Pineapple Energy, a solar + storage contractor, acquired SUNation Energy, a New York-based solar installer for residential and small commercial customers. The transaction closed on November 9, 2022.
SUNation has served Long Island for 19 years, offering a range of solar energy solutions including residential, commercial, battery storage, and roofing, and currently services over 12,000 PV systems. Over the course of almost 8,000 projects since its inception, SUNation has installed over 275,000 solar panels representing 92 MW of carbon-free solar power.
Founder Scott Maskin will continue to manage SUNation in New York. Maskin will contribute to current and future acquisitions and be appointed to Pineapple’s board of directors. SUNation’s chief growth officer Jim Brennan will lead corporate development at Pineapple Energy.
“This acquisition is an indication of the growth potential inherent in our strategy of consolidating and building a nationwide solar, battery storage and home energy management business,” said Kyle Udseth, CEO of Pineapple Energy. “We believe the acquisition will give us more scale, increase our revenue substantially, and move us toward achieving the important goal of reaching cash flow positive in 2023. Further, it expands our footprint into the northeastern United States, a region with strong demand for solar energy.”
Earlier this year, Pineapple Energy acquired both Sungevity and Horizon Solar. Pineapple Energy chief financial officer Eric Ingvaldson said the company is pursuing other acquisitions.
“SUNation Energy is elated to join the Pineapple Energy family. Almost 20 years ago we set out to change the way our friends and neighbors powered their homes and businesses. Through the years we’ve seen many companies come and go, mostly because they forgot who was most important, the customer,” Maskin said. “We are so fortunate to find a team that shares 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 was quick to recognize the amazing work the SUNation team has accomplished. Together with the Pineapple team, we can scale this model nationally while delivering the highest quality customer experience possible The Pineapple team is humble, knowledgeable and aggressive. We are an unstoppable team.”
News item from Pineapple Energy
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