One company that is on the move is Green Energy Live. Located in Wyoming, Michigan, Green Energy Live is engaged in developing sustainable biomass-to-energy conversion technology to meet a critical need for the U.S. $154 billion livestock industry and gain a stellar reputation on Wall Street in a relatively short period of time.
Today, Green Energy Live announced that solar energy will be a new revenue source for the growing company through the execution of a letter of intent to acquire Peck Electric. Peck Electric is Vermont’s leading provider of electrical contracting services with their solar power system design and installation business growing at a significant rate.
The letter of intent with Peck occurred on February 23 of this year and will allow Green Energy Live to acquire 100% of Peck’s stock with a definite purchase transaction to occur by April 25, 2010.
While Green Energy does not possess a complete financial statement for Peck, there are indications that Peck generated $6 million in gross revenues with a net income of $128,908 in 2009. Green Energy believes that revenues from the solar division of Peck will increase a great deal in the future.
Karen Clark who serves as the President and CEO of the young company was quoted as saying, “To minimize their ecological footprint, combat rising energy costs, and improve their corporate image, companies are turning to clean energy sources. Peck is establishing itself as the go-to source for solar in Vermont. While installations were a relatively small source of revenue in 2009 at approximately $500,000, we hope that Peck’s solar business will increase revenue and market penetration significantly this year.”