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Pineapple Subsidiary SUNation Signs 1.95-Megawatt Project

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Pineapple Energy's subsidiary SUNation has secured a significant 1.95-megawatt solar project in New York, set to start in early July. The project, to be installed on a large industrial building, was expedited from inception to execution within months, highlighting SUNation's efficiency and expertise. The developer, with over 200 MW in their national renewables pipeline, chose SUNation for their interconnection knowledge and track record in New York. Both Pineapple's interim CEO, Scott Maskin, and SUNation's General Manager, John Mucci, emphasized the growing demand for industrial solar projects and SUNation's continued success in securing similar contracts.

Positive
  • SUNation secured a 1.95-megawatt solar project.
  • The project will begin in early July, showcasing rapid execution.
  • SUNation has been recognized for their extensive interconnection knowledge in New York.
  • The developer has a significant pipeline with over 200 MW in projected renewables.
  • SUNation's track record of delivering projects on time and on budget was a key factor in their selection.
  • Increased demand for industrial and commercial solar projects noted.
  • SUNation has secured several contracts in recent months, indicating strong business growth.
Negative
  • No significant financial or business performance metrics provided, making it difficult to assess the direct impact on financial health.
  • Potential risk if the project faces delays or installation issues.

The announcement of SUNation's new 1.95-megawatt project is significant for Pineapple Energy Inc. The project highlights the company's expanding footprint in the commercial solar installation market, which is a high-growth segment within the renewable energy sector. This project not only adds to Pineapple's revenue stream but also demonstrates their capability to handle large-scale installations, potentially leading to more contracts in the future.

From a financial perspective, such a project can be a revenue generator and enhance Pineapple's market position. Investors should note the expedited timeline of the project, which could lead to quicker-than-expected revenue recognition. However, the true impact will depend on the margins achieved and any unforeseen costs. The mention of a strong pipeline of over 200 MW nationally suggests a robust future for the company, providing long-term growth prospects.

Given the increasing demand for solar energy, Pineapple's strategic moves to secure and execute significant projects in key markets like New York can be seen as a positive indicator of the company's growth potential. This project, if executed efficiently, could serve as a testament to SUNation's operational excellence and ability to meet market demand rapidly.

The expansion into a 1.95-megawatt project by SUNation is important in the context of the growing renewable energy market, particularly in New York. This state has one of the most aggressive renewable energy targets in the U.S., aiming for 70% of its electricity to come from renewable sources by 2030. By securing this contract, SUNation is positioning itself as a key player in a lucrative and competitive market.

For retail investors, this signifies not just a one-off project but an alignment with broader market trends favoring sustainable energy solutions. The expedited timeline might also indicate a competitive edge that SUNation has in terms of project execution speed and reliability. This could attract more business from developers who value quick turnaround times and successful track records.

Given the increasing industrial and commercial demand for solar energy, this project also reflects the broader industry movement towards renewable energy adoption, driven by both regulatory pressures and economic incentives. The success of this project might set a precedent for future contracts, providing steady growth and signaling the company's strengthening market position.

MINNETONKA, Minn., May 24, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (“Pineapple”), a leading provider of sustainable solar energy and backup power to households and small business, announced today that its New York-based subsidiary SUNation signed a 1.95-megawatt project. SUNation will begin work on this large-scale commercial installation in early July. The project, to be installed on a large industrial building in New York, will feature an expedited installation.

The developer has more than 200 MW of energy in their projected renewables pipeline nationally. They chose SUNation due to their extensive interconnection knowledge in the State of New York as well as their successful track record of delivering projects on time and on budget.

“Projects of this size and complexity can take years to develop. This project went from first contact to execution in a matter of months. This developer knew exactly what they wanted and who they wanted to work with. Congratulations to my SUNation Commercial and Industrial team for the herculean effort to meet the requirements of this project,” said Scott Maskin, Interim CEO of Pineapple Energy and SUNation Founder.

John Mucci, General Manager of SUNation’s New York Operations, noted that, “SUNation has been securing similar contracts in recent months. It is an exciting period for SUNation,” Mucci added that, “The demand for industrial and commercial work has grown in recent months as owners see the value in going solar.”

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, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power) provide homeowners and small businesses with an end-to-end product offering spanning solar, battery storage, and grid services.

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 or growth opportunities, future opportunities, future flexibility to pursue acquisitions, future cash flows and future earnings. These statements are based on the Company’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, including those set forth in the Company’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. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

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

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


FAQ

What major project did SUNation sign in May 2024?

SUNation signed a 1.95-megawatt solar project to be installed on a large industrial building in New York.

When will SUNation start the 1.95-megawatt project?

SUNation will begin work on the project in early July 2024.

Why did the developer choose SUNation for the 1.95-megawatt project?

The developer chose SUNation due to their extensive interconnection knowledge in New York and their successful track record of delivering projects on time and on budget.

How much energy is in the developer's renewables pipeline?

The developer has more than 200 MW of energy in their projected renewables pipeline nationally.

What is driving the demand for industrial and commercial solar projects according to SUNation?

The demand is driven by the growing recognition of the value in going solar among industrial and commercial property owners.

Pineapple Energy Inc.

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