Pineapple Energy (NASDAQ: PEGY) stock surged during pre-market trading Tuesday after its subsidiary SUNation secured a major solar project in New York.
On Friday, Pineapple Energy (PEGY) disclosed that its New York-based subsidiary, SUNation, had inked a deal for a 1.95-megawatt project. The project, set to commence in early July, entails a large-scale commercial installation on an industrial building in New York and will feature an expedited installation process.
With over 200 megawatts of energy in their projected renewables pipeline nationwide, the developer selected SUNation based on its extensive interconnection knowledge in New York and its proven track record of delivering projects on time and within budget.
Scott Maskin, Interim CEO of Pineapple Energy and SUNation Founder, expressed pride in the swift execution of the project, stating,
“Projects of this size and complexity can take years to develop. This project went from first contact to execution in a matter of months. This developer knew exactly what they wanted and who they wanted to work with. Congratulations to my SUNation Commercial and Industrial team for the herculean effort to meet the requirements of this project.”
John Mucci, General Manager of New York Operations at SUNation, noted that,
“SUNation has been securing similar contracts in recent months. It is an exciting period for SUNation.”
He added that the demand for industrial and commercial solar installations has surged recently as property owners increasingly recognize the benefits of transitioning to solar energy.
Pineapple Energy (NASDAQ: PEGY) Stock Price Action
As of 06:57 a.m. (Eastern Time) Tuesday, PEGY stock traded at $0.2115, marking an 18.75% increase compared to the previous trading session.
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