iSun Inc. completes $16.4 million transaction of development project

Rhea-AI Summary

iSun Inc. (NASDAQ: ISUN) has completed the sale of a 7 MW solar asset worth approximately $4.8 million and executed an $11.6 million EPC contract. This transaction is expected to generate $16.4 million in revenue, marking a significant step in iSun's growth strategy.

This asset sale highlights iSun’s capabilities in project origination and engineering, transitioning from a 1.3 GW pipeline to an EPC backlog, affirming its commitment to delivering renewable energy solutions.

Positive

• Revenue recognition of $16.4 million from the asset sale and EPC contract.
• First sale of a fully-internally developed asset demonstrates project origination capabilities.
• Successful transition of a 7 MW asset from development pipeline to EPC backlog.

Negative

• None.

iSun sells first fully-internally development asset and executes EPC contract

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, has agreed to sell a 7 MW solar asset valued at approximately $4.8 million in connection with the execution of an $11.6 million EPC contract.

HIGHLIGHTS:

• Revenue to be recognized of $16.4 million, $4.8 million from asset sale and $11.6 million in EPC contract
• First sale of a fully-internally developed asset showcases iSun’s project origination capabilities to drive long-term revenue growth and build existing backlog
• Leverages iSun’s engineering, development, and EPC services
• Highlights iSun’s expertise to maximize asset valuation for new customers
• Successfully transitions 7 MW asset from iSun’s 1.3 GW development pipeline to EPC backlog

“When we acquired Oakwood Construction’s IP assets in 2021, we positioned iSun to provide turnkey development and engineering services,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We added meaningful value at each stage of the solar assets’ life cycle for our new partner. We executed substantially all of the development, engineering and technical work and as a result, we have now contracted to sell this asset to a leading investment firm and execute EPC contracts to complete the installation. We pride ourselves on our years of experience that have positioned the Company to handle all the many challenges involved in creating more valuable long-term assets for customers.”

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/20230105005254/en/

iSun Investor Relations

IR@isunenergy.com

Source: iSun, Inc.

FAQ

What is the significance of iSun's recent asset sale on stock ISUN?

The sale of a 7 MW solar asset for approximately $4.8 million marks iSun's first fully-internally developed asset sale, contributing to a total revenue recognition of $16.4 million.

How much revenue is expected from iSun's EPC contract?

iSun's EPC contract is expected to generate $11.6 million in revenue.

What does the sale of the solar asset indicate for ISUN's future growth?

The successful asset sale highlights iSun's project origination capabilities, which are crucial for driving long-term revenue growth.

How does the asset sale impact iSun's development pipeline?

The sale transitions a 7 MW asset from iSun’s 1.3 GW development pipeline to its EPC backlog, indicating effective management of assets.