ConnectM secures Master Services Agreement with Devlin Energy

ConnectM Technology has entered into a Master Services Agreement 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.