• Suntuity is contributing to America's transition to solar energy and home electrification. The Company conducts comprehensive customer outreach and engagement and provides end-to-end solar system and energy storage design, installation, and customer service and support across 25 U.S. states.

• The pro forma enterprise value of the combined company is expected to be $249 million, with the transaction generating up to approximately $255 million in gross cash proceeds, in each case, assuming no redemptions by Beard's public stockholders. In connection with the transaction, Suntuity has already raised $15 million in funded debt financing.

• Suntuity's existing equity holders will roll 100% of their equity into equity of the combined company and will retain approximately 40% of the ownership at the close of the combination, with Beard's existing public stockholders owning approximately 48% of the combined company, in each case, assuming no redemptions by Beard's current public stockholders.

HOLMDEL, N.J. & NEW YORK--(BUSINESS WIRE)--Suntuity Renewables ("Suntuity" or the "Company"), a leading provider of renewable energy solutions, and Beard Energy Transition Acquisition Corp. ("Beard") (NYSE: BRD, BRD.U, BRD.WS), a special purpose acquisition company, have entered into a definitive agreement that would result in the combined company becoming publicly traded.

Upon closing of the transaction, the combined company will be named "Suntuity Inc." ("New Suntuity"), and its Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the new ticker symbols "STY" and "STY.WS," respectively.

Suntuity is one of the largest end-to-end residential solar companies in the country with over 9,500 residential systems installations across 25 states as of April 2023. Since Suntuity's residential solar expansion beginning in 2017, the Company has originated opportunities representing over 200 Megawatts ("MW") and expanded its capabilities to include providing electrification solutions, installing power generation and storage systems, and arranging third-party financing solutions for residential customers. The Company's industry relationships with top-tier suppliers and financing partners have contributed to making it a leading player in the residential solar market, with a 26.7% install CAGR over the past three years and a robust $55 million backlog1 comprising over 1,100 projects.

The residential solar market continues to expand in the U.S. as homeowners take advantage of the cost-saving benefits of solar energy and tax incentives from the Inflation Reduction Act. These growth drivers, combined with the potential negative impacts of climate change on the grid, and the rapid rise in electric vehicle sales, are placing residential solar and energy storage at the center of a major shift in the overall energy landscape. Suntuity uses a mix of in-house and outsourced solutions and capabilities in an effort to help optimize growth, profitability, and service efficiency to scale in a fiscally responsible manner.

Management Commentary

"Since 2017, Suntuity's mission has been to support the transition to a 100% clean and renewable energy future by simplifying residential solar power," said Dan Javan, President and CEO of Suntuity. "In taking this next step to become a publicly traded company, we intend to accelerate our growth, broaden our focus to include comprehensive home electrification solutions and services across the country, and establish ourselves as a significant industry participant in the renewable energy transformation. The Beard team shares our vision to support the clean energy transition infrastructure buildout, and we'll be working with them to close this transaction and execute against our long-term growth plans."

"We are looking forward to partnering with Dan and his team to grow Suntuity," said Gregory A. Beard, CEO of Beard. "When searching for a potential partner in this transaction, we sought to identify a high-growth business in the renewable energy space with a clear path to scalability and a public-ready management team; we believe Suntuity satisfies each of these criteria and much more. Dan and his team are revolutionizing residential solar access in the United States, and we look forward to supporting them in their mission through this combination."

Suntuity Highlights

• Substantial and Growing Addressable Market: Industry estimates show solar market growth to 11.5 GW by 20332. Despite these forecasts, total deployments are still a fraction of the addressable market with 94% of single-family homes currently without solar.

• Broader Energy Storage Tailwinds: Residential home energy storage, highly complementary with home solar, has also grown substantially in tandem with home solar installations. Battery sales in conjunction with solar systems are expected to climb quickly through 2026, given tight battery supply has been the main bottleneck in recent years.

• Compelling Government Incentives: The 2022 extension of the Investment Tax Credit in the Inflation Reduction Act provides stability and investment opportunity for solar and storage energy within the U.S., including a 30% tax credit for residents installing solar and/or energy systems.

• Significant Existing Footprint with Future Visibility: Suntuity has originated approximately 21,000 projects since 2017 across 25 states, translating to a three-year install CAGR of 26.7%. As of April 2023, Suntuity has a $55 million backlog spread across 1,100 planned projects.

• Defined Growth Plan Supported by Tier One Relationships: The Company has generated significant order momentum and planned geographic expansion with installs increasing 54% year-over-year in Q1 2023 and state coverage expanding to 25 states. Execution risk is reduced through the Company's industry relationships with top-tier suppliers and financing partners.

• Experienced Industry Leadership: Suntuity's extended management team represents over 100 years of combined solar and related industry experience, including senior leadership positions with several industry peers.

Transaction Overview

Pursuant to the business combination agreement, Beard will acquire Suntuity for a pre-money equity value of $190 million. In connection with the transaction, the combined company, New Suntuity, will issue 19.0 million new shares to current members of Suntuity.

Existing Suntuity members will exchange 100% of their equity interests in Suntuity for equity in New Suntuity. Cash proceeds will consist of cash from Beard's trust account after redemptions by Beard's public stockholders. In connection with the transaction, Suntuity has also already raised $15 million in funded debt financing.

The business combination has been unanimously approved by the boards of directors of both Beard and Suntuity and is expected to close in the fourth quarter of 2023, subject to regulatory and stockholder approvals and other customary closing conditions.

Upon closing of the transaction, Suntuity's senior management are expected to continue to serve in their existing roles. Current Suntuity members are expected to own approximately 40% of the combined company at close of the transaction, assuming no redemptions by Beard's public stockholders.

About Suntuity Renewables

Suntuity Renewables is a leading residential solar company in the country. The Company acquires customers, designs solar energy and home electrification solutions, installs and maintains those systems, and arranges third-party financing solutions for residential customers across the United States. The Company uses a mix of in-house and outsourced solutions to optimize growth, profitability and efficiency of its services which enable it to grow and scale.

About Beard Energy Transition Acquisition Corp.

Beard is a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.