While the letter is merely part of due diligence and not a binding agreement for the two companies, GEL is interested in acquiring Peck Electric Inc. solar energy division and its $5 million in proposals for new solar projects it currently possesses.
The division specializes in designing solar photovoltaic power systems while also installing and training commercial, industrial and residential customers on how to benefit from renewable energy.
"In response to rising energy costs and environmental concerns, commercial and residential customers are looking to solar energy systems for clean power generation. Green Energy Live believes Peck is ideally positioned to grow sales and revenue serving this lucrative market segment," said Karen Clark, the president and CEO of Green Energy Live. "We see the increases in requests for proposals, bids submitted and contracts awarded as highly encouraging indicators."
GEL currently specializes in the creation of sustainable biomass-to-energy conversion technology for the U.S. livestock industry through manure-to-electricity conversion systems. Peck was founded in 1972 and indicated a gross revenue of $6 million in 2009.
