~ Expected to Add $20+ Million in Revenue in Next Twelve Months ~
~ Completed MSA and Pipeline of MSAs Unique to ConnectM’s Growth Strategy, Offers Topline Growth and Profitability at an Accelerated Pace ~
MARLBOROUGH, Mass., Oct. 01, 2024 (GLOBE NEWSWIRE) -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced it has entered into a Master Services Agreement (the “MSA”) with Devlin Contracting and Maintenance, Inc. doing business as Devlin Energy, a business dedicated to renewable energy and solar installations within New England. This arrangement materially expands ConnectM’s business portfolio mix and revenue generation with an array of residential and commercial solar installation and battery storage capabilities.
Under the terms of the MSA, on or before September 30, 2025, ConnectM has the option to acquire Devlin Energy at a valuation of $39.0 million based upon Devlin Energy attaining certain Revenue and Net Income thresholds as outlined below:
- October 1, 2024 – September 30, 2025: Revenue $21 million, Net Income: $3.0 million
- October 1, 2025 – September 30, 2026: Revenue $45 million, Net Income: $6.6 million
- October 1, 2026 – September 30, 2027: Revenue $63 million, Net Income: $11.5 million
- October 1, 2027 – September 30, 2028: Revenue $82 million, Net Income: $16.2 million
- October 1, 2028 – September 30, 2029: Revenue $108 million, Net Income: $22.5 million
Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, said, “We have held extensive discussions with Matt Devlin to establish a mutually beneficial strategic partnership and today, we achieved our goal. We believe that Devlin’s high-quality solar equipment, manufacturers, and customer service will be significantly enhanced with ConnectM’s robust managed services business within our Energy Intelligence Network platform. Devlin Energy is a trusted solar and battery retrofit installer in New England and Matt’s sales and marketing acumen will assist us in accelerating growth.”
Matt Devlin, Founder and President of Devlin Energy, added, “Today marks the beginning of a transformative time for Devlin and I am excited to partner with ConnectM. Devlin Energy’s goal is to leverage our large residential and commercial customer install base and electrified installation offerings to produce meaningful revenue contributions to ConnectM’s electrification service.”
With Devlin Energy operating under the ConnectM MSA business portfolio, the Company will be responsible for HR management services, supply chain, inventory, logistics and procurement services, marketing channels, strategies and lead generation, and provisions for working capital through lending terms.
About Devlin Energy
Devlin Energy, a trusted solar installer in New England, is a family-owned business dedicated to revolutionizing the solar power industry in the region. Devlin Energy strives to provide their customers with the safest and most reliable solar equipment available, partnering with only the best manufacturers to ensure the highest quality results. Additionally, they are committed to providing an unmatched level of customer service and satisfaction, offering a hands-on approach to make sure customers solar system is tailored to their exact needs. They stand behind their work, and are proud to be a leader in the solar power revolution in New England.
For the past decade, Devlin Energy has installed more than 7,000 systems with a team of licensed electricians with $100+ million in savings for the customers.
About ConnectM Technology Solutions, Inc.
ConnectM is at the forefront of advancing the electrification economy, integrating electrified energy assets with its AI-driven technology solutions platform. Serving residential and light commercial buildings, as well as all-electric original equipment manufacturers (OEMs), ConnectM’s proprietary platform accelerates the transition to solar and all-electric heating, cooling, and transportation. By leveraging technology, data, artificial intelligence, contemporary design, and behavioral economics, ConnectM aims to make electrification more user-friendly, affordable, precise, and socially impactful. The company’s vertically integrated approach includes wholly owned service networks and a comprehensive technology stack, enabling customers to reduce their reliance on fossil fuels, lower energy costs, and minimize their carbon footprint. ConnectM is headquartered in Marlborough, Massachusetts.
For more information, please visit: https://www.connectm.com/
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
MZ North America
(203) 741-8811
ConnectM@mzgroup.us
