Green Energy Live Inc., well known for its biomass conversion processes which create energy by gasifying waste biomass generated by the Company’s primary market, the $154B livestock industry, announced today that it has identified massive growth potential in Vermont’s No. 1 electrical contracting services provider, Peck Electric Inc.’s installation and solar system design business.
If one looks at the amount of business Peck is doing in terms of submitted bids, projects underway, awarded contracts, and initial inquiries from potential clients, it is clear that the division which handles solar system installation could see amazing revenues this year.
Having signed a non-binding letter of intent to acquire Peck, which is contingent upon certain closing requirements and the ongoing due diligence of GELV, successful acquisition will still posses several distinct challenges, like integrating Peck’s infrastructure.
Servicing commercial, residential and industrial clients Peck’s solar division handles all aspects of photovoltaic solar system installation, from design to the actual install and any additional training.
With a whopping increase from more recent years to $5M in currently submitted proposals for new solar projects, it is quite clear that Peck has struck gold despite any concerns as to whether or not the contracts will all materialize, in terms of the Company’s ability to successfully execute its business strategy in what is ultimately a rapidly growing market.
President and CEO of GELV, Karen Clark, cited the exceptional cost and environmental profile of solar as the fundamental basis for wildly increasing demand from homeowners and the commercial sector, noting that both Peck and GELV were “ideally positioned to grow sales and revenue” and could even achieve symbiotic, long-term benefits from the coupling of operations.
Clark was keen to acknowledge the market research, which clearly indicates the explosive volume of activity at Peck, in terms of “proposals, bids submitted and contracts awarded”, which she sees as clear indicators of promising future growth.
With 38 years of business notched into their belt, Peck, long known for their electrical contracting services – which traditionally generate the lion’s share of sales – had $6M in gross revenues and $128,908 net income for 09, with cost of sales traditionally in the 78-81% region.