Green Energy Live in bid to expand into solar power

March 18, 2010

Michigan-based biomass-to-energy specialist Green Energy Live, Inc., said today it is looking to get into the solar energy business, with the acquisition of a Vermont company.

It has sent a letter to Peck Electric stating its desire to acquire the company.

Green Energy Live, which has its headquarters in Grand Rapids, said there was “considerable potential for growth” in Peck’s solar panel installation division.

We see the increases in requests for proposals, bids submitted and contracts awarded as highly encouraging” - Karen Clark, Green Energy Live

The company stressed today that its letter was not a binding agreement to acquire the firm, and that any offer would be subject to due diligence being completed.

Peck

South Burlington-based Peck Electric was formed in 1972 as an electrical contractor, and its solar division now provides complete solar photovoltaic power system design, supply, installation and training services.

Most of the company’s $6 million revenues made in 2009 were through its electrical contracting division, but Green Energy Live said it believed the 8% of revenues made by the firm’s solar business would increase.

Green Energy Live said Peck had about $5 million worth of solar project proposals in the pipeline, a “significant” increase on the amount of bids submitted last year.

Karen Clark, President/CEO of Green Energy Live, said she believed commercial and residential customers were turning to solar energy systems in response to rising energy costs and environmental concerns.

Ms Clark said: “Green Energy Live believes Peck is ideally positioned to grow sales and revenue serving this lucrative market segment. We see the increases in requests for proposals, bids submitted and contracts awarded as highly encouraging indicators.”

Green Energy Live has so far specialized in developing biomass-to-energy gasification technology to offer the livestock industry.

It plans to develop on-site manure-to-electricity systems for farmers and ranchers, buying up a route to market through the acquisition of Texas live cattle auction company Comanche Livestock Exchange last year.