It will create a regional full-service solar installation leader servicing the residential, commercial, industrial and utility-scale markets including solar electric vehicle charging.
The transaction consideration includes $24,034,621 in cash and $15,965,379 in stock, provides $2.5 million of the consideration directly to SunCommon employees, establishes a stock ownership plan for all iSun employees, and a $1.5 million working capital infusion.
The transaction executes phase one of iSun’s recently announced East Coast residential strategy and builds on iSun’s commercial, industrial and utility-scale presence in Maine, New Hampshire, Vermont, Connecticut, Massachusetts, Rhode Island, New York, Maryland, North Carolina and South Carolina. The acquisition furthers iSun’s ability to both drive the transition from dirty to clean energy and capitalize on the increasing focus on the climate crisis.
“This is a milestone moment for iSun,” states Jeffrey Peck, iSun chairman and CEO. “Not only does this acquisition deliver on our promise to investors to execute our residential strategy, but also it honors our 50-year legacy of helping accelerate the wide-spread adoption of life-enhancing technological innovations. 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 $0.36/Wdc, and most important – who shares our values,” continues Peck.
“As a market-solution to the climate crisis, scale matters. Joining iSun allows SunCommon to accelerate our growth plans and delight our customers with clean energy solutions that improve their lives and protect our planet. This is a great day for SunCommon, our employees, customers and investors,” states James Moore, SunCommon’s co-president.
“We’re proud of what we have accomplished, and are happy to recognize our people by ensuring that they directly benefit from this partnership,” remarks Duane Peterson, SunCommon’s co-president. “And this is only the beginning. SunCommon will continue operating as a Public Benefit Corporation and a certified B Corp, while helping our new parent iSun earn its B Corp certification as well. We intend to create the nation’s largest values-led clean energy business.”
Peck will serve as the CEO of the combined organizations, and Peterson and Moore will serve as co-presidents of SunCommon. The existing iSun board of directors will remain as currently constructed.