Minnetonka, Minnesota-based Pineapple Energy Inc on Thursday said it has acquired New York residential and commercial solar installer SUNation Energy.
The deal complements the acquisitions of Hawaiian solar companies Hawaii Energy Connection and E-Gear, which closed alongside Pineapple’s merger into a publicly traded company earlier this year, remarked Pineapple chief executive Kyle Udseth.
“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,” the CEO added.
Pineapple chief financial officer Eric Ingvaldson said that SUNation generated revenue of USD 48 million (EUR 48.2m) in the trailing 12 months through September, which is about twice the revenue generated by the company’s Hawaii operations. According to Ingvaldson, the purchase moves Pineapple closer to the critical mass it needs to accelerate growth.
Pineapple currently has a portfolio of brands including Hawaii Energy Connection, E-Gear, Sungevity and Horizon Solar Power.
According to the announcement, SUNation has operated in Long Island for 19 years and has to date delivered almost 8,000 projects, representing 92 MW of solar power.