Pineapple Energy, a photo voltaic + storage contractor, acquired SUNation Energy, a New York-based photo voltaic installer for residential and small business clients. The transaction closed on November 9, 2022.
SUNation has served Lengthy Island for 19 years, providing a variety of photo voltaic power options together with residential, business, battery storage, and roofing, and at present companies over 12,000 PV programs. Over the course of just about 8,000 tasks since its inception, SUNation has put in over 275,000 photo voltaic panels representing 92 MW of carbon-free solar energy.
Founder Scott Maskin will proceed to handle SUNation in New York. Maskin will contribute to present and future acquisitions and be appointed to Pineapple’s board of administrators. SUNation’s chief progress officer Jim Brennan will lead company growth at Pineapple Power.
“This acquisition is a sign of the expansion potential inherent in our technique of consolidating and constructing a nationwide photo voltaic, battery storage and residential power administration enterprise,” mentioned Kyle Udseth, CEO of Pineapple Power. “We imagine the acquisition will give us extra scale, enhance our income considerably, and transfer us towards reaching the vital purpose of reaching money circulation constructive in 2023. Additional, it expands our footprint into the northeastern United States, a area with sturdy demand for photo voltaic power.”
Earlier this yr, Pineapple Power acquired each Sungevity and Horizon Photo voltaic. Pineapple Power chief monetary officer Eric Ingvaldson mentioned the corporate is pursuing different acquisitions.
“SUNation Power is elated to affix the Pineapple Power household. Virtually 20 years in the past we got down to change the best way our mates and neighbors powered their properties and companies. By way of the years we’ve seen many firms come and go, principally as a result of they forgot who was most vital, the shopper,” Maskin mentioned. “We’re so lucky to discover a staff that shares the identical core values and targets as SUNation. Dominant, high-quality, referral-based regional firms are the center and soul of this trade and Pineapple was fast to acknowledge the superb work the SUNation staff has completed. Along with the Pineapple staff, we will scale this mannequin nationally whereas delivering the very best high quality buyer expertise potential The Pineapple staff is humble, educated and aggressive. We’re an unstoppable staff.”
Information merchandise from Pineapple Power