iSun Inc. Announces Multiple Project Awards in Maine

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) has secured contracts for Solar Engineering, Procurement, and Construction (EPC) services, valued at over $6.7 million, across three projects in Maine. These projects are expected to produce more than 20 MW of solar energy. This achievement demonstrates iSun’s ability to expand into new markets and build customer relations, reflecting its 50 years of construction experience. The contracts align with iSun's growth strategy aimed at enhancing its Industrial and Utility EPC business in New England.

Positive

• Secured contracts exceeding $6.7 million for solar projects in Maine.
• Projects expected to generate over 20 MW of solar energy.
• Demonstrates ability to penetrate new markets and establish customer relationships.
• Highlights 50 years of experience in managing complex construction projects.

Negative

• Market conditions, particularly COVID-related challenges, may impact operational performance.

Execution of an estimated $6.7m in new contracts highlights value of company’s 50-years of experience achieving its growth objectives

WILLISTON, 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 contracts for Solar Engineering, Procurement and Construction (“EPC”) services across three separate projects in Maine. Once complete, the projects will yield over 20mw of solar production; Combined, the contract values exceed $6.7 million.

HIGHLIGHTS:

• Portfolio award signifies iSun’s successful execution of its organic growth strategy identified in its recent investor presentation.
• $6.7 million portfolio highlights iSun’s ability to enter new geographic markets and build new customer relationships
• Awards illustrate iSun’s 50-year legacy, experience bringing complex projects on-line on time and on-budget.

The award reflects iSun’s progress towards its previously stated growth objectives. First announced in late 2019, iSun’s growth strategy highlighted the specific steps the organization would take to accelerate the nation’s transition to solar energy across all sectors. This award is congruent with one of the three core pillars of this strategy - the organic growth of its Industrial and Utility EPC business throughout New England.

“This award reflects the progress we’ve steadily been making against our three-pronged strategy for growth,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Equally important, these contracts reflect our ability to successfully navigate the market conditions affecting the solar EPC landscape,” continued Peck. “As stated previously, we’re not immune to the challenges COVID has created within the Solar EPC operating environment. iSun however, is not like most Solar EPCs. We’ve over 50 years of experience managing projects of similar scale and complexity, in similar climates. Such experience affords iSun a tremendous advantage when trying to reconcile increased demand with limited labor and materials, as evidenced by our ability to execute on projects like these.”

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/20211020005629/en/

IR:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun, Inc.

FAQ

What is the significance of the new contracts awarded to ISUN?

The contracts, exceeding $6.7 million, reflect ISUN's successful execution of its growth strategy and ability to expand into new markets.

How much solar energy will the new projects by ISUN produce?

The new projects in Maine are expected to yield over 20 MW of solar production.

What challenges does ISUN face in the solar EPC landscape?

ISUN acknowledges that market conditions, particularly those arising from COVID, present challenges, though their extensive experience provides a competitive advantage.

What type of services is ISUN providing with the new contracts?

ISUN is providing Solar Engineering, Procurement, and Construction (EPC) services for its projects.

What strategy is ISUN following for growth?

ISUN's growth strategy focuses on organic expansion of its Industrial and Utility EPC business throughout New England.