Pineapple Energy, a solar + storage contractor, has acquired SUNation Energy, a New York-based solar installer for residential and small commercial customers. The transaction closed on November 9, 2022.
SUNation has been serving Long Island for 19 years, offering a variety of solar energy solutions including residential, commercial, battery storage, and rooftop, and currently servicing 12,000 PV systems. In the course of nearly 8,000 projects since its inception, SUNation has installed more than 275,000 solar panels representing 92 MW of carbon-free solar power.
Founder Scott Maskin will continue to lead SUNation in New York. At least contribute to current and future acquisitions and be appointed to Pineapple’s board of directors. SUNation’s chief growth officer, Jim Brennan, will lead Pineapple Energy’s corporate development.
“This acquisition is an indication of the growth potential inherent in our strategy to consolidate and build a nationwide solar, battery storage and home energy management business,” said Kyle Udseth, CEO of Pineapple Energy. . “We believe that the acquisition will give us more scale, increase our income and move us towards achieving the important goal of achieving cash flow positive by 2023. solar energy.”
Earlier this year, Pineapple Energy acquired Sungevity and Horizon Solar. Pineapple Energy chief financial officer Eric Ingvaldson said the company is pursuing other acquisitions.
“SUNation Energy is pleased to join the Pineapple Energy family. Almost 20 years ago we started changing the way our friends and neighbors run their homes and businesses. Over the years we have seen many companies come and go, mostly because they have forgotten who is most important, the customer,” says Maskin. “We are very fortunate to have found a team with the same core values and goals as SUNation. Dominant, high-quality, referral-based regional companies are the heart and soul of this industry and Pineapple quickly recognizing the incredible work done by the SUNation team. With the Pineapple team, we can scale this model nationwide while delivering the highest quality customer experience possible. The Pineapple team is humble, knowledgeable and aggressive. We are a non formidable team.”
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