In August 2024, Siltstone Capital acquired iSun for $10 million, with the company operating under parent entity Original Clean Energy. The commercial division rebranded as Legacy Power to distance itself from reputational damage. The company is pursuing organic growth and profitability-focused operations in northern New England and New York after emerging from bankruptcy restructuring.
Cyborg Score Rationale
iSun filed for bankruptcy after shedding $250,000 per week and not turning a profit for two years. The company faced whistleblower allegations of financial misdeeds and misappropriation of funds. Recovery depends on successfully restoring customer confidence and achieving operational profitability under new private equity ownership.
Top Insights
Acquired by Texas-based private equity firm Siltstone Capital in August 2024 for $10 million following bankruptcy filing.
Workforce reduced from peak of 350 to approximately 200 employees; commercial division rebranded as Legacy Power.
Current strategy focuses on establishing stable operations in northern New England and New York before expanding nationally.
Company positions renewable solar energy transition as strategic investment priority.
Named Competitors
Sunrun — Residential solar and EV charging services
Sunnova — Solar energy systems and services
Vivint Solar — Residential solar solutions
Recent Developments
(August 2024) Acquired by Siltstone Capital for $10M; restructured under parent entity Original Clean Energy
(March 2025) Completed rebranding of commercial division to Legacy Power; new CEO Jeff Wolfe leading operational recovery
(April 2024) Approved reverse stock split rescission to stabilize public trading position
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