Exhibit 99.1
Nasdaq: ISUN www.isunenergy.com Q3 2021
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward- looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
US Solar Market “The electrification of almost everything is coming, and we’re just not ready for it.”Wall Street Journal, May 21, 2021 By 2031, the U.S. must install more solar annually than has what been installed cumulatively through 2020.1 Automotive electrification and a retreat from coal and fossil fuels further compounds the need to accelerate the adoption of renewable energy, particularly solar.$22.9BSolar Market in 20252 $147BEV Sales in 20283 $0 GM’s non-EV sales in 203541: https://www.seia.org/solar-industry-research-data2: https://linchpinseo.com/trends-solar-energy-industry/3: https://www.grandviewresearch.com/industry-analysis/north-america-electric-vehicles-market4: https://www.nytimes.com/2021/01/28/business/gm-zero-emission-vehicles.html
History repeats itself https://www.modernpowersystems.com/features/featureamory-lovins-and-the-soft-path-40-years-on-5652985/ Spot the car Spot the horse 1900Easter: NYC 5th Ave Source: US National Archives Source: George Grantham Bain Collection 1913Easter: NYC 5th Ave
Why iSunFor 50 years, iSun has enabled the important transitions of our world by accelerating the adoption of proven, technological innovations that improve our lives. “Today, iSun believes that clean, renewable, solar energy is the most important investment we can make. We are driven to use our capabilities to accelerate the transition from dirty to clean energy.”Jeffrey PeckCEO & Chairman of the Board 1972Company founded and rooted in large, complex electrical construction projects in innovative markets. 1979Built IBM’s clean rooms for silicon chip fabrication 1984Added data and telecommunication installation services 2009Added solar installation services, first in Industrial, Commercial, then Residential and Utility segments. 2019Listed on Nasdaq as PECK via SPAC to execute its growth planSuccessfully deSPACed and trading as ISUN 2021Fully integrated platform solar EPC; servicing Residential, Commercial,Industrial, Utility and EV markets
Positioned to AccelerateiSun has unmatched experience and capabilities to develop and construct solar projects across all solar market sectors and expects that electric vehicle adoption will be a gateway to accelerating the renewable energy transition in each solar market sector. RESIDENTIAL SOLAREV purchases with at-home charging promotes residential solar + storageinstallation and other smart home energy upgrades COMMERCIAL SOLAREV fleet and workplace charging adoption by businesses promotessolar projects at work and at employee homes to future-proofs costs UTILITY SOLARIncreased local electricity demand promotes the need for utility scale solarprojects and infrastructure upgrades to meet demand INDUSTRIAL & MUNICIPAL SOLARIncreased adoption, demand charges and infrastructure electrification results in resilient microgrid and community solar projects
Capabilities Add ValueiSun is the only publicly listed Solar Engineering, Procurement and Construction (EPC) contractor with capabilities across the entire solar scale continuum, including solar EV charging. RESIDENTIAL SOLARSolar, storage, service, smart home COMMERCIAL SOLARSolar, electrical, data,O&M services UTILITY SOLARSolar Development and Construction Services INDUSTRIAL & MUNICIPAL SOLARSolar, smart city, microgrid, community solar
Connections Accelerate GrowthiSun’s ability to connect the optimal attributes from one market sector into other market sectors is a key value proposition that accelerates growth across all market sectors. Owning the residential customer relationship offers multiple sales opportunities over yearslowering overall customer acquisition costsmaximizing lifetime customer revenue Resell, Upsell, and Cross-sell to and from residential, commercial and industrial customers increases revenue without added marketing cost Utility scale economies for purchasing can be leveraged across industrial, commercial and residential projects EV charging is a conversation starter, a necessary value-add across all market sectors and a visual representation of values
Growth Strategy iSun’s three-pronged growth strategy leverages the multiple connections across market sectors and de-risks the entry into new markets – any one market sector opens the door to other market sectors 2021Presence States with existing projects under contract provide rationale for near- term expansion in these states and into neighboring regions 2022Opportunities States with significant project opportunities(e.g. Hartsel, CO 100MW)provide rationale for future expansion contingent on project milestones Expansion Options States where new opportunities may provide a rational for expansion for any or all market segments States with existing solar EV charging presence that may provide rationale for market expansion Organic GrowthExpand relationships with customers for solar EPC opportunities across theEastern United States and other markets M&A and Strategic InvestmentsAcquisitions of electrical and solar EPC companies; investment in companies that increase EPC pipeline opportunities Solar Energy Asset OwnershipInvest in solar energy assets to provide recurring revenue and cash flow to offset operating costs for margin enhancement Solar Power World 2020 Ranking1st Solar Contractor in VT3rd C&I EPC Contractor in USA 22nd EPC Contractor in USA 38th Solar Contractor in USA
Growth TacticsiSun takes a rational approach to growth with its three-pronged strategy in each market sector. Organic Growth M&A and Strategic Investments Solar Energy Asset Ownership >Super-regional: East Coast expansion>Outbound sales and marketing + referrals for low customer acquisition cost and maximum lifetime customer revenue from upsell, resell, and cross-sell opportunities. >Platform roll-up targeting $5-50M revenue + profitable, outstanding operators, local brand, high growth market, customer retention, services include solar, storage, community programs, O&M, other >Opportunities to finance residential/commercial solar leases (PPA+/- asset ownership), and solar loans >Opportunistic expansion across the Northeast and other states based onreferrals and existing customers or fromnew opportunities created by outbound sales activities of the residential, commercial, utility or solar EV charging business >Targeting $1-10M revenue + profitable electrical contractors with licensed electricians but without solar experience, geographically located in areas of existing or planned solar EPC contracts. >Seeking Pre-NTP, NTP, or post-COD projects with minimum 12% unlevered IRR.>On Balance sheet up to 30MW or until recurring cashflow pays for iSun OpEx >Unconstrained geographically but prioritized by paid development services contract location.>Outbound sales and marketing to developers, utilities, and asset owners>Preference to “build-operate-transfer”projects directly for utilities >In-sourced staffing minimizes OpEx>Subcontracted construction labor>No active M&A program >Finance partnerships provide off- balance sheet project finance to fund EPC contracts and/or minority solar asset ownership. (e.g. Fusion Renewable andGreenSeed Investors / Solar Project Partners) Residential SolarCommercial Solar Industrial & Municipal Solar Utility Solar
Residential & CommercialiSun has installed nearly 3,000 residential solar projects since 2012 and is executing a platform roll-up strategy to create a market leader; iSun Residential. 2021 M&A Targets$75MResidential & Commercial Revenue from Targets75MWTotal Residential Systems Installed by Targets7,500Total Residential Customers Served by Targets $5-50M revenue + profitableEast Coast USAResidential and CommercialOutstanding operatorsStrong local brand reputationUltra-high-touch, long-term customer relationshipsLow-cost customer acquisitionServices include solar, storage,community programs, O&M, other East Coast M&A Target Profile
iSun Residential project examples
iSun Commercial project examples
Industrial & MunicipaliSun has served its industrial and municipal solar, data and electric EPC customers for decades by consistently delivering value and results for large, complex projects. $40MEst. iSun, Inc. Revenue Solar, Data, Electric200MWTotal iSun, Inc. Solar Systems Installed$76.8MCurrent Backlog solar dataelectric Referral Network M&A Target Profile 2021 Goals $1-10M revenue + profitableElectrical contractors withlicensed electricians but without solar experienceGeographically located in areas of existing or planned solar EPC contracts Revenue mix
iSun Industrial & Municipal project examples
UtilityiSun Utility delivers solar development and construction services to asset owners and developers, and also targets “build-operate-transfer” projects directly for utilities $69BUtility project opportunity 213MWTotal Utility Systems Installed via OCS Acquisition5GW Projects under reviewiSun Utility can originate land, rapidly diligence project sites, vet technical feasibility, execute internal engineering packages on a turnkey basis and run project finance processes… then build it Internal ProjectsAcceleration and cost reduction of iSun owned-operated assets (Ex: community solar projects in synergy with iSun Residential) Third Party ServicesSupport third parties early in the project lifecycle and gain captive rights to EPC (Ex: $120 million Fusion Bishop Portfolio) EPC ContractsReduce costs and move projects more quickly through pipeline, offer added value to clients by in-sourcing engineering (Ex: New Hampshire GSSG Portfolio) iSun Utility Takes Projects from Land Control to Ready for Construction
Utility Case Study<30 days after launch, iSun Utility closed agreements on 118 megawatt Bishop Portfolio, financed by Israeli public companies Alon Gas and Modiin; portfolio originally developed by Fusion Renewables iSun Utility selected for both development and construction services Up to $120 Million EPC Services RightsEngineering, Procurement and Construction service contracts for up to 8 sitesExpected margin : 10% margin plus 8% overhead $1.25 Million Development Service ContractOverseeing land control, site vetting, interconnection, engineering, project finance and moreExpected margin: 30 – 50%
iSun Utility completed project examples
Solar EV ProductsiSun solar EV products are gateways to more solar EPC opportunities and allow iSun to provide customized solutions for customers across all market sectors. Bifacial solar panels Bifacial solar panels
iSun solar EV products project examples – solar EV charging & solar bench
iSun InnovationiSun invests in innovative companies that drive growth opportunities to iSun for each market sector iSun investment rationale AmpUp is the software backbone of the iSunOS with leading edge patented technology for the best charging user experience for iSun customers Exclusive EV membership for gig drivers. The most affordable all-in-one way to gig electric. AmpUp is an electric vehicle (EV) software company and network provider that enables drivers, hosts, and fleets to chargestress-free. www.ampup.io www.drivehive.com iSun investment rationale DriveHive bundles the EV with charging, and iSun’s solar EV charging solution is ideal for rapid deployment of charge sites on-grid or off-grid iSun investment rationale iSun has the right to construct all solar projects, financing is off- balance sheet, and iSun is an owner in all assets constructed through Solar Project Partners LLC GreenBond Advisors delivers financial product innovation into the Green Bond market with new Green Bond products that enable risk-averse investment capital to support renewable energy infrastructure development. www.greenbondadvisors.com
Recurring revenue drives marginiSun owns 6 megawatts of solar assets with a goal to reach 50 megawatts by 2023 in order to offset operating expenses with recurring revenue, which directly enhances net margins. 6MW2021 solar assets $500k2021 recurring cashflow 50MWEst. 2023 solar assets $4MEst. 2023 recurring cashflow
FinancialsiSun has the necessary access to capital to fund its profitable growth strategy $39.5M(ATM: B.Riley) ACCESS TO CAPITAL WORKING CAPITAL est. 2021 REVENUEiSun, Inc.: Solar, Data, Electric $40M $76.8M $21.8M CURRENT BACKLOG
Market Comparison Market analysis indicates that iSun is both a growth and value opportunity across all sectorsResidential Solar Market data as of July 29, 2021; Market Capitalization reflects 9.08M shares outstanding; Financial metrics as of 2Q 2021 unless otherwise noted1 Based on proposed post de-SPAC share count Source: Capital IQ and investor presentations Date: As of market close on 06/23/20. ($ in millions except per share amounts)Share Price Market Enterprise EV / Revenue EV / EBITDA Installed # of Company Name Current Capitalization Value FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 MW Customers Sunrun Inc., (NasdaqGS:RUN) $52.62 $10,730.8 $17,147.6 NM 11.6x 10.1x 8.9x NM NM NM 319.9x 3,000 573,000 Sunnova Energy International Inc., (NYSE:NOVA) $36.72 $4,112.1 $6,810.4 41.0x 30.0x 20.1x 15.4x 110.6x 82.4x 45.9x 30.5x 861 116,400 Sunworks, Inc., (NasdaqCM:SUNW) $8.68 $234.8 $155.9 NM 1.2x 0.9x NM NM NM 311.9x NM - - Sunlight Financial Holdings Inc., (NYSE:SUNL) $7.96 $675.3 $1,412.1 20.5x 11.5x 9.0x 7.1x 56.5x 23.5x 17.2x 12.6x - - Average 30.8x 13.6x 10.0x 10.4x 83.6x 53.0x 125.0x 121.0xMedian 30.8x 11.5x 9.6x 8.9x 83.6x 53.0x 45.9x 30.5x iSun, Inc., (NasdaqCM:ISUN) $9.16 $83.2 $68.7 3.9x 1.5x 0.8x NM NM 56.3x 10.9x NM 400 3,000 Average 4.5x 3.7x 3.1x 2.7x 57.6x 27.1x 20.6x 16.9xMedian 4.0x 3.4x 2.9x 2.6x 45.7x 33.1x 25.3x 20.7x iSun, Inc., (NasdaqCM:ISUN) $9.16 $83.2 $68.7 3.9x 1.5x 0.8x NM NM 56.3x 10.9x NM 400 3,000 Average 2.9x 1.9x 1.2x 1.1x 4.9x 7.1x 11.5x 8.1xMedian 2.5x 1.9x 1.2x 1.3x 12.0x 10.2x 12.6x 7.8x iSun, Inc., (NasdaqCM:ISUN) $9.16 $83.2 $68.7 3.9x 1.5x 0.8x NM NM 56.3x 10.9x NM 400 3,000 Average 79.6x 41.3x 18.0x 9.1x (141.4x) (55.1x) (221.5x) 104.2xMedian 61.1x 36.5x 12.2x 5.8x (84.3x) (40.7x) (38.4x) 33.6x iSun, Inc., (NasdaqCM:ISUN) $9.16 $83.2 $68.7 3.9x 1.5x 0.8x NM NM 56.3x 10.9x NM 400 3,000 Commercial & Industrial Solar --- ($ in millions except per share amounts)Share Price Market Enterprise EV / Revenue EV / EBITDA Installed # of Company Name Current Capitalization Value FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 MW Customers Ameresco, Inc., (NYSE:AMRC) $68.02 $3,487.4 $4,311.9 4.4x 3.8x 3.4x 3.1x 37.7x 29.9x 25.6x 22.1x - SunPower Corporation, (NasdaqGS:SPWR) $24.63 $4,249.2 $4,434.6 3.7x 3.0x 2.4x 2.1x 134.0x 36.2x 25.1x 20.3x 1,120 363,000 SolarEdge Technologies, Inc., (NasdaqGS:SEDG) $261.13 $13,572.5 $13,103.0 9.0x 6.9x 5.5x 4.6x 53.6x 37.5x 27.3x 21.0x 24,000 Electricité de France S.A., (ENXTPA:EDF) $12.43 $39,256.0 $96,605.0 1.1x 1.1x 1.1x 1.1x 5.0x 4.6x 4.4x 4.1x - Utility Solar ($ in millions except per share amounts)Share Price Market Enterprise EV / Revenue EV / EBITDA Company Name Current Capitalization Value FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 FTC Solar, Inc., (NasdaqGM:FTCI) $10.56 $890.2 $884.9 NM 2.9x 1.7x 1.3x NM NM 13.8x 7.8x Array Technologies, Inc., (NasdaqGM:ARRY) $13.61 $1,728.4 $2,117.6 2.5x 2.1x 1.8x 1.6x 13.3x 22.9x 14.2x 10.0x Canadian Solar Inc., (NasdaqGS:CSIQ) $40.71 $2,442.5 $3,968.3 1.2x 0.7x 0.6x 0.6x 12.0x 10.2x 6.7x 6.5x Orbital Energy Group, Inc., (NasdaqCM:OEG) $3.45 $221.2 $221.0 4.9x 1.8x 0.8x NM (10.6x) (11.9x) 11.4x NM EV Charging ($ in millions except per share amounts)Share Price Market Enterprise EV / Revenue EV / EBITDA Company Name Current Capitalization Value FY2020 FY2021 FY2022 FY2023 FY2020 FY2021 FY2022 FY2023 Beam Global, (NasdaqCM:BEEM) $30.29 $269.2 $243.4 43.5x 21.8x 10.9x 5.8x (67.3x) NM NM 152.1x Blink Charging Co., (NasdaqCM:BLNK) $34.05 $1,435.4 $1,206.1 217.0x 104.8x 44.7x 21.8x (101.4x) (41.9x) (51.5x) (54.8x) ChargePoint Holdings, Inc., (NYSE:CHPT) $24.07 $7,738.6 $7,154.2 NM 51.6x 34.9x 20.9x NM (66.7x) (46.8x) (60.4x) EVBox1 $12.15 $1,701.0 $1,354.0 19.3x 11.3x 6.0x 3.6x NM (16.9x) (30.1x) 677.0x EVgo, Inc., (NasdaqGS:EVGO) $11.95 $821.4 $854.8 61.1x 42.7x 15.8x 5.1x (29.5x) (14.7x) (19.9x) 171.0x Fastned B.V., (ENXTAM:FAST) $68.00 $1,016.4 $1,086.9 148.1x 71.5x 24.2x 12.2x (444.3x) (175.5x) 178.8x 33.6x Tritium1 $9.88 $1,682.6 $1,072.6 18.2x 12.8x 6.3x 3.0x NM (28.2x) (59.6x) 15.1x Volta1 $9.92 $2,014.8 $1,714.8 68.6x 36.5x 12.2x 6.1x (59.1x) (57.2x) (1714.8x) 52.0x Wallbox1 $9.93 $1,775.5 $1,465.5 61.1x 18.6x 6.5x 3.2x (146.5x) (39.6x) (28.2x) (47.3x)
Leadership Management successfully deSPACed iSun and is delivering growth and value Executive Leadership Jeffrey PeckChairman andChief Executive Officer John SullivanChief Financial Officer Frederick (Kip) Myrick Executive Vice President, Residential, Commercial & Industrial SolarBoard of Directors Michael d’AmatoChief Strategy Officer Independent Directors Andy MatthyIndependent Director Claudia MeerIndependent Director Stewart MartinIndependent Director 150Outstanding employees that deliver quality to iSun customers every day Divisional Leadership Daniel DusPresident, iSun Utility
ir@isunenergy.com