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.
