Pineapple Energy, a provider of sustainable solar energy, announced the acquisition of SUNation Energy, a New York-based installer of solar and battery energy storage systems.
The financial terms of the deal were not disclosed.
SUNation generated revenue of $48 million in the past 12 months, which ended on September 30. According to Pineapple Energy, the acquisition was valued at approximately $21.9 million. SUNation founder Scott Maskin will continue to manage the company in New York and joins Pineapple’s board.
“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,” said Kyle Udseth, CEO of Pineapple Energy. “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 a cash flow positive in 2023. Further, it expands our footprint into the northeastern United States, a region with strong demand for solar energy. We’re excited to welcome the SUNation team to the Pineapple family and look forward to growing our business as an integrated team.”
Recently, AMPYR Solar Europe, a solar project developer, and independent power producer, acquired SolarEnergyWork’s solar business in the Netherlands. The acquisition includes an asset pipeline of 100 MW ready-to-build and 650 MW under-development assets. Following this acquisition, AMPYR Solar Europe will have a development pipeline of Solar PV assets of over 1 GW in the Netherlands and an aggregate development pipeline of 6 GW, including Germany and the UK.
According to Mercom’s recently published 9M and Q3 Solar Funding and M&A Report, in 9M 2022, There were 90 solar M&A transactions compared to 83 transactions in 9M 2021.