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BURLINGTON, Vt., June 23, 2021--(BUSINESS WIRE)--iSun, Inc. (Nasdaq: ISUN) ("ISUN" or the "Company"), the 6th largest commercial and industrial solar engineering, procurement and construction ("EPC") company according to Solar Power World, announced today that Fusion Renewables has selected the company for turnkey development services and EPC services subject to competitive tendering. The contract represents an initial $1.25 million in development financings and construction of 118MW of solar projects across eight sites in North Carolina and South Carolina.
The projects were structured by Fusion Renewables, including siting, land control and diligence will be financed and owned by a joint venture between Israel's Modiin Energy and Alon Gas – both exploration and production companies. The investments mark both companies’ first renewable energy investments in the U.S. with an initial target of 118 megawatts peak solar capacity.
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 in budget. The Company’s often repeat client base includes leading institutions from the U.S. Federal Government, to municipalities, universities, independent power producers, utilities, Fortune 500 and financers.
Alon Gas is an Israeli public company, whose securities are traded on the Tel Aviv Stock Exchange. Alon Gas operates in the exploration, development and production of natural gas, condensate and oil, mainly, through its subsidiary, Dor Gas Exploration – Limited Partnership, who holds 4% of the working interest in the Tamar and Dalit leases in the Mediterranean Sea off the coast of Israel.
Modiin Energy was founded in 1992, the partnership holds working interest in producing Oil & Gas projects in the US in Colorado and California. as well as in Israel and is traded on the Tel Aviv Stock Exchange.
Jeffrey Peck, iSun’s Chief Executive Officer, commented, "This portfolio initiative is in line with iSun’s commitment to help traditional energy companies expand their access to investments in renewable energy assets. The iSun Team is well equipped to deliver turnkey projects to help propel the energy transition."
James Patterson , Former North Carolina Utilities Commissioner will serve as Senior Advisor to Fusion Renewable for Corporate Communications. James Patterson stated, "We are really looking forward to growing the Fusion footprint here in the United States. Our intent is to widen the participation of Americans in their energy future. We will be inclusive, creative and collaborative."
Yaniv Friedman, Chief Executive Office of Modiin Energy added "we are excited to cooperate with iSun on our first renewable energy portfolio. For Modiin Energy it is an implementation of its strategy developing renewable energy assets alongside traditional oil & gas assets and playing a part in the world’s energy transition towards a more balanced future. We hope this is the first portfolio of many to come."
Tsahi Groswasser, Chief Executive Office of Alon Gas added "This agreement with iSun is a significant step in advancing our PV projects in North and South Carolina as part of our strategy to expand Alon’s activities as a diversified energy company."
Headquartered in Williston, 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 United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. Since entering the renewable energy market in 2012, iSun has installed over 400 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 76,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com
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) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) 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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