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Pineapple Subsidiary SUNation Energy Secures $2.5 Million Project Slated to Directly Benefit Shinnecock Nation

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Pineapple Energy's subsidiary, SUNation Energy, has made significant progress in renewable energy projects for the Shinnecock Nation. The company has completed two of three planned projects, which include bringing the local elementary school to 100% electric usage offset and supporting five new homes with solar and hydrogen fuel cell power. The third project, a $2.5 million community solar array, is in its final design phase and pending grant funding. Upon completion, this project will provide solar power to various buildings and residences within the 800-acre reservation. The solar panels for these projects were donated to the Shinnecock Reservation.

Positive
  • SUNation Energy completed two of three renewable energy projects for the Shinnecock Nation.
  • The local elementary school now achieves 100% electric usage offset through solar power.
  • Five new homes are supported with solar energy and hydrogen fuel cells.
  • A $2.5 million community solar array is in the final design phase.
  • The project has broad support from local utilities and the State of New York.
  • Local workforce utilization and training are part of the project.
Negative
  • The $2.5 million community solar project is still pending grant funding.

Pineapple Energy’s subsidiary, SUNation Energy, has successfully completed two renewable energy projects for the Shinnecock Nation, with a third larger project in the design phase. This project underlines a significant shift towards sustainable energy solutions for an underserved community. The initiative not only promotes environmental benefits but also paves the way for energy independence, providing a replicable model for other indigenous nations and small communities.

For a retail investor, this progress showcases Pineapple Energy’s ability to deliver on community-focused projects, highlighting their technological competence and commitment to sustainability. The completion of the project would likely bolster the company’s reputation and open doors for future grants and collaborative opportunities, both of which can have positive long-term implications for revenue growth and market positioning. The partnership with local utilities and the New York State also exemplifies effective stakeholder engagement, which is important in the renewable energy sector.

From a financial standpoint, the $2.5 million project is relatively modest in scale. However, the key takeaway lies in the potential for future government grants and subsidies, which could significantly lower operational costs and improve profitability. Pineapple Energy’s involvement in such projects could enhance their portfolio and attract investors interested in ESG (Environmental, Social and Governance) criteria.

While the current project doesn’t directly translate to immediate substantial revenue, it positions Pineapple Energy favorably for future high-value contracts and grants. Investors should watch for updates on the grant funding and subsequent project completion, as successful execution could lead to recognizable financial gains and higher stock valuations over the long term.

SUNation Energy’s Work With The Shinnecock Nation Helps Ensure Tribe Has Access to Clean and Affordable Power

MINNETONKA, Minn., June 12, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (“Pineapple”), a leading provider of sustainable solar energy and backup power to households and small businesses, is announcing that SUNation Energy, the company’s New York subsidiary, has completed two (2) of three (3) renewable energy projects within the Shinnecock Nation.

The Shinnecock Indian Nation is a federally recognized tribe of sovereign Native Americans who live on the East End of Long Island.

Of the work SUNation has completed, one project now brings the tribe’s local elementary school to 100% electric usage offset through the application of rooftop solar and a separate ground mount array that supports five (5) new homes and their hydrogen fuel cell power center.

As of writing, SUNation is now in final design phase of the $2.5 million 1 MW ground mount/carport community solar array, pending the award of grant funding.

Upon completion, new community solar power will be distributed to the support buildings and residences throughout the 800-acre self-governing reservation. The solar panels being used for this project were donated to the Shinnecock Reservation.

“This is a once in a lifetime opportunity to bring support to an underserved community, utilize and train local workforce, and revitalize equipment that may have wound up in a landfill” said Scott Maskin, interim CEO of Pineapple Energy. “The project has support from our local utility, the State of New York, and all other involved stakeholders. I’m proud to play a part in this and look forward to this being a model as more non-profits, for profits and government entities unite to bring clean renewable power to our most needy.”

“SUNation has been an invaluable partner to our tribe. They continue to support us and creatively provide unique solutions,” Phillip Brown, Housing Director for the Shinnecock Nation, added. “We expect to continue re-imagining the way our residents produce and consume power as we move to self-sustainability of our properties. This is part of our culture and our heritage.”

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.

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

Pineapple Investor Relations
+1 (952) 996-1674
IR@pineappleenergy.com


FAQ

What project did SUNation Energy complete for the Shinnecock Nation?

SUNation Energy completed two of three renewable energy projects, including solar power for a local elementary school and five new homes.

How much is the SUNation Energy project for the Shinnecock Nation worth?

The project is valued at $2.5 million.

What stage is the $2.5 million community solar array project in?

The project is in its final design phase and awaits grant funding.

What does the SUNation Energy project provide for the Shinnecock Nation?

The project provides renewable energy solutions including solar power and hydrogen fuel cells, aiming for self-sustainability.

What are the benefits of SUNation Energy's project for the Shinnecock Nation?

The benefits include clean energy, local workforce training, and support for the tribe's self-sustainability goals.

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