Peck Electric Announces Completion of Seven Solar Projects in the Fourth Quarter of 2018

Leading solar EPC is uniquely positioned to capitalize on significant
growth opportunities across the Northeast and other key solar
installation markets

BURLINGTON, Vt.–(BUSINESS WIRE)–Peck
Electric Co.
(“Peck”, or “the Company”), a leading commercial solar
engineering, procurement and construction (EPC) company, today announced
the completion of seven solar projects in the fourth quarter of 2018
ranging from a 7-MW utility scale solar array to a 20.6-kW rooftop
installation.

Peck Electric holds a rich history as a family owned business in
operation in Vermont for 47 years. The Company began operations as a
traditional electric contractor and holds a wide range of capabilities
to install electric equipment for a variety of end uses. Today, these
core capabilities have developed the Company’s business in solar array
installation, traditional electric, and data services. These projects
range in size from several kilowatts for residential loads to
multi-megawatt systems for large commercial and utility projects. The
Company can deploy these capabilities to other large, rapidly growing
renewable energy geographies and end markets; namely EV charging
stations and energy storage.

As
announced earlier this year
, Peck has signed a definitive agreement
to enter into a business combination with Jensyn Acquisition Corp.
(NASDAQ:JSYN). Upon the closing of the business combination expected in
Q2 2019, Jensyn will be renamed “The Peck Company, Inc.” and its common
stock is expected to be listed on The Nasdaq Capital Market under the
symbol “PECK.”

“2018 was a pivotal year for Peck Electric as we continued to deploy our
proven business model to efficiently and economically deliver solar
project design, installation, and operations and maintenance services to
a range of solar energy customers,” said Jeff Peck, Chief Executive
Officer of Peck Electric. “We have historically operated exclusively in
Vermont, which is one of the most attractive states for investment in
solar arrays. By leveraging our existing infrastructure and labor
relationships with the International Brotherhood of Electrical Workers
(IBEW), we believe that Peck is uniquely positioned to expand into
additional solar markets in the Northeast, including Massachusetts, New
Jersey, Rhode Island and New York, as well as other attractive U.S.
regions, with limited investment in additional infrastructure or capital
equipment.”

Peck continued, “We are pleased to provide the following update to our
stakeholders on Peck’s recently completed solar projects as we prepare
to enter the public markets to capitalize on the significant growth
opportunity we see across the Northeast and other key solar installation
markets.”

Peck Electric Completed Projects in Q4 2018:

  • Completed a nearly 7 MW (6.93792) ground mount driven post array off
    of South Main Street in St. Albans, VT. Peck was the EPC contractor
    for Cypress Creek Renewables, an integrated solar company with a
    proven track record of developing, financing, building, and operating
    solar projects. This project started to produce energy in late 2018
    for Green Mountain Power, an energy transformation company providing
    power and innovative products and services to three-quarters of
    Vermont.
  • Completed installation of 745.2-kW solar array for Encore Renewable
    Energy at the Long View Forest headquarters in Hartland, VT. The array
    now lies on top of a property that was once a sawmill and lumber
    treatment facility. The solar project is expected to produce
    approximately 900,000 kWh per year, enough to power approximately 125
    homes annually. The solar array was a critical part of Long View’s
    plan to redevelop the brownfield site as a “forestry business park”,
    which has added numerous local forestry sector jobs and increased the
    size of the local tax base in addition to generating renewable power.
    The project is generating energy and financial savings for Mascoma
    Bank as well as the Montshire Museum of Science located in Norwich,
    VT. Together, Mascoma and the Montshire Museum of Science will realize
    approximately $700,000 of savings on their electricity bills over the
    25-year term of the agreement.
  • Completed a 745-kW solar project in Rockingham, Vermont as the EPC
    contractor for Kendall Sustainable Infrastructure (KSI), a leading
    private real asset firm focused on sustainable infrastructure projects
    with a track record of owning and operating over 25 MW of distributed
    generation projects. Peck was responsible for the project’s design,
    install, and operations and maintenance. The solar array generates
    enough electricity to power approximately 150 homes annually in
    Vermont. Peck and KSI have a number of other opportunities on the
    drawing board including one project that anticipates breaking ground
    in the second quarter of 2019. More about KSI can be found at www.kendallsustainableinfrastructure.com.
  • Completed installation of a 198.2-kW ballasted solar array on the roof
    of the UVM Medical Center on Holly Court in Williston, VT. Peck served
    as the subcontractor on the project for Encore Renewable Energy. The
    project began generating solar electricity in December 2018 and
    provides enough of the building’s electricity to enable UVM Medical
    Center to receive net metering credits at a discount and a new stream
    of lease revenue from the roof.
  • Completed a 160-kW solar carport, the largest to date in Vermont. The
    system was installed for the ECHO, Leahy Center for Lake Champlain in
    Burlington, VT, a premiere science and nature museum with a mission to
    inspire and engages families in the joy of scientific discovery. The
    solar canopy creates a significant portion of the electricity needs
    for the 34,500-square foot, award-winning LEED-certified facility.
    Peck served as the subcontractor on the project for Encore Renewable
    Energy, a leading integrated clean energy services company focused on
    community-scale solar PV systems for the redevelopment of
    underutilized property. Peck deployed innovative two-sided panels that
    capture reflected light as well as the direct rays of the sun,
    increasing its output.
  • Completed installation of a nearly 300-kW solar system on the roof of
    the Essex Outlets in Essex, VT. Peck served as the subcontractor for
    Encore Renewable Energy. The solar systems that lie on top of the roof
    is a ballasted system while the panels on the sloped awnings of the
    building are fastened by a rail system. The energy gathered by the
    solar system helps the Outlets meet environmental sustainability goals.
  • Completed installation of a 20.6-kW solar array on top of Brickliners
    Custom Masonry & Chimney Services in Burlington, powering a
    significant portion of the building’s electricity. Peck has entered
    into a second agreement to install another 20.6-kW solar array later
    this year.

About Peck Electric Co.

Headquartered in South Burlington, VT, Peck Electric Co. is a
2nd-generation family business founded in 1972 and rooted in values that
align people, purpose, and profitability. Ranked
by Solar Power World
as the largest commercial solar contractor in
the Northeast and one of the largest in U.S., Peck Electric Co. provides
engineering, procurement and construction (EPC) services to solar energy
customers for projects ranging in size from several kilowatts for
residential loads to multi-megawatt systems for large commercial and
public works projects. Peck Electric Co. has installed over 100MW of
solar systems since inception and is focused on profitable growth
opportunities. Please visit www.peckelectric.com
for additional information.

Forward-Looking Statements

This press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United Stated Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
not historical facts, and involve risks and uncertainties that could
cause actual results to differ materially from those expected and
projected. Words such as “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “seeks” and variations and similar words and
expressions are intended to identify such forward-looking statements.
Such forward-looking statements with respect to revenues, earnings,
performance, strategies, prospects and other aspects of the businesses
of Jensyn, Peck Electric Co. and the combined company after completion
of the proposed business combination, are based on current expectations
that are subject to risks and uncertainties. A number of factors could
cause actual events, performance or results to differ materially from
the events, performance and results discussed in the forward-looking
statements. These factors include, but are not limited to: (1) the
occurrence of any event, change or other circumstances that could give
rise to the termination of the business combination agreement relating
to the proposed business combination; (2) the outcome of any legal
proceedings that may be instituted against Jensyn, Peck Electric Co. or
others following announcement of the business combination agreement and
transactions contemplated therein; (3) the inability to complete the
transactions contemplated by the business combination agreement due to
the failure to obtain approval of the stockholders of Jensyn or other
conditions to closing in the business combination agreement; (4) delays
in obtaining, adverse conditions contained in, or the inability to
obtain necessary regulatory approvals or complete regulatory reviews
required to complete the transactions contemplated by the business
combination agreement; (5) the risk that the proposed transaction
disrupts current plans and operations as a result of the announcement
and consummation of the transactions described herein; (6) the ability
to recognize the anticipated benefits of the proposed business
combination, which may be affected by, among other things, competition,
the ability of the combined company to grow and manage growth
profitably, maintain relationships with suppliers and obtain adequate
supply of products and retain its key employees; (7) costs related to
the proposed business combination; (8) changes in applicable laws or
regulations; (9) the possibility that the combined company may be
adversely affected by other economic, business, and/or competitive
factors and not achieve projected results; and (10) other risks and
uncertainties indicated from time to time in the proxy statements
relating to the proposed business combination, including those under
“Risk Factors” therein, and other filings with the United States
Securities and Exchange Commission (“SEC”) by Jensyn. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made, and Jensyn and Peck
Electric Co. undertake no obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.

Additional Information about the Business Combination and Where to
Find It

In connection with the proposed business combination, Jensyn has filed
with the SEC a preliminary proxy statement. When completed, Jensyn will
mail a definitive proxy statement and other relevant documents to its
stockholders in connection with its solicitation of proxies for the
special meeting of stockholders to be held to approve the proposed
business combination and related transactions. This press release does
not contain all the information that should be considered concerning the
proposed business combination. It is not intended to provide the basis
for any investment decision or any other decision in respect to the
proposed business combination. Jensyn stockholders and other interested
persons are advised to read, when available, the preliminary proxy
statement, the amendments thereto, and the definitive proxy statement in
connection with Jensyn’s solicitation of proxies for the special meeting
to be held to approve the proposed business combination, as these
materials will contain important information about Peck Electric Co.,
Jensyn and the proposed business combination. The definitive proxy
statement will be mailed to stockholders of Jensyn as of a record date
to be established for voting on the business combination agreement and
related transactions. Stockholders will also be able to obtain copies of
the proxy statement, without charge, once available, at the SEC’s
Internet site at http://www.sec.gov,
or by directing a request to: Jensyn Acquisition Corp., 800 West Main
Street, Suite 204, Freehold, New Jersey 07728, attention: Jeffrey J.
Raymond, 1-888-536-7965.

Jensyn and its directors and executive officers and Peck Electric Co.
and its stockholders and executive officers may be deemed to be
participants in the solicitation of proxies from the stockholders of
Jensyn in connection with the proposed business combination. Information
regarding the special interests of these directors, members and
executive officers in the business combination will be included in the
proxy statement referred to above. Additional information regarding the
directors and executive officers of Jensyn is also included in the
Annual Report on Form 10-K for the year ended December 31, 2017, which
is available free of charge at the SEC web site (www.sec.gov)
and at the address described above and will also be contained in the
definitive proxy statement for the proposed business combination) when
available.

Contacts

Media:
Cory Ziskind
ICR
[email protected]
646-277-1232

Investors:
Michael Callahan
ICR
[email protected]
203-682-8311

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