Pineapple Subsidiary SUNation Surpasses Goal of $15 Million in Contracted Commercial Work
June 20 2024 - 9:15AM
SUNation Energy, the Long Island, New York-based subsidiary of
Pineapple Energy (Pineapple), has reported over $15 million in
executed sales contracts and confirmed Letters of Intent in their
commercial and industrial project pipelines.
This milestone figure surpasses SUNation’s
projection for commercial and industrial work, which was
established in late 2023.
“I’m incredibly proud of the Commercial team and
their diligence in establishing SUNation as the “go-to” company for
commercial and industrial projects across New York State,” Scott
Maskin, Pineapple’s Interim CEO, said.
“SUNation’s expertise has attracted many national
developers who chose us for our safety record and attention to
detail,” John Mucci, SUNation’s General Manager of New York
Operations, added. “Our team studies every conceivable detail and
potential project vulnerability prior to contract by leveraging our
unmatched expertise in navigating the complex utility
interconnection process.”
Since federal passage of the Inflation Reduction
Act in August of 2022, which expanded federal and state incentives
for renewable projects, demand for commercial and industrial solar
installations across the United States has amplified. SUNation has
benefitted from this recent momentum, having a variety of new
projects within their pipeline that serve municipal, non-profit,
and for-profit sectors.
“Our pipeline now exceeds $65
million when you consider that many of the national
developers we serve elect to supply much of the equipment needed to
complete the project,” Mucci stressed. “Demand has been so high
that we’ve actually been turning away work outside of our
geographic region to ensure that our team has the manpower to
maintain our quality-first approach.”
Maskin noted that he looks forward to seeing how
the commercial team completes simultaneous projects across the
pipeline while adding to the 2025 backlog.
“Knowing the rhythms of the solar coaster,
diversification has always been the goal of SUNation,” Maskin said.
“Right now, we’re seeing marginal growth in residential and storage
spaces, but the Commercial and Industrial sectors are simply on
fire.” “Between these trends, and having both businesses and
non-profits seeing the potential of maximizing their IRR’s, this
will be THE growth sector to watch” Maskin concluded.
About Pineapple Energy
Pineapple is focused on growing leading local and
regional solar, storage, and energy services companies nationwide.
Our vision is to power the energy transition through grass-roots
growth of solar electricity paired with battery storage. Our
portfolio of brands (SUNation Energy, Hawaii Energy Connection,
E-Gear, Sungevity, and Horizon Solar Power) provide those within
the Residential and Commercial sectors an end-to-end product
offering spanning solar, battery storage, and grid services.
About SUNation Energy
SUNation Energy, a Pineapple Energy company, is the
solar and energy expert trusted by over 9,000 homeowners,
businesses and municipalities since 2003 for professionally
installing the highest quality equipment with an exceptional
customer experience. With offices in Ronkonkoma, NY and Tampa, FL,
SUNation Energy offers the complete in-house sustainable energy
experience including residential and commercial solar installation,
community solar, roofing, backup battery storage, EV charging, and
more. Their not-for-profit corporation, SUNation Cares, also
provides the gift of free electricity for life to Veterans and
their families. SUNation was recently recognized as NYSERDA Quality
Solar Installer Platinum Status in 2024, one of five solar
companies in New York to achieve platinum status and the only on
Long Island.
Forward Looking Statements
This press release includes certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding future financial
performance, future growth, and future opportunities. These
statements are based on Pineapple’s current expectations or beliefs
and are subject to uncertainty and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
statements here due to changes in economic, business, competitive
or regulatory factors, and other risks and uncertainties, set forth
in Pineapple’s filings with the Securities and Exchange Commission.
The forward-looking statements in this press release speak only as
of the date of this press release. Pineapple Energy does not
undertake any obligation to update or revise these forward-looking
statements for any reason, except as required by law.
Contacts:Scott MaskinInterim Chief Executive
Officer+1 (631) 823-7131scott.maskin@pineappleenergy.com
Pineapple Investor Relations+1 (952)
996-1674IR@pineappleenergy.com
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