iSun boosted by C&I performance as revenue greater than doubles in 2021
- Solar EPC business iSun greater than doubled its revenue year-on-year in 2021, driven in component by the implementation of its commercial and also industrial (C&I) PV project backlog.
The Vermont-based firm uploaded revenues of US$ 45.3 million, a 115% rise on 2020, many thanks additionally to the deployment of electric vehicle (EV) infrastructure and the addition of a new expert services revenue stream.
While revenue for the year went beyond prior guidance, the firm uploaded a bottom line 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 efficient in attending to the generational opportunity provided by EV adoption and also decarbonisation."
Solar EPC Peck changed its name to iSun early last year after its obtained solar-powered EV infrastructure provider iSun in January. Months later on the business went into the utility-scale solar EPC segment with the purchase of Oakwood Construction Services prior to reinforcing its setting in the domestic market through the procurement of installer SunCommon.
In November, iSun purchased United States commercial PV project developer Encore Renewable Energy as well as has because been picked to design as well as deliver around 1,780 off-grid solar canopies at EV billing stations throughout the US as part of a US$ 29.3 million agreement.
iSun's revenue jumped in Q4 2021 to US$$27 million, representing a 190% boost on the very same quarter of 2020.
With more than 550MW of utility-scale projects presently under advancement, iSun said it currently remains optimistic concerning the lasting expectation for the solar industry and also its ability to capitalise on such development.
