Solar EPC company iSun more than doubled its revenue year-on-year in 2021, driven in part by the execution of its commercial and industrial (C&I) PV project backlog.
The Vermont-based firm posted revenues of US$45.3 million, a 115% increase on 2020, thanks also to the deployment of electric vehicle (EV) infrastructure and the addition of a new professional services revenue stream.
While revenue for the year exceeded prior guidance, the company posted a net loss in 2021 of US$6.2 million.
Nonetheless, iSun CEO Jeff Peck said 2021 was a milestone year for the firm: “We successfully built a solar service platform capable of addressing the generational opportunity presented by EV adoption and decarbonisation.”
Solar EPC Peck changed its name to iSun early last year after its acquired solar-powered EV infrastructure provider iSun in January. Months later the company entered the utility-scale solar EPC segment with the purchase of Oakwood Construction Services before strengthening its position in the residential sector through the acquisition of installer SunCommon.
In November, iSun invested in US commercial PV project developer Encore Renewable Energy and has since been selected to design and deliver around 1,780 off-grid solar canopies at EV charging stations across the US as part of a US$29.3 million contract.
iSun’s revenue jumped in Q4 2021 to US$$27 million, representing a 190% increase on the same quarter of 2020.
With more than 550MW of utility-scale projects currently under development, iSun said it currently remains optimistic about the long-term outlook for the solar industry and its ability to capitalise on such growth.