SOUTH BURLINGTON, Vt. (WFFF) – Vermont-based iSun on Wednesday announced plans to acquire the Waterbury-based company Common Sun in a cash and stock transaction. The transaction includes $ 25 million in cash and $ 16 million in shares.
“We are really excited to join forces to create a bigger platform,” said James Moore, co-chair of SunCommon. The deal would also provide $ 2.5 million directly to SunCommon employees and establish stock ownership plans for all iSun employees.
“We look forward to increasing our impact in the North East…” said Jeffrey Peck, CEO of iSun. Peck also said they hope to “increase the installation of solar power and help people around the world switch from dirty energy to clean energy.”
iSun says the deal is expected to double forecast revenues for 2021. While SunCommon will retain its name and vision in Vermont and New York, the merger will create a regional full-service solar installation company serving the residential, commercial sectors. , industrial and utility. markets, including solar charging of electric vehicles.
“SunCommon will continue to do what we do, but on the fast track, with the access to capital that iSun brings and access to the largest iSun platform,” said Duane Peterson at SunCommon. “SunCommon will be supercharged by this merger.”
The companies say their main goal is to provide solutions to the climate crisis. “My hopes are that as we enter the 21st century here, 2021, we can face the climate crisis and use the business approach to resolve this climate crisis,” said Peck.