- Pineapple Energy ( NASDAQ: PEGY ) said Thursday it acquired SUNation Energy , a New York-based installer of solar and battery storage systems for residential and small commercial customers.
- Terms were not disclosed.
- The acquisition is expected to triple Pineapple's ( PEGY ) annual revenue.
- SUNation founder Scott Maskin will continue to manage the firm in New York and will join Pineapple's ( PEGY ) board.
- "We believe the acquisition will give us more scale, increase our revenue substantially, and move us toward reaching cash flow positive in 2023. Further, it expands our footprint into northeastern U.S.," said Pineapple ( PEGY ) CEO Kyle Udseth.
- SUNation generated revenue of $48M in the trailing 12 months ended Sept. 30, which Pineapple ( PEGY ) CFO Eric Ingvaldson said represents approx. twice the revenue generated by Pineapple's ( PEGY ) Hawaii operations.
- Pineapple ( PEGY ) also entered into a deal with existing preferred stock and warrant holders for a PIPE investment reset.
- These investors provided certain waivers to anti-dilution protections in exchange for a reset of the preferred stock's conversion price to $4 and the strike price on certain warrants to $4 from $13.60.
For further details see:
Pineapple Energy acquires solar installer SUNation