iSun Launches Residential and Commercial Expansion with Acquisition of SunCommon
Summary
• Alignment of software, shared services and vendor base will enable synergies with expected $1.25 million in savings in year-1 and provide opportunities to reduce customer acquisition costs across all business segments. We intend to create the nation’s largest values-led clean energy business.” Both iSun and SunCommon’s respective Boards of Directors unanimously approved the Definitive Agreement, which includes a cash payment of $24,034,621 and $15,965,379 in stock ($2.5 million of the consideration will be granted directly to SunCommon employees), $1.5 million working capital infusion and additional earnout provisions, subject to customary purchase price adjustments and customary seller representations and warranties and indemnification obligations. 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 400 megawatts of solar 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. Operating in New Yorks Hudson Valley and as the market-leading provider of residential, community and commercial solar in Vermont -- we believe that everyone has the right to a healthy environment and brighter future – and renewable energy is where it starts.