ISun Jumps 14% As Its Unit Decides To Buy SolarCommunities Inc.

(RTTNews) - Shares of solar energy and clean mobility infrastructure company, iSun, Inc. (ISUN) are up more than 14% Wednesday morning after the company said its unit decided to acquire SolarCommunities Inc.

iSun said the acquisition creates a regional full-service solar installation company servicing the residential, commercial, industrial and utility-scale markets including solar electric vehicle charging.

The deal includes about $24 million in cash and nearly $16 million in stock.

The company expects the transaction to be accretive to iSun by doubling projected revenue for 2021.

In 2020, SolarCommunities, a provider of residential, community and commercial solar installation, had revenue of approximately $33.1 million.

ISUN, currently at $8.80, has been trading in the range of $3.01- $32.24 in the las one year.