Pineapple Energy Subsidiary SUNation Completes Foundational Engineering Work on 8.46 MW Commercial Installations Valued at $11 Million
October 24 2024 - 7:35AM
SUNation, the New York-based subsidiary of Pineapple Energy Inc.
(Nasdaq: PEGY) (Pineapple Energy) (“Pineapple” or the “Company”), a
leading provider of sustainable solar energy and backup power to
households, businesses, municipalities, and for servicing existing
systems, has completed the foundational engineering work for an
8.46 MW series of commercial projects on Long Island collectively
valued at $11 million.
The work was performed as part of an exclusive Letter of Intent
on the engineering portion of the project. SUNation is working with
the project principals to finalize details for contracts that would
have the Company perform installation of photovoltaic modules and
racking systems across their various sites. Any future work agreed
upon via letters of intent between the two parties is non-binding
and subject to normal closing conditions.
As is typical with commercial contracts in the solar space, the
client wishes to remain anonymous. While the next scope-of-work is
being fine-tuned, if things proceed, the company expects
construction to begin in 2025.
“The commercial side of the business is the solar success story
of 2024,” Scott Maskin, Pineapple Energy’s interim CEO noted. “But
these projects are quite complex. Still, we continue to see how
benefits for both business owners who go solar and the expansion of
green energy options to the broader community make these efforts
well-worth it.”
“The engineering work behind projects like these often evolve
over time to reflect subtle shifts in approach,” John Mucci,
SUNation’s General Manager of New York Operations, noted. “We’re
seeing more and more projects come in as distinct ‘packages’ of
sites for us to work on, instead of simply targeting one individual
structure. Based on the trends, we expect this type of bundling to
continue well into next year.”
About Pineapple EnergyPineapple
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) provide homeowners and
businesses of all sizes with an end-to-end product offering
spanning solar, battery storage, and grid services.
Forward Looking StatementsThis
press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the Company’s current
expectations or beliefs and are subject to uncertainty and changes
in circumstances, including the Company’s expectations regarding
its ability to effect the reverse stock split and regain compliance
with Nasdaq’s continued listing standards. While the Company
believes its plans, intentions, and expectations reflected in those
forward-looking statements are reasonable, these plans, intentions,
or expectations may not be achieved. For information about the
factors that could cause such differences, please refer to the
Company’s filings with the Securities and Exchange Commission,
including, without limitation, the statements made under the
heading “Risk Factors” in the Company's Annual Report on Form 10-K
for the year ended December 31, 2023 and in subsequent filings. The
Company does not undertake any obligation to update or revise these
forward-looking statements for any reason, except as required by
law.
Safe Harbor StatementOur prospects here at
Pineapple Energy Inc. are subject to uncertainties and risks. This
news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. The Company intends that such
forward-looking statements be subject to the safe harbor provided
by the foregoing Sections. These forward-looking statements are
based largely on the expectations or forecasts of future events,
can be affected by inaccurate assumptions, and are subject to
various business risks and known and unknown uncertainties, a
number of which are beyond the control of management. Therefore,
actual results could differ materially from the forward-looking
statements contained in this presentation. The Company cannot
predict or determine after the fact what factors would cause actual
results to differ materially from those indicated by the
forward-looking statements or other statements. The reader should
consider statements that include the words "believes", "expects",
"anticipates", "intends", "estimates", "plans", "projects",
"should", or other expressions that are predictions of or indicate
future events or trends, to be uncertain and forward-looking. We
caution readers not to place undue reliance upon any such
forward-looking statements. The Company does not undertake to
publicly update or revise forward-looking statements, whether
because of new information, future events or otherwise. Additional
information respecting factors that could materially affect the
Company and its operations are contained in the Company's filings
with the SEC which can be found on the SEC's website at
www.sec.gov.
Contacts:Scott MaskinInterim Chief Executive
Officer+1 (631) 823-7131scott.maskin@pineappleenergy.com
Pineapple Investor Relations+1 (952)
996-1674IR@pineappleenergy.com
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