WILLISTON, Vermont – (COMMERCIAL THREAD) – iSun, Inc. (NASDAQ: ISUN) (the “Company” or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience in building solar, power and data services, today announced that it has secured a $ 30 million commitment from Fusion Renewable (“Fusion”) for development and professional services.
Successfully capitalizes on the development and professional services intellectual property obtained with the acquisition of Oakwood Constructions Services in the second quarter of 2021.
New development and professional services revenues improve cash flow and operating margins.
Total development and professional services revenues of $ 30 million are expected to be recognized over the next 12 months.
The commitment includes $ 8.25 million of previously announced executed contracts and an additional $ 21.75 million of anticipated contracts.
Development projects subject to notice of prosecution (“NTP”) will be added to iSun’s project backlog as iSun retains the rights to all construction services.
iSun continues to expand its portfolio of market-leading solar products and services. 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 take place before construction begins and are not contingent on project progress at the construction stage. Likewise, development and professional services improve cash flow and margins month over month.
The announcement marks both iSun and Fusion’s continued commitment to complete U.S. solar projects. Last month, iSun announced the award by Fusion of development work and professional services on 566 MW of solar projects at eleven project sites in the United States. Under the terms of these contracts, iSun will provide development and professional services on projects acquired by Fusion at various pre-construction phases. Once the development and professional services are completed, iSun will retain the rights for all construction services. The recently announced $ 30 million commitment includes approximately $ 8.25 million in contracts already executed. The new $ 30 million revenue stream is expected to be recognized over the next 12 months.
ISun’s 50-year history of providing high-quality and innovative electrical, solar, data and telecommunications outsourcing services on a fully integrated basis enables it to deliver projects on time and on schedule. from the budget. The Company’s often loyal customer base includes leading U.S. federal government institutions, municipalities, universities, independent power producers, utilities, and Fortune 500 corporations and funders.
Jeffrey Peck, President and CEO of iSun, commented, “After a successful 2021 to date with Fusion, this commitment was a natural continuation of this relationship and is in line with iSun’s responsibility to help energy companies. traditional methods to expand their access to investments in renewable energies. assets. The history of iSun is built on repeated relationships like these, spanning decades, which form the core of our business. In addition, these advances are a testament to both the traction that our development and professional services activity has gained in the market and the breadth of opportunity that this market presents. We are proud of the progress we have made since entering this market in April; we are excited about the future prospects of this division.
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven and life-enhancing innovations in electrification technology. iSun has been the trusted electrical contractor of 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 for residential, commercial and industrial and utility scale projects and provides solar electric vehicle charging solutions for grid-connected and powered solar electric vehicle charging systems. by battery. iSun believes the transition to clean, renewable solar energy is the single most important investment to be made today and focuses on profitable growth opportunities. Please visit http://www.isunenergy.com for more information.
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