Pineapple Energy Inc., a supplier of sustainable photo voltaic vitality and back-up energy to households and small companies, has acquired SUNation Power, a New York-based installer of photo voltaic and battery vitality storage techniques for residential and small industrial prospects. Over the course of just about 8,000 tasks since inception, SUNation has put in over 275,000 photo voltaic panels representing 92 MW of unpolluted, carbon-free solar energy.
Founder Scott Maskin will proceed to handle SUNation in New York. He’ll interact present and future acquisitions in core worth alignment and be appointed to Pineapple’s board of administrators. SUNation’s Chief Development Officer Jim Brennan will transfer right into a strategic position at Pineapple Power, main the company growth operate, the place he’ll assist execute the strategic imaginative and prescient for each natural and M&A-driven progress.
“We’re thrilled to announce the SUNation acquisition, which is a improbable complement to our Hawaii Power Connection and E-Gear acquisitions which closed alongside our merger right into a publicly traded firm earlier this 12 months,” says Kyle Udseth, CEO of 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 vitality administration enterprise.”
“We imagine the acquisition will give us extra scale, improve our income considerably, and transfer us towards reaching the essential objective of reaching money stream constructive in 2023,” continues Udseth. “Additional, it expands our footprint into the northeastern United States, a area with sturdy demand for photo voltaic vitality. We’re excited to welcome the SUNation group to the Pineapple household and stay up for rising our enterprise as an built-in group.”
“SUNation Power is elated to affix the Pineapple Power household,” states Maskin, SUNation’s founder, CEO and chief enjoyable officer. “Nearly 20 years in the past we got down to change the best way our buddies and neighbors powered their properties and companies. By means of the years we’ve seen many corporations come and go, largely as a result of they forgot who was most essential, the shopper. We’re so lucky to discover a group that shares the identical core values and targets as SUNation.”
“Dominant, top quality, referral primarily based regional corporations are the guts and soul of this business and Pineapple was fast to acknowledge the wonderful work the SUNation group has completed,” provides Maskin. “Along with the Pineapple group, we are able to scale this mannequin nationally whereas delivering the very best high quality buyer expertise potential The Pineapple group is humble, educated and aggressive. We’re an unstoppable group.”
“SUNation strikes us nearer to the essential mass we have to speed up our progress,” Pineapple CFO Eric Ingvaldson expands on the monetary and strategic rationale. “They generated income of $48 million within the trailing twelve months ended September 30, 2022, which represents roughly twice the income generated by our Hawaii operations. As well as, we’re persevering with to concentrate on different acquisition alternatives. We’re excited in regards to the potential to enter 2023 with sturdy enterprise momentum, a rising nationwide footprint, an impressive group with in depth photo voltaic business data, and positioned to change into cash-generating throughout the 12 months.”