iSun Secures $30 Million in Development and Professional Services Commitment From Fusion Renewable

Rhea-AI Summary

iSun, Inc. (NASDAQ:ISUN) has secured a $30 million commitment from Fusion Renewable for development and professional services, reinforcing its strategic growth plan. This includes $8.25 million from executed contracts and an anticipated $21.75 million in future contracts. The revenue is expected to enhance cash flows and margins, recognized over the next 12 months. iSun's acquisition of Oakwood Construction Services in 2021 has positioned it to capitalize on this new revenue stream, further solidifying its role in U.S. solar projects.

Positive

• Secured a $30 million commitment from Fusion Renewable for development and professional services.
• Total development revenue of $30 million expected over the next 12 months.
• Revenue includes $8.25 million from executed contracts and $21.75 million in anticipated contracts.
• Acquisition of Oakwood Construction Services facilitates enhanced cash flows and operating margins.

Negative

• None.

New revenue stream highlights iSun’s continued execution of its strategic growth plan

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, announced today that it has secured a $30 million commitment from Fusion Renewable (“Fusion”) for development and professional services.

Highlights

• Successfully capitalizes on the development and professional services IP obtained with the acquisition of Oakwood Constructions Services in Q2 2021.
• New development and professional services revenues enhance cashflows and operating margins.
• Total development and professional services revenue of $30 million is expected to be recognized over the next 12 months.
• Commitment includes previously announced $8.25 million in executed contracts and an additional $21.75 million in anticipated contracts.
• Development projects brought to Notice to Proceed ("NTP") will be added to iSun's project backlog as iSun retains rights on all construction services.

iSun continues to expand its industry leading portfolio of solar services and products. In April, iSun acquired the intellectual property of Oakwood Construction Services, enabling their entry into the rapidly growing solar development and professional services market. Unlike EPC services, development and professional services occur prior to the commencement of construction and are not contingent upon a project proceeding to construction status. Similarly, development and professional services enhance cash-flows and margins on a month-to-month basis.

The announcement marks both iSun and Fusion’s continued commitment to bring US solar projects to completion. Last month, iSun announced Fusion’s award of development and professional services work on 566MW of solar projects across eleven project sites in the United States. Per the terms of these contracts, iSun will perform development and professional services on projects acquired by Fusion at various pre-construction phases. Upon completion of the development and professional services, iSun will retain the rights for all construction services. The newly announced $30 million commitment includes approximately $8.25 million in previously executed contracts. The $30 million in new revenue stream is expected to be recognized over the next 12 months.

iSun’s 50-year history of providing high quality and innovative electrical contracting, solar, data and telecom services on a fully integrated basis helps it deliver projects on time and within budget. The Company’s often repeat client base includes leading institutions from the U.S. Federal Government, municipalities, universities, independent power producers, utilities, and Fortune 500 companies and financers.

Jeffrey Peck, iSun’s Chief Executive Officer, commented, “Following on a successful 2021 to date with Fusion, this commitment was a natural continuation of that relationship and is in line with iSun’s responsibility to help traditional energy companies expand their access to investments in renewable energy assets. The iSun story is built on repeat relationships like these, some spanning decades, that form the core of our business. Additionally, this progress is a testament to both the traction that our development and professional services business has gained in the market, and the size of the opportunity this market presents. We’re proud of the progress we’ve made since entering this market in April; we’re excited about this division’s prospects moving forward.”

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 450 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 http://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/20211006005320/en/

IR:

Tyler Barnes

IR@isunenergy.com

802-289-8141

Source: iSun, Inc.

FAQ

What recent financial commitment did iSun (ISUN) announce?

iSun announced a $30 million commitment from Fusion Renewable for development and professional services.

How will iSun's new commitment impact its revenue?

The new commitment is expected to enhance iSun's cash flows and operating margins, with $30 million in revenue recognized over the next 12 months.

What does the $30 million commitment include?

The $30 million commitment includes $8.25 million from executed contracts and $21.75 million in additional anticipated contracts.

How does the acquisition of Oakwood Construction Services benefit iSun (ISUN)?

The acquisition allows iSun to capitalize on development and professional services, leading to improved cash flows and margins.