iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, today announced the completion of the redemption of all of its outstanding public warrants (the “Public Warrants”). On March 9, 2021, the Company issued a press release stating that it would redeem all of its outstanding Public Warrants to purchase shares of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), that were issued under the Warrant Agreement, dated March 2, 2016, as amended (the “Warrant Agreement”), by and between the Company (formerly Jensyn Acquisition Corp. and formerly The Peck Company Holdings, Inc.) and Continental Stock Transfer & Trust Company, as Warrant Agent (the “Warrant Agent”), as part of the Units sold in the Company’s initial public offering (the “IPO”) that remained outstanding at 6:30 p.m. New York City time on April 12, 2021 (the “Redemption Date”) for a redemption price of $0.01 per Public Warrant (the “Redemption Price”). Warrants to purchase shares of Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO and that are still held by the initial holders thereof of their permitted transferees were not subject to this redemption.
Of the 4,149,500 Public Warrants that were outstanding as of the date of the Company’s combination with Jensyn Acquisition Corp. in June 2019 and that could be exercised, 3,671,236 were exercised in aggregate, representing approximately 89% of the exercisable warrants. This includes 1,042,116 warrants that were excised since the Company’s redemption notice on March 9, 2021. Accordingly, iSun redeemed the 453,764 unexercised warrants. Total cash proceeds generated from warrant exercises were $21.1 million. Total shares of Common Stock outstanding as of April 12, 2021 were 9,082,659. As of this date, no Public Warrants remain outstanding.
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 for commercial, industrial, and utility customers. iSun’s innovations were recognized this year 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 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 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.
WILLISTON, Vt.–(BUSINESS WIRE)–iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction expertise for solar, electrical and data services, today announced that it has been selected to provide its innovative solar products and services for phase one of one of the nation’s largest solar plus storage microgrid projects underway in Jackson, TN.
Phase one of the multi-phase project led by industry pioneer Northern Reliability is the vision of Community Development Enterprises (“CDE”) whose mission is to provide green energy solutions and economic relief to cities across the United States that have been hit with natural disasters and economic challenges over the past decade. Under the agreement, iSun will provide Engineering Procurement and Construction (“EPC”) services for the 16MW ground mount solar energy infrastructure. iSun’s estimated contract value is approximately $25 million with installations beginning in late-summer 2021.
“The selection of iSun as the provider of the solar portion of this project is testament to the Company’s established position as a high-quality EPC partner in the solar energy market and iSun’s innovative solar products and solutions. Our team has the ability to engage at all stages of a project to provide EPC expertise, innovation recommendations and confidence in our ability to execute,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We are excited to be working with such forward thinking partners in NRI and CDE that share our values. Constructed solar assets will provide immediate local jobs and benefits to the Jackson, TN area for decades to come, and we are looking forward to continuing to work together to pursue similar opportunities across the nation.”
“We evaluated multiple proposals for our Jackson solar microgrid from qualified EPCs and it was clear to us that the iSun proposal stood out as superior. CDE has selected iSun because of the high-quality and detail presented in their 16MW array facility design, their flexibility in adapting to our usual site and use case demands, the overall completeness of their scope, and the high votes of confidence provided by their long-term customers,” remarked Dennis Emberling, President and CEO of CDE in Jackson.
Emberling continued, “This project is part of a larger effort by CDE to help Jackson redevelop. It will bring new businesses, new jobs, new educational opportunities, and $211M in economic impact to Jackson, including contributions to their infrastructure and community organizations. In selecting our Project Partners, it was important that our Partners shared the values of the communities that we are serving. We think CDE and iSun are a fit, and we look forward to doing many projects together in the near future.”
Gregg Noble, Vice President of Sales & Development of Northern Reliability, Inc., added, “The team at NRI is pleased to make this announcement regarding the selection of iSun as the PV vendor for the Jackson Solar Microgrid project. iSun will be a valuable part of the team as we push forward CDE’s vision of redeveloping the City of Jackson into a green energy hub and energy model of the future. The success in Jackson is critical towards understanding the economic potential which exists in all of America’s hardest hit communities. It is not a story about technology, it is a hopeful story about the path forward. We are proud to be moving down that path with a partner like iSun who shares that same positive vision for the business and citizens of this community.”
About iSun, Inc.
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 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. 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.
About Northern Reliability, Inc.
Northern Reliability, Inc. (“NRI”) is a US-based power systems integrator and the oldest operating engineering firm in the energy storage space based in Waterbury, Vermont. Initially formed as the energy storage and hybrid power systems division of Northern Power (formerly TSX:NPS) in the early 1970s, the NRI engineers broke off to become a separate organization. Having designed and deployed over 1,100 off-grid and microgrid power systems around the planet, the NRI team made news in T&D World Magazine 2017, 2018, and 2019 when it was awarded a unique $1.3M Grid-Tied Distributed Energy System Project for Xcel Energy in Denver, CO, the largest grid-tied solar + storage project in the Southern U.S., for Today’s Power, Inc. in Fayetteville, Arkansas 12MW-26.1MWh, and for a transportable storage contract with EPRI and the US Navy. In March 2021, NRI co-founded the first Mobile Energy Storage platform Nomad Transportable Power Systems. Visit www.northernreliability.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.
Contacts
Investor Relations: Chase JacobsonIR@isunenergy.comp: 802-264-2040
WILLISTON, VT., March 18, 2021 — iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced that it has made a $1.5 million strategic investment in Gemini Electric Mobility Co. (“Gemini”) and a $1 million investment in Nad Grid Corp (“AmpUp”).
Highlights
“The investments in Gemini and AmpUp are important steps forward for iSun as we seek to expand our presence in the clean mobility market and further establish the Company as a leader in solar infrastructure, inside and outside of our traditional regional markets from Maine to California,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “These investments complement our new product offerings acquired in January and are part of our ongoing growth strategy that targets companies serving new markets and that help iSun provide energy as a service to enable our customers to convert from dirty energy to clean energy. We believe the investments in Gemini and AmpUp fit well within that framework. They provide iSun with a unique advantage to serve our customers in the clean mobility infrastructure market and provide growth opportunities for our solar installation business. The investments also expand our opportunities to own and operate electric vehicle charging assets and to increase our base of recurring revenue and earnings.”
Gemini Electric Mobility Co. has developed a sustainable fintec solution for mobility, which accelerates the adoption of electric vehicles for those who drive the most. Their solution delivers on EV’s GHG reduction and clean air promises, by increasing accessibility and by maximizing utilization over the full vehicle lifecycle.
AmpUp (Nad Grid Corp) was founded by Thomas Sun, Timotej Gavrilovic and Ronnie Nguyen in 2019. AmpUp is an electric vehicle (EV) software company and network provider that enables drivers, hosts, and fleets to charge stress-free. With three issued and four pending patents, their technology gives businesses and property owners the ability to efficiently manage multiple charge stations and locations in one platform. Advanced features, such as smart scheduling, dynamic access control and energy optimization provide site hosts more flexibility and affordability for their charger investment. AmpUp’s network and software solutions have been deployed for customers across North America requiring installation and management of multiple electric vehicle chargers. AmpUp has been working with iSun on the development of its proprietary iSunOS solution, which provides site owners with metrics across solar power generation, electric vehicle charging status, clean miles driven, air quality and battery management capacities.
About iSun
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. iSun’s innovations were recognized this year 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) 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.
Investor Contact
Chase Jacobson
IR@isunenergy.com
802-264-2040