SUNation Energy Commences Work for Georgica Green Ventures’ Affordable and Supportive Housing Complex

Rhea-AI Summary

SUNation Energy (Nasdaq: SUNE) has begun installing a solar project at The Grove, a 55-unit mixed-use affordable and supportive housing development in East Patchogue, Long Island. The project, developed in partnership with Georgica Green Ventures and New Ground Inc., will include 17 apartments for residents requiring support services.

The solar system will power all residences, 1,000 square feet of retail space, and three dual port EV chargers. Project completion is expected in Q2 2025. SUNation has installed over 22,000 systems since 2003, generating more than 260 MW of solar energy. The Grove is jointly owned by Georgica Green Ventures, Kulka , and Raymond James Affordable Housing Investments.

Positive

• Secured contract for multi-unit residential solar installation project
• Project demonstrates expansion into affordable housing sector
• Company has strong track record with 22,000+ installations generating 260+ MW

Negative

• None.

Insights

Renewable Energy Analyst

This solar installation project for affordable housing, while commendable from a social perspective, has minimal material impact on SUNation Energy's financial outlook. The 55-unit development represents a relatively small addition to SUNation's existing portfolio of over 22,000 installations. The project's scope, including powering residential units, retail space and EV chargers, suggests an estimated system size of 200-300 kW, which is marginal compared to the company's total installed capacity of 260 MW.

From a business development angle, the partnership with Georgica Green Ventures could lead to future opportunities in the affordable housing sector, but the immediate revenue impact is likely negligible relative to SUNation's market capitalization of $3.9 million. The project's Q2 2025 completion timeline indicates standard execution without any notable acceleration or innovation that would meaningfully affect the company's operational metrics.

The affordable housing sector represents a growing niche market for solar installations, particularly with increasing state-level incentives for renewable energy in low-income housing developments. However, this single project doesn't materially alter SUNation's market position or financial trajectory.

RONKONKOMA, N.Y., Jan. 14, 2025 (GLOBE NEWSWIRE) -- SUNation Energy, Inc. (Nasdaq: SUNE) (“SUNation” or the “Company”), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, today announced that it has commenced installation of a solar project at The Grove, a 55-unit mixed-use affordable and supportive housing development in the hamlet of East Patchogue on New York’s Long Island.

SUNation is working alongside Georgica Green Ventures, LLC (GGV), a Jericho, NY based firm that specializes in the development, construction and property management of workforce housing, and New Ground Inc., a 501(c)(3) that applies a multi-faceted approach to help families break the cycle of poverty.

The three-building development will include 17 apartments for residents in need of support services, which will be provided by New Ground Inc. The system being installed by SUNation at The Grove will power all residences, 1,000 square feet of retail space, and three dual port EV chargers to help promote EV usage in the community. The project is expected to be completed in the second quarter of 2025.

“This project is important in not only revitalizing a part of East Patchogue, but in ensuring that the most vulnerable members of our community have access to clean and affordable energy,” Scott Maskin, SUNation Energy’s CEO said. “Helping our friends and neighbors is part of our corporate DNA, and this project is special to all of us at SUNation. We are supportive of the work being done by GGV and New Ground and inspired by the people they serve.”

Since 2003, SUNation and its portfolio of companies have installed more than 22,000 residential, commercial, industrial, and institutional systems generating in excess of 260 MW of clean, dependable solar energy.

New Ground Inc. Executive Director Shannon Boyle said in a statement, “New Ground is very excited to be part of this project, providing much needed affordable and supportive housing to Suffolk County, allowing us to serve even more families needing assistance and ensuring they have a brighter future. Many Long Islanders will benefit, as well as the overall community.”

Placing this important project near one of Long Island’s vibrant downtowns is rewarding in of itself, but the partnership with New Ground elevates its impact by that much more,” Devin Kulka, CEO of the Kulka Group said. “New Ground plays such a critical role in ensuring those who need supportive services receive them, and we’re proud to play a part in making that happen.”

The Grove is jointly owned by Georgica Green Ventures, Hauppauge-based Kulka LLC, and Raymond James Affordable Housing Investments, a St. Petersburg, Fla.-based tax-credit investor.

About SUNation Energy, Inc.
SUNation Energy, Inc. 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. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

About Georgica Green Ventures:
GGV was founded on the principles that affordable housing has a place in all communities, and that the diversity of income, race, religion, ethnicity, age, and gender makes those communities stronger and smarter.

About New Ground Inc.:
Since 1991, New Ground has helped Long Island Veterans and families break the cycle of poverty, providing long-term support for achievements in areas of education, employment, financial literacy, parenting, and more, ensuring clients secure permanent independent housing and a brighter future, now and for generations to come.

Forward Looking Statements 
This 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. 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 Statement
Our prospects here at SUNation 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 Maskin
Chief Executive Officer
+1 (631) 823-7131
scott.maskin@sunation.com

SUNE Investor Relations
+1 (952) 996-1674
IR@sunation.com

FAQ

When will SUNation Energy (SUNE) complete The Grove solar installation project?

SUNation Energy expects to complete The Grove solar installation project in the second quarter of 2025.

How many residential units will SUNation Energy's solar system power at The Grove?

SUNation Energy's solar system will power 55 residential units, including 17 supportive housing apartments, plus retail space and EV chargers.

What is the total number of solar installations completed by SUNation Energy (SUNE)?

SUNation Energy has installed more than 22,000 residential, commercial, industrial, and institutional systems since 2003.

How much clean energy capacity has SUNation Energy (SUNE) installed to date?

SUNation Energy has installed systems generating in excess of 260 MW of clean, dependable solar energy.