iSun Inc. Awarded $7.7 Million Contract for 2.2MW Solar Carport in Ohio

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) has secured a $7.7 million contract for a 2.2 MW solar carport project with a major financial institution in Ohio. This contract highlights iSun's capacity to generate projects and offer value through turnkey engineering services, increasing its presence in the EV infrastructure market. The project is set to commence in Q2 2023 and will be integrated into the company’s existing project backlog. CEO Jeffrey Peck emphasized the strategic importance of this deal in showcasing iSun's ability to create customer relationships and expand into new markets, reinforcing the firm's commitment to advancing alternative energy initiatives.

Positive

• $7.7 million contract showcases iSun's project origination capabilities.
• Expansion into Ohio enhances iSun's footprint in the EV infrastructure market.
• Project will be added to existing backlog, promising future revenue.

Negative

• None.

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 experience accelerating the adoption of innovative electrical technologies, today announced that it has received a 2.2 MW, $7.7 million contract to provide a solar carport to one of the nation’s largest financial institutions at a single location in Ohio.

Highlights:

• $7.7 million solar carport contract highlights iSun’s ability to originate projects and create value for new customers, including through turnkey engineering services
• 2.2 MW contract expands iSun’s growing EV Infrastructure presence into the Ohio market
• Project scheduled to begin in Q2 2023 and will be added to iSun’s existing backlog of projects

"We are excited to continue our strong start to 2023 with a new contract award for a solar carport for a global company,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “This new project is particularly rewarding as it highlights the value creation our team can provide based upon our differentiated ability to originate solar projects. This project also underscores our flexibility in originating projects across all our segments, including EV Infrastructure, to provide our customers with the products and services they require. These business development efforts are driving our continued growth by building new customer relationships that allow us to enter new markets efficiently. We appreciate the trust and confidence of our customers in our ability to help them achieve their goals in alternative energy initiatives."

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, 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/20230419005294/en/

iSun Investor Relations

IR: IR@isunenergy.com

Source: iSun, Inc.

FAQ

What is the recent contract value secured by iSun?

iSun secured a $7.7 million contract for a 2.2 MW solar carport project.

When is the iSun solar project in Ohio scheduled to begin?

The project is scheduled to begin in Q2 2023.

What market is iSun expanding into with this contract?

iSun is expanding into the EV infrastructure market in Ohio.

Which company has awarded the contract to iSun?

The contract was awarded by one of the nation’s largest financial institutions.