Minnesota-based Pineapple Energy has acquired SUNation Energy, a solar power and battery systems installer headquartered in Ronkonkoma.
Terms of the deal were not disclosed.
Founded 19 years ago, SUNation offers a range of solar energy solutions including residential, commercial, battery storage, and roofing, and currently services over 12,000 PV systems. Since its inception, the company has installed more than 275,000 solar panels in nearly 8,000 projects, representing about 92 megawatts of carbon-free solar power, according to a company statement.
SUNation generated $48 million in revenue in the 12 months ending Sept. 30. The acquisition is expected to triple Pineapple’s annual revenue.
SUNation founder Scott Maskin will continue to manage SUNation on Long Island and will appointed to Pineapple’s board of directors. SUNation’s Chief Growth Officer Jim Brennan will move into a strategic role at Pineapple, leading the corporate development function, where he will help execute the strategic vision for both organic and M&A-driven growth, according to the statement.
“SUNation Energy is elated to join the Pineapple Energy family,” Maskin said in the statement. “Almost 20 years ago we set out to change the way our friends and neighbors powered their homes and businesses. Through the years we’ve seen many companies come and go, mostly because they forgot who was most important, the customer. We are so fortunate to find a team that shares the same core values and goals as SUNation.”
Pineapple Energy is focused on growing local and regional solar, storage, and energy services companies nationwide. Its portfolio of brands includes Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power, which provides homeowners and small businesses an end-to-end product offering spanning solar, battery storage, and grid services.
“We’re thrilled to announce the SUNation acquisition, which is a fantastic complement to our Hawaii Energy Connection and E-Gear acquisitions which closed alongside our merger into a publicly traded company earlier this year,” Kyle Udseth, CEO of Pineapple Energy, said in the statement. “This acquisition is an indication of the growth potential inherent in our strategy of consolidating and building a nationwide solar, battery storage and home energy management business. We believe the acquisition will give us more scale, increase our revenue substantially, and move us toward achieving the important goal of reaching cash flow positive in 2023.”
David Winzelberg
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