iSun Inc. executes $10 million transaction for Vermont projects

Rhea-AI Summary

iSun, Inc. (NASDAQ: ISUN) announced the sale of $1.7 million in solar development assets to Fusion Renewable NA and the execution of $8.3 million in EPC contracts. The transactions involve 6.1 MWs of projects located in Vermont, enhancing the company's asset lifecycle management. This strategic move underscores iSun's expertise in solar energy, enabling full engagement in project development while retaining long-term asset ownership through its partnership.

Positive

• Generated $10.0 million in total revenue from asset sales and EPC work.
• Engaged in strategic projects in Vermont involving 6.1 MWs.
• Strengthened asset lifecycle management through sales and contracts.

Negative

• None.

iSun sold $1.7 million in Development Assets to Fusion Renewable NA and executes $8.3 million in EPC contracts on the projects

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, announces that it has sold 6.1 MWs of solar assets for $1.7 million to Fusion Renewables and executes EPC contracts for $8.3 million to complete the development and installation of those assets.

HIGHLIGHTS:

• Revenue of $10.0 million, $1.7 million for asset sales and $8.3 million in EPC work
• 6.1 MWs of projects in Vermont
• Valuation creation at each stage of a solar assets’ life cycle
• Leverages iSun’s development and EPC services
• iSun retains long-term asset ownership through Fusion Renewable NA partnership

“When we began the implementation of our solar platform in 2021, these are the exact types of transactions that we envisioned” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We were able to add value to each stage of the solar assets’ life cycle for our partners. We utilized our existing relationships to acquire early-stage assets from a long-term developer partner, sold those assets to our joint venture with Fusion Renewable and executed EPC contracts to complete the installation. iSun’s ability to participate at each stage of a solar asset maximizes the value for the asset owner. We are able to support development, design, engineering, procurement, construction and O&M for residential, C&I and utility scale projects. This uniquely positions iSun to engage with our customers at any stage. We pride ourselves on our years of experience and have positioned the Company to handle all challenges that occur in creating a long-term asset for our 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.

About Fusion Renewable NA
Fusion is a renewable energy developer and financer with funding from leading Israeli investors in joint venture with iSun, Inc. The partnership de-risks the initial phases of the development process while optimizing value with a local partner in the USA energy market. Fusion’s capabilities in business development, real estate, and energy pair with iSun’s engineering and construction capabilities. The JV has secured sponsor equity for its solar development assets, enabling the rapid growth of the business.

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/20221025005439/en/

IR@isunenergy.com

Source: iSun, Inc.

FAQ

What recent transactions did iSun announce?

iSun announced the sale of solar assets for $1.7 million and executed EPC contracts worth $8.3 million.

What is the revenue generated from iSun's latest activities?

The total revenue generated is $10.0 million from asset sales and EPC work.

Where are iSun's recent solar projects located?

The recent solar projects are located in Vermont, involving 6.1 MWs.

What is the significance of iSun's partnership with Fusion Renewable NA?

The partnership allows iSun to retain long-term asset ownership while optimizing development processes.