

The Department for Education has issued 13 tips for reducing energy and water use in schools.

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