SUNation Energy Secures Exclusive Collaboration with Empire Automotive Group
Rhea-AI Summary
SUNation Energy, a subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has secured an exclusive agreement with Empire Automotive Group (EAG) to provide electric vehicle (EV) home charging stations. EAG, one of New York State's largest automotive dealership groups with 20 locations, will offer complimentary SUNation Energy Level 2 EV charging stations to new EV clients.
The collaboration aims to create a new potential revenue stream by introducing EV owners to residential solar power. Scott Maskin, Interim CEO of Pineapple Energy and SUNation founder, emphasized the customer-first approach shared by both companies. The agreement includes staff training and dedicated resources for EAG customers.
Michael Brown, EAG's owner, cited SUNation's reputation for excellent customer service as a key factor in the partnership. The program will be rolled out to individual EAG dealers in the coming months, addressing the fragmented Level 2 EV charging infrastructure market and potentially increasing residential solar adoption among EV purchasers.
Positive
- Exclusive agreement with Empire Automotive Group to provide EV home charging stations
- Potential new revenue stream by introducing EV owners to residential solar
- Complimentary Level 2 EV chargers offered to EAG's new EV clients
- Expansion into the growing EV market segment
- Partnership with one of New York State's largest automotive dealership groups (20 locations)
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, PEGY gained 5.70%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Agreement Creates New Potential Revenue Stream By Introducing new EV Owners to Residential Solar Powered by SUNation
RONKONKOMA, N.Y., Oct. 10, 2024 (GLOBE NEWSWIRE) -- SUNation Energy, the New York-based subsidiary of Pineapple Energy Inc. (Nasdaq: PEGY), has been chosen as the exclusive provider of electric vehicle (“EV”) home charging stations for Empire Automotive Group.
Empire Automotive Group (“EAG”), one of the largest automotive dealership groups in New York State with a total of 20 locations, will provide complimentary SUNation Energy Level 2 EV charging stations to their new EV clients.
The program will be rolled out to individual EAG dealers in the coming months.
“This is a groundbreaking agreement and I’m excited to expand this part of our business with EAG,” said Scott Maskin, Interim CEO of Pineapple Energy and founder of SUNation. “Our business model is cohesive with EAG, customer first, period, end of story.”
Level 2 EV chargers, which EV owners typically need to purchase in addition to their new vehicle, provide an at-home charging capacity of 240v, allowing for a faster, more convenient experience for the vehicle owner. Through this new agreement with SUNation, EAG clients can receive their complimentary Level 2 charger through the Ronkonkoma-based 21-year-old solar company with the option of adding solar to their home for even more money-saving opportunities.
“The SUNation brand in New York symbolizes the highest level of customer service and the only choice to partner with,” said Michael Brown, the owner and operator of EAG. “We see increased adoption of electric vehicles; our clients trust us and they deserve the best. The agreement will incorporate complimentary at-home EV charging stations, training for our staff, and a dedicated, trusted resource for EAG customers. We see month over month growth in this segment.”
“The Level 2 EV charging infrastructure is fragmented with most vehicle manufacturers offering charging stations for purchase and connections to third party installers. It’s a cold hand off when the vehicle purchaser really wants a local company,” Maskin added. “Recent studies show that a significant percentage of EV purchasers are more inclined to adopt residential solar in an effort to offset the costs of at-home vehicle charging - that’s our wheelhouse.”
About Pineapple Energy
Pineapple 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 Energy, Hawaii Energy Connection, E-Gear) provide those within the Residential and Commercial sectors an end-to-end product offering spanning solar, battery storage, and grid services.
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth, and future opportunities. These statements are based on Pineapple Energy’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties, set forth in the company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this press release. Pineapple Energy does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.
Contacts:
Scott Maskin
Interim Chief Executive Officer
+1 (631) 823-7131
SMaskin@sunation.com
Pineapple Investor Relations
IR@pineappleenergy.com
FAQ
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