Pineapple Energy Successfully Completes First Round of Capital Fundraising

Rhea-AI Summary

Pineapple Energy Inc. (Nasdaq: PEGY), a leading provider of sustainable solar energy and backup power solutions, has successfully completed its first round of capital fundraising. The initiative, led by Conduit Capital and MBB Energy, can provide Pineapple with over $1 million in funding. The first tranche was funded on July 23rd, 2024, with a potential second tranche available as per loan documents.

Scott Maskin, Interim CEO of Pineapple Energy, expressed gratitude towards the financiers and highlighted the company's commitment to growth strategies. He emphasized that the funding addresses Pineapple's short-term needs and aligns with management's vision to reimagine, restructure, recapitalize, and rebuild shareholder equity.

Positive

• Successful completion of first round of capital fundraising
• Potential for over $1 million in funding
• First tranche of the new loan already funded
• Approval from Pineapple Board of Directors and existing senior lenders
• Addresses short-term financial needs

Negative

• None.

RONKONKOMA, N.Y., July 29, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households and small businesses, has successfully completed its first round of capital fundraising.

The collaborative effort by Conduit Capital and MBB Energy, which can provide Pineapple over $1 million, was approved both by the Pineapple Board of Directors and Pineapple's existing senior lenders. The first tranche of the new loan was funded on Tuesday, July 23rd, 2024, and a second tranche into Pineapple can also be made available in accordance with the loan documents.

“I want to thank our department financiers for masterfully navigating this process with unmatched expertise,” Scott Maskin, Interim CEO of Pineapple Energy, said. “There is no question that those within our capital stack, our shareholders, and our team are embracing the re-imagined Pineapple Energy that we are building each day. This faith drives new capital towards our growth strategies.”

The funding, Maskin noted, levelizes Pineapple’s short-term needs. “Every decision is being made because management feels it will reimagine, restructure, recapitalize, and rebuild shareholder equity,” Maskin added.

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) provide those within the Residential and Commercial sectors an end-to-end product offering spanning solar, battery storage, and grid services.

About Conduit Capital

Conduit Capital’s leadership team is an experienced group of investors and innovators in investment management, with a history of incubating platforms and strategies that break new ground. Throughout their careers with leading alternative asset management firms and financial institutions, the founders and senior management have developed thematic platforms and strategies to pursue investments that respond to the challenges of our time.

Conduit Capital’s mission is to catalyze impact at scale by activating capital at scale. By proving the financial viability of impact investment strategies, Conduit Capital is charting a course others can follow, leading to a fairer, cleaner, and more sustainable future for all of us.

Contacts:
Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
SMaskin@sunation.com

Pineapple Investor Relations
IR@pineappleenergy.com

FAQ

How much funding did Pineapple Energy (PEGY) secure in its recent capital raise?

Pineapple Energy (PEGY) secured a potential funding of over $1 million through its recent capital raise, with the first tranche already funded on July 23rd, 2024.

Who led the capital fundraising for Pineapple Energy (PEGY)?

The capital fundraising for Pineapple Energy (PEGY) was led by Conduit Capital and MBB Energy.

When was the first tranche of Pineapple Energy's (PEGY) new loan funded?

The first tranche of Pineapple Energy's (PEGY) new loan was funded on Tuesday, July 23rd, 2024.

What is Pineapple Energy's (PEGY) plan for the newly raised capital?

Pineapple Energy (PEGY) plans to use the newly raised capital to address short-term needs and support its growth strategies, with a focus on reimagining, restructuring, recapitalizing, and rebuilding shareholder equity.