Zeo Energy (NASDAQ:ZEO) stock is rising higher on Friday following the public debut of the residential solar and energy efficiency solutions company’s shares.
ZEO stock started trading publicly on Thursday after Sunergy Renewables completed a special purpose acquisition company (SPAC) merger with ESGEN Acquisition. This resulted in the new company taking on the Zeo Energy name.
Zeo Energy comes out of this SPAC merger with $18 million to work with. The Florida-based company intends to use that money to fuel its operations and growth strategy. Some of it will also cover costs connected to the business merger.
Zeo Energy CEO Tim Bridgewater said the following about the merger:
“We are confident that this merger with ESGEN enables us to accelerate our growth strategy, partner with industry players, and serve more customers seeking renewable energy solutions to meet their power and energy storage needs.”
ZEO Stock Movement on Friday
ZEO stock is rallying higher today with heavy trading of its shares. More than 254,000 units have been traded as of this writing. The company’s daily average before the SPAC merger was about 24,000 shares. Also, its trading total yesterday was 15,000 shares.
ZEO stock is up 57.6% as of Friday morning.
Investors who are seeking out even more of the most recent stock market stories will want to stick around!
InvestorPlace is home to all of the hottest stock market news that traders need to know about on Friday! That includes the biggest pre-market stock movers this morning and coverage of the latest earnings reports released today. All of that is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
