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    ISUN   US4652461066

ISUN, INC.

(ISUN)
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ISUN, INC. : Entry into a Material Definitive Agreement, Other Events (form 8-K)

04/08/2021 | 06:11am EDT

Item 1.01. Entry into a Material Definitive Agreement.

On April 6, 2021, iSun Utility, LLC ("iSun Utility"), a Delaware limited liability company and wholly-owned subsidiary of iSun, Inc., a Delaware corporation (the "Company"), Adani Solar USA, Inc., a Delaware corporation (Adani"), and Oakwood Construction Services, Inc., a Delaware corporation ("Oakwood") entered into an Assignment Agreement (the "Assignment"), pursuant to which iSun Utility will acquire all rights to the intellectual property of Oakwood and its affiliates (the "Project IP"). Oakwood is a utility-scale solar EPC company and a wholly-owned subsidiary of Adani. The Project IP includes all of the intellectual property, project references, templates, client lists, agreements, forms and processes of Adani's U.S. solar business.

Under the Assignment, iSun Utility will purchase the Project IP from Adani and Oakwood for total consideration of $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones, as described in this paragraph. The Assignment provides that iSun Utility will acquire all membership interests in Hartsel Solar, LLC ("Hartsel"), and through this transaction iSun Utility will acquire all rights to Hartsel's in-process solar project (the "Hartsel Project"). Upon Hartsel achieving certain milestones, iSun Utility will pay to Adani $0.7 million to secure equipment previously purchased allowing for safe harbor of the 30% ITC and an additional amount of $1.0 million for key development milestones.


Item 8.01. Other Events.


On April 6, 2021, the Company issued a press release titled "iSun, Inc. Enters Large Utility Solar EPC Business; Acquires Intellectual Property of Oakwood Construction Services, Inc." A copy of the press release is attached hereto as Exhibit 99.1, and incorporated herein by reference.

(d) Exhibits

  10.1   Assignment Agreement by and among Adani Solar USA, Inc., Oakwood
         Construction Services, Inc. and iSun Utility, LLC, dated April 6, 2021

  99.1   Press Release of iSun, Inc., dated April 6, 2021.


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© Edgar Online, source Glimpses

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