New Energy Equity announces promotions of executive leadership team

Rhea-AI Summary

New Energy Equity, a subsidiary of ALLETE (NYSE: ALE), has announced several promotions within its executive team, effective November 4, 2022. Josh Kunkel is elevated to President, while Lindsey Gillis becomes Chief Administrative Officer, and Dean Eastlake III takes on the role of Chief Operations Officer. Other promotions include Jamie Borell as Senior VP of Land and Business Development, Eric Pasi as Senior VP of New Market Development and Marketing, and Eric Hanson as VP of Engineering and Construction. Co-founder Matt Hankey remains as CEO, emphasizing the leadership team's extensive industry experience and commitment to growth in clean energy.

Positive

• Promotions reflect strong internal leadership and industry experience, with over 80 years combined.
• Josh Kunkel's promotion to President may drive commercial and project acquisition activities effectively.
• Gillis's new role emphasizes organizational strength and commitment to diversity within the company.

Negative

• Management changes could create continuity concerns for existing projects.
• Potential experience gaps in new roles may impact operational efficiency.

ANNAPOLIS, Md., Nov. 4, 2022 /PRNewswire/ -- New Energy Equity (New Energy), a wholly-owned subsidiary of ALLETE (NYSE: ALE), announced today the promotions of several members of their executive team:

• Josh Kunkel to President of New Energy Equity
• Lindsey Gillis to Chief Administrative Officer
• Dean Eastlake III to Chief Operations Officer
• Jamie Borell to Senior Vice President Land and Business Development
• Eric Pasi to Senior Vice President, New Market Development and Marketing
• Eric Hanson to Vice President, Engineering and Construction

Co-founder Matt Hankey will continue to lead New Energy as Chief Executive Officer.

"With more than 80 years combined solar energy industry experience and a tremendous track record of leading solar finance and development, we are thrilled to announce these promotions within our leadership team," Hankey said. "I look forward to working closely with this team in their new roles, along with the rest of the team as we continue the growth, success, and evolution of the New Energy Equity brand."

In his previous position as Vice President of Business Development, Kunkel was instrumental in New Energy's growth over the past three years. He played a key role in the acquisition of New Energy by ALLETE in April 2022, along with the merger and integration of Impact Power Solutions and Energy Support Services by New Energy this year. As president, Kunkel will lead all commercial and project acquisition activities while collaboratively running daily management of New Energy with Hankey.

"The accomplishments of the New Energy team have been remarkable, and I am honored to be a part of its success," Kunkel said. "Now, with the backing of ALLETE, our world-class team is poised for even further growth in our mission to leave behind a better world through the advancement of clean energy."

Previously, as VP of Operations, Gillis excelled at providing oversight of resources engaged at every phase of project development, including due diligence, planning, and project implementation, significantly contributing to the company's competitive management strength and value benefiting its many partners and projects. As Chief Administrative Officer, Gillis will now also oversee Human Resources, including recruiting, staffing resource allocation, and professional development as well as lead New Energy's Diversity Equity and Inclusion Committee.

"Establishing and fostering a values-based culture has always been a priority at New Energy, "Gillis said. "With this opportunity to lead the mentoring and coaching of our employees, and with the unique perspective as a woman in leadership, I am proud to continue New Energy's commitment to diversity both within our company and the solar industry."

In his previous role of VP of Engineering and Construction, Eastlake led all procurement, as well as technical and project management efforts, ensuring best-in-class design, performance modeling, and construction workmanship through final project commissioning. His management of the relationships with EPCs, utilities, owner's engineers, permitting agencies, and technical reviewers has been paramount to the company's growth and success. In his promotion to Chief Operations Officer, Eastlake will now oversee all operations for New Energy, including the origination of development and implementation of those projects once developed.

"Being able to serve as COO exemplifies the great opportunities of elevation at New Energy given to leaders from within, as we expand the volume of projects and the number of partnerships that our growing team manages," Eastlake said.

Jamie Borell, previously the CEO of Impact Power Solutions before the company was acquired by New Energy Equity, said, "I am thrilled to advance in my role as the VP of Land and Business Development at New Energy, bringing with me a team of highly talented and capable professionals who are excited and ready to work together as one team."

Eric Pasi, the newly appointed senior VP of New Market Development and Marketing, has been in the industry for over 15 years and has had a substantial impact on the success of solar in many community solar markets throughout the country. "The clean energy industry is advancing rapidly and the leadership team at New Energy is comprised of top talent dedicated to improving the future for people and the planet," Pasi said.

Eric Hanson, now the VP of Engineering and Construction at New Energy, also comes from Impact Power Solutions. Hanson said, "The capabilities of this executive team will undoubtedly lead, not only New Energy to the next level, but lead the entire clean energy industry to new heights."

About New Energy Equity

New Energy Equity, a wholly-owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operates and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 330MW of solar projects and closed more than $600M in clean energy investments. The company has been ranked on Solar Power World's "Top Solar Contractors list since its inception and voted one of the fastest-growing energy companies in D.C., Maryland, and Virginia by Inc. Magazine. To learn more, visit http://www.newenergyequity.com.

Contact:
Bridget Petersen 
(801) 866-3687 
bpetersen@newenergyequity.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-energy-equity-announces-promotions-of-executive-leadership-team-301669222.html

SOURCE New Energy Equity

FAQ

What executive promotions occurred at New Energy Equity on November 4, 2022?

New Energy Equity announced the promotions of Josh Kunkel to President, Lindsey Gillis to Chief Administrative Officer, Dean Eastlake III to Chief Operations Officer, Jamie Borell to Senior VP of Land and Business Development, Eric Pasi to Senior VP of New Market Development and Marketing, and Eric Hanson to VP of Engineering and Construction.

Who continues to lead New Energy Equity after the recent management changes?

Matt Hankey continues to serve as Chief Executive Officer of New Energy Equity.

What is the expected impact of Josh Kunkel's promotion on New Energy Equity?

Josh Kunkel's promotion to President is expected to enhance commercial and project acquisition activities, contributing to the company's growth.

How does New Energy Equity aim to maintain its culture after the executive changes?

Lindsey Gillis, as CAO, will oversee HR and lead diversity initiatives to foster a values-based culture.