Vermont Business Magazine iSun, Inc (NASDAQ: ISUN), a leading solar energy and clean mobility infrastructure company based in Williston with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced the appointment of Robert J. (Bob) Zulkoski as Chief Executive Officer.
Effective immediately, Bob Zulkoski is appointed as the new Chief Executive Officer of iSun, Inc. Jeff Peck will remain full-time with iSun in a strategic advisory and operational role to support the CEO.
He previously was with Conduit Capital Holdings US (now Infusive). Zulkoski will continue with his position/role at RuralWorks in Middlebury.
According to the financial report associated with his hiring, Zulkoski, 62, has over 30 years of experience in global finance and investment management. As a general partner he has invested over US$5BN of fiduciary capital. His current activities are focused on social impact projects and initiatives. He is currently Managing Partner of Conduit Capital Holdings US, a holding company established to hold a portfolio of interests in a variety of social and environmental impact investment management platforms and investments in the United States and Senior Advisor to Rural Works, an impact investment fund. From 2017 to 2023 he served in various capacities related to The Conduit, a platform for impact investments based in London. He served as Founding Shareholder and Director of The Conduit (2017-2019), Founder and Non-Executive Director of Conduit Connect (2020-2023) and Founder and Chief Executive Officer of Conduit Capital Partners (2019-2023).
In connection with Zulkoski’s appointment as Chief Executive Officer, the company stated it had entered into an Employment Agreement with him. The Employment Agreement provides that Zulkoski’s employment is “at will”. The Employment Agreement provides for an annual base salary of $250,000, with an annual target bonus of 100% of Zulkoski’s base salary. In addition, Zulkoski has been granted options to acquire 4,000,000 shares of Common Stock of the Company. Option with respect to ½ of the shares vest as of March 11, 2024, and ½ as of December 31, 2024.
“On behalf of the Board and management, we would like to acknowledge and express our appreciation to Jeff Peck for his leadership and vision to grow the business from a small family owned electrical contractor to a solar storage charging EPC providing services in multiple states and in multiple verticals. Jeff will continue to play a key strategic advisory and operational role to support the CEO,” said Andrew Matthy, Board Member. “We are excited to announce the appointment of Bob Zulkoski as our new Chief Executive Officer. Bob has a tremendous depth of knowledge and has demonstrated strong leadership ability in various roles. Bob’s experience will be instrumental for iSun’s continued growth and success.”
On February 27, 2024, shareholders authorized the Company’s Board of Directors to amend the Company’s Certificate of Incorporation, to affect a reverse stock split of all of the Company’s outstanding shares of Common Stock, par value $0.0001 per share (the “Common Stock”), by a ratio in the range of not less than one-for-six and not more than one-for-twenty.
iSun is trading on March 12, 2024, at just under 19 cents per share. It's 52-week high/low is $1.28/$0.13. Its market cap is $8.75 million. It has not released its annual report for 2023 but said it expected revenue to be upwards of $100 million. In its 3Q2023 report issued November 14, 2023, the company stated: "iSun’s continuing success in winning new business, from solar projects to EV infrastructure and project origination and development services, along with its sizable backlog, is expected to enable the company to produce total revenue of $95-100 million for the full year 2023, representing a 24-31% increase over total revenues of $76.5 million in 2022."
SunCommon of Waterbury was acquired by iSun in September 2021 in a deal worth $40 million.
About iSun, Inc.
Since 1972, iSun has accelerated the adoption of innovations in energy transition and electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities.
Visit www.isunenergy.com for additional information.
Source: March 11, 2024. WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. www.isunenergy.com
