Infrastructure and Energy Alternatives, Inc. Integrates Merit SI Team to Provide Added Value to Customers

Rhea-AI Summary

Infrastructure and Energy Alternatives (NASDAQ: IEA) announced the integration of Merit SI’s solar project development team, enhancing its renewable energy capabilities. Ten Merit SI employees will bolster IEA’s offerings for commercial and utility-scale clients, particularly in solar and battery storage. This move follows a two-year extension of investment tax credits, positioning IEA for growth in its solar platform and potential collaborations with Merit Controls. The partnership aims to deliver comprehensive solar solutions, leveraging Merit SI's extensive project experience.

Positive

• Integration of 10 Merit SI employees strengthens IEA's solar project capabilities.
• Enhances offerings for commercial, industrial, and utility-scale customers.
• Opportunities for collaboration with Merit Controls on future projects.
• Strategic timing following recent extension of investment tax credits.

Negative

• None.

INDIANAPOLIS, March 05, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, announced today that the solar project development and engineering services group from Merit SI, LLC, an expert sustainable energy infrastructure company, has joined IEA. The addition of Merit SI’s personnel will enable the Company to enhance its benefits to commercial, industrial and utility-scale customers.

“The solar capabilities of the Merit SI team, combined with the broad reach of IEA, is a winning combination,” said Joe Broom, IEA’s Senior Vice President of Solar Construction Operations. “We also see future opportunities to collaborate with Merit Controls, an emerging leader in grid integration services and utility-scale power plant controls applications.”

Through the integration of 10 Merit SI employees, IEA will now have in-house access to development support, pre-bid optimization, plant performance and solar PV/battery storage integration capabilities. These capabilities come at the ideal time following the recent two-year extension of the investment tax credits in December and will be of critical importance as IEA continues to grow and develop its already strong solar platform. The addition of these employees opens a variety of potential captive solar developments for IEA Constructors and White Construction, as well as the possibility of engagement with Merit Controls on future projects. 

“Combining Merit’s world-class solar project development and optimization capabilities with IEA’s trusted solar and wind energy construction provides unparalleled value to our customers,” said Tom Kuster, CEO of Merit SI and Merit Controls. “With our company’s over a gigawatt of solar experience and now the ability to create scalable end-to-end solutions, we believe future collaboration with IEA will be a great benefit to our shared client base.”

About Infrastructure and Energy Alternatives, Inc.
Infrastructure and Energy Alternatives, Inc. (IEA) is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy-civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.

About Merit SI, LLC
Merit SI is a sustainable energy infrastructure company and developer of energy projects for major industrial and energy infrastructure operators. Merit’s utility-scale solar and storage power portfolio includes Concho Valley Solar, a 160 MW solar facility located near San Angelo, TX and GulfStar Power Center, a 600 MW solar/300 MWh storage project located south of Houston, TX. Merit is owned in part by Turner Renewable Energy and has offices in Houston, TX, and Clinton, NJ. For more information, visit www.meritsi.com.

About Merit Controls
Merit Controls provides advanced grid integration products and services for utility scale power generation, via a proven, fully integrated technology platform. Its expertise and intellectual property streamline initial grid integration, improve asset operating efficiency, reduce operational risk and ensure grid compliance. Merit Controls is a division of Merit SI Technologies, a wholly owned subsidiary of Merit SI. The company is headquartered in Clinton, NJ. For more information, visit meritsi.com/controls.

About Turner Renewable Energy, LLC
Turner Renewable Energy is wholly owned by Ted Turner. Turner Enterprises Inc., a private company, manages the business interests, land holdings and investments of Ted Turner, including the oversight of 2 million acres in 12 states and in Argentina, and more than 45,000 bison. For more information, visit www.tedturner.com.

Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities & Exchange Commission including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 12, 2020 and in the quarterly reports on Form 10-Q filed thereafter. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contacts:

IEA:
Investors:
Kimberly Esterkin
ADDO Investor Relations
iea@addoir.com
310-829-5400

Media:
Alyson Hanson
Alyson.hanson@iea.net
765-828-2582

Merit SI:
Ellen Backus
ellen@cleanterrateam.com
612-616-2991

FAQ

What recent development has Infrastructure and Energy Alternatives (IEA) announced?

IEA has integrated the solar project development team from Merit SI, enhancing its renewable energy capabilities.

How many employees from Merit SI are joining IEA?

Ten employees from Merit SI are joining IEA.

What benefits does the integration of Merit SI provide to IEA?

The integration provides IEA with in-house development support, pre-bid optimization, and solar PV/battery storage integration capabilities.

Why is the timing of this integration significant for IEA?

The integration comes after a two-year extension of investment tax credits, which is critical for IEA's solar platform growth.

What future opportunities might arise from the collaboration between IEA and Merit SI?

Future opportunities may include captive solar developments and collaborations with Merit Controls.