iSun, Inc., a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services and a provider of proprietary electric vehicle charging platforms, announced it has reached a definitive agreement to make a strategic minority interest equity investment in Encore Renewable Energy, a leading innovator in community-scale clean energy and Top 20 US commercial solar developer.
- Investment to accelerate expansion of iSun’s Commercial, Industrial and Utility businesses into new geographic markets
- Provides collaboration opportunities across both parties’ project pipelines
- Extends Encore’s long-term experience as a registered B-Corp to iSun’s ESG initiatives
- Enables Encore to expand its geographic reach while advancing innovative clean energy solutions including solar + storage, brownfield redevelopment and dual land-use/agrivoltaics initiatives
- Further strengthens the long-standing relationship between two leading innovators in the community-scale clean energy sector.
iSun’s investment aligns with its previously stated growth objectives. First announced in late 2019, iSun’s growth strategy highlighted the specific steps the Company would take to accelerate the nation’s transition to solar energy across all sectors. The investment compliments two of the strategy's key pillars - organic growth organic regional growth by expanding relationships with existing Industrial and Utility customers, and investment in companies capable of increasing project pipeline opportunities.
“This partnership reflects the progress we’ve steadily been making against our three-pronged strategy for growth,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “By deepening our long-standing relationship with Encore Renewable Energy, we will gain invaluable insights into new geographic markets which we can use to further advance our C&I strategy. Equally important: we will be strengthening a long-term relationship with a partner whose values and commitment to innovation mirrors ours. Encore’s experience in reclaiming undervalued real estate for clean energy generation and storage, and revitalizing communities with the deployment of agrivoltaic solutions illustrates their understanding of the challenges often associated with getting buy-in for community-scale clean energy development projects, and ultimately reduces barriers for solar adoption. As a Certified B Corporation and a values driven organization, Encore is a leader in creating a new industry standard. We’re proud to have them as a partner.”
"This new infusion of capital from iSun will allow us to more than double our project development pipeline over the next 12 months," offered Chad Farrell, CEO and Founder of Encore Renewable Energy. "Deploying additional community-scale solar and solar + storage solutions across the Northeast and other strategic markets supports our ongoing work to accelerate the transition to a robust clean energy economy powered by low cost, carbon free renewable resources."