New Energy Equity Announces Leadership Transition: Josh Kunkel to Succeed Matt Hankey as CEO

Rhea-AI Summary

New Energy Equity, a subsidiary of ALLETE (NYSE: ALE), announced a leadership transition where current President Josh Kunkel will be promoted to CEO effective June 1, 2025. Co-founder and current CEO Matt Hankey will transition to a new role as Emerging Technologies Officer at ALLETE while remaining on New Energy Equity's Board of Directors.

Kunkel, who joined the company in 2020 as VP of Business Development and became President in 2022, will lead the company's next growth phase. Under Hankey's leadership since co-founding in 2013, New Energy Equity has grown to over 125 employees and implemented more than 270 solar projects nationwide, totaling 600MW and exceeding $1.5 billion in project investment.

Positive

• Smooth leadership transition with internal promotion ensures continuity
• Former CEO remains involved through Board position
• Strong track record of growth with 270+ solar projects worth $1.5B
• Significant scale with 600MW of implemented projects

Negative

• Loss of founding CEO's direct operational leadership

ANNAPOLIS, Md., April 9, 2025 /PRNewswire/ -- New Energy Equity, a subsidiary of ALLETE, Inc. (NYSE: ALE), announced today that Josh Kunkel, current president of New Energy Equity, will be promoted to Chief Executive Officer as part of a planned transition effective June 1, 2025. Co-founder and current CEO, Matt Hankey will be taking on a new role at ALLETE as Emerging Technologies Officer, focusing on broad initiatives across the ALLETE family of companies, while remaining on the New Energy Equity Board of Directors.

Kunkel joined New Energy Equity in 2020 as Vice President of Business Development and was promoted to President in 2022. "Matt has built a truly special company here at New Energy. Our culture, our success, and our steadfast resolve all starts with Matt, so it is a bittersweet time, although I am glad he will continue to be part of our ALLETE family. I am honored to step into this role and continue building on the strong foundation that Matt and the team have created," said Kunkel. "New Energy Equity has a bright future ahead, and I'm excited to lead this talented team as we expand our impact in the renewable energy industry."

Hankey co-founded New Energy Equity in 2013, leading the company through multiple stages of rapid growth prior to being acquired by ALLETE in April of 2022. Under Hankey's leadership the company has grown to over 125 employees and implemented over 270 solar projects across the country, totaling 600MW and more than $1.5 billion in project investment.

"Matt has built an outstanding organization and a dynamic team at New Energy Equity. His leadership and vision have shaped the company into a national leader in distributed renewable energy development," said ALLETE CEO and New Energy Equity Board Chair Bethany Owen. "We are excited for Matt to bring his expertise to ALLETE's broader emerging technologies directives. At the same time, we are thrilled to have Josh step into the CEO role. Josh has been a strong, results-driven leader at New Energy, and with his deep commitment to the company's culture, mission, and strategy, I have great confidence in his leadership as the company enters its next phase of growth."

"Building New Energy Equity with my incredible colleagues is by far the most significant accomplishment of my professional career. I am so proud to have had the opportunity to lead this incredible team over the last 11 years. The New Energy Equity team is stronger than ever and extremely well positioned for success under Josh's leadership, and I look forward to seeing what they can accomplish in this next phase of the company."

About New Energy Equity

New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE: ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 600MW of solar projects and closed more than $1.5 billion in clean energy investments. To learn more, visit https://www.newenergyequity.com.

Media Contact
Kyle Wehnes
(262)366-9223
kylew@newenergyequity.com

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SOURCE New Energy Equity

FAQ

When will Josh Kunkel become the new CEO of ALLETE's New Energy Equity subsidiary?

Josh Kunkel will assume the CEO position at New Energy Equity effective June 1, 2025.

What are New Energy Equity's achievements under Matt Hankey's leadership before joining ALLETE (ALE)?

Under Hankey's leadership, the company implemented 270+ solar projects totaling 600MW and $1.5B in project investment, growing to 125+ employees.

What role will former New Energy Equity CEO Matt Hankey take at ALLETE (ALE)?

Matt Hankey will become ALLETE's Emerging Technologies Officer while remaining on New Energy Equity's Board of Directors.

What is Josh Kunkel's background at New Energy Equity before becoming CEO?

Kunkel joined in 2020 as VP of Business Development and was promoted to President in 2022.