Solar EPC company iSun has bolstered its presence in the US residential segment through the acquisition of installer SunCommon.
The US$40 million cash and stock deal will create a company servicing the residential, commercial, industrial and utility-scale solar markets.
In 2020, the two Vermont-based companies had combined revenues of US$51.4 million, and an alignment of software, shared services and vendor base will enable synergies with expected US$1.25 million in savings in the first year after the transaction, iSun said.
“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,” said iSun CEO Jeffrey Peck.
Peck will serve as the CEO of the combined organisations, while SunCommon co-presidents James Moore and Duane Peterson will retain their positions.
The transaction comes after solar EPC Peck changed its name to iSun earlier this year following its purchase of solar-powered EV infrastructure provider iSun in January. Since then, iSun has entered the utility-scale EPC segment with the acquisition of the intellectual property of Oakwood Construction Services.
Despite supply chain delays impacting its second-quarter performance, iSun is aiming to double its revenue in 2021 compared to last year. In Q2, the company posted revenue of US$4.3 million, representing a 57% increase year-on-year, and a loss of US$2.4 million.