iSUN Inc. Announces Geographic Expansion into New Hampshire

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) has been awarded a portfolio of projects for Engineering, Procurement, and Construction services in New Hampshire, with an estimated contract value exceeding $7.2 million. This award aligns with iSun's growth strategy and underscores its ability to expand into new markets while fostering strong customer relationships. iSun's CEO, Jeffrey Peck, emphasized that these contracts reflect the progress made toward doubling revenue in 2021, despite challenges posed by COVID-19.

Positive

• Award of projects valued at over $7.2 million enhances revenue outlook.
• Demonstrates successful execution of the company's organic growth strategy.
• Indicates ability to enter new geographic markets and build relationships.

Negative

• None.

Estimated $7.2m in projects carries organization closer to its growth, guidance targets.

BURLINGTON, Vt.--(BUSINESS WIRE)-- iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it has been awarded a portfolio of projects for Engineering, Procurement and Construction (“EPC”) services in the state of New Hampshire. iSun estimates that the five-project portfolio will have a combined contract value exceeding $7.2 million with four projects commencing prior to the end of 2021.

HIGHLIGHTS:

• Portfolio award signifies iSun’s successful execution of its organic growth strategy identified in its recent investor presentation.
• $7.2 million portfolio highlights iSun’s ability to enter new geographic markets and build new customer relationships.
• Illustrates the value of iSun’s 50-year legacy, experience building sustainable, long-term customer relationships within dynamic, innovation-rich operating environments.

“These awards are an important milestone for iSun, for several reasons,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “For our investors, this growth reflects the progress we’ve steadily been making against our three-pronged strategy for growth. Since first announcing this strategy in late 2019, we’ve maintained that our relationships and reputation within regions where we’re more established will provide springboards for continued growth opportunities. These contracts are proof of exactly that.”

“Similarly, as recently as last week, we provided guidance suggesting that iSun would double revenue in 2021,” continued Peck. “The award of these projects moves us closer to these targets.”

“Most important, these contracts reflect iSun’s approach to value creation,” concluded Peck. “For 50 years, we’ve believed that the best way to create value for our partners is to earn their trust. As mentioned in our most recent conference call, iSun was not immune to the challenging operating environment created by COVID during the first two quarters of 2021. Partners new and old were looking for reliable EPC’s they could trust to bring their projects to completion in a timely, cost-efficient manner. iSun’s well-earned reputation as such a partner played no small part in securing these contracts – a trend that we expect to see continue throughout the balance of 2021 and beyond.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210824005328/en/

IR Contact:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun Inc.

FAQ

What recent projects has iSun, Inc. been awarded in New Hampshire?

iSun has been awarded a portfolio of Engineering, Procurement, and Construction projects valued at over $7.2 million.

How does the recent project award impact iSun's revenue targets for 2021?

The project awards bring iSun closer to its goal of doubling revenue in 2021.

What is the significance of the project portfolio awarded to iSun?

The project portfolio highlights iSun's growth strategy and ability to expand into new markets.

Who is the CEO of iSun and what did he say about the recent project awards?

Jeffrey Peck, the CEO, stated that the awards reflect progress against the company's growth strategies and reputation.

How does iSun plan to create value for its partners?

iSun focuses on building trust over its 50-year legacy to create value for its partners.