- Press Releases
September 9 (Renewables Now) - US solar energy and clean mobility infrastructure firm iSun Inc (NASDAQ:ISUN) has agreed to acquire photovoltaic (PV) installer SolarCommunities Inc, also known as SunCommon, in a cash-and-stock deal worth USD 40 million (EUR 33.9m).
With this purchase, iSun establishes a regional full-service solar installer that services the residential, commercial, industrial and utility-scale markets including solar electric vehicle (EV) charging. The transaction is expected to be accretive to iSun by doubling projected revenue for 2021. Last year, SunCommon generated about USD 33.1 million in revenue with gross margins of some 30.2%.
Under the terms of the agreement, iSun will pay USD 24 million in cash and provide about USD 16 million worth of stock. The deal also includes a USD-1.5-million working capital infusion and additional earn-out provisions.
“The Electrification of everything is going to rapidly increase energy demand across all sectors. With this acquisition, we are addressing this opportunity in the residential sector with a partner who has built a scalable residential platform with best-in-class capabilities, industry leading customer acquisition cost of USD 0.36/Wdc, and most important – who shares our values,” commented Jeffrey Peck, iSun’s chairman and CEO.
(USD 1.0 = EUR 0.846)