iSun Energy Announces $2.2 Million Contract for Solar EV Charging and Energy Infrastructure with Meriden Housing Authority
January 26 2021 - 8:24AM
Business Wire
Exceeds anticipated contract amount by 10%
iSun, Inc. (NASDAQ: ISUN) (“iSun”) is a leading solar industry
innovator and commercial solar contractor providing energy
services, smart city innovations and clean mobility infrastructure
with solar electric vehicle (EV) charging, ground-mount and rooftop
solar energy systems and electrical and data services. Today, iSun
announces that it has been selected by competitive bid to provide
its innovative solar EV carport, rooftop and ground-mount
technologies to the Meriden Housing Authority for two locations in
Bristol, CT.
Highlights
- Immediately establishes the accretive value of the company’s
first acquisition and name change from The Peck Company to
iSun.
- Provides renewable energy and clean mobility to former schools
converted into low- and medium-income housing, which aligns with
iSun’s triple ROI approach of impact, intention and
investment.
- Will produce sufficient annual power to provide 100% equivalent
of the tenants’ power needs.
- Combines multiple high-margin product and service offerings
including solar power and EV charging, iSun Oasis Smart Solar
Benches to enhance user experience, and energy-as-a-service for
recurring revenue.
Jeffrey Peck, Chief Executive Officer of iSun, commented, “We
have been diligently executing our growth plan including organic
sales across all business units, accretive M&A and owning
assets for recurring revenue. The recent acquisition and name
change to iSun contribute to all parts of our plan simultaneously
starting with this $2.2 million contract and its recurring revenue
stream from the energy-as-a-service component. Consistent with our
50-year history serving the needs of our customers, our Chief
Innovation and Experience officer, Sass Peress, worked with Robert
Cappelletti at the Meriden Housing Authority to solve for the right
combination of technologies to deliver maximum power, parking lot
protective shading, and aesthetic benefits to meet their specific
needs. iSun's portfolio of innovative products allows us to reach
new customers with aligned goals. We are excited to serve Mr.
Cappelletti, a true visionary with his agenda to 'build back
better' neighborhoods. We expect to complete construction in Spring
2021,” said Mr. Peck.
Robert Cappelletti, Executive Director of Meriden Housing
Authority, added, “We are pleased to have developed these projects
with iSun. They effectively combined solar energy carports,
flexible rooftop solar technologies and electric vehicle
infrastructure, to create an enhanced experience for our tenants.
Meriden Housing Authority is determined to create smart, renewable
energy systems for the housing of our residents, so that all
residents are able to access such technologies. We look forward to
working on more projects with iSun in the future.”
About iSun, Inc.
Headquartered in South Burlington, VT, iSun, Inc. (NASDAQ: ISUN)
is a business rooted in values that align people, purpose,
innovation and sustainability. Ranked by Solar Power World as one
of the leading commercial solar contractors in the Northeastern
United States, iSun provides energy services, smart city
innovations and clean mobility infrastructure to customers for
projects from smart solar mobile phone and electric vehicle
charging, up to multi-megawatt renewable energy solutions. iSun’s
innovations were recognized by the Solar Impulse Foundation of
Bertrand Piccard as one the globe’s Top 1000 Sustainability
Solutions. As a winner, this award will result in the iSun solution
being presented to hundreds of government entities around the
world, including various municipal, state and federal agencies in
the United States. Since entering the renewable energy market in
2012, iSun has installed over 200 megawatts of rooftop, ground
mount and EV carport solar systems (equal to power required for
38,000 homes). We continue to focus on profitable growth
opportunities. For more information, visit www.isunenergy.com
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, but are not limited
to, statements about (i) the benefits of the proposed acquisition,
including future financial and operating results, cost savings and
synergies, effects on cash flow, market accessibility, financing
opportunities, enhancements to revenue and accretion to reported
earnings that may be realized from the proposed acquisition; (ii)
iSun’s plans, objectives, expectations and intentions and other
statements contained in this press release that are not historical
facts; and (iii) other statements identified by words such as
“expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “targets,” “projects,” or words of similar meaning
generally intended to identify forward-looking statements. These
forward-looking statements are based upon the current beliefs and
expectations of the respective management of iSun and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
beyond the control of iSun. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Actual results may differ materially from the anticipated results
discussed in these forward-looking statements because of possible
uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20210126005218/en/
Investor Relations Contact: Michael d’Amato IR@isunenergy.com p:
802-264-2040
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