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.
- 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.
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