Communications Systems, Inc. (CSI), an IoT clever edge services and products firm, introduced that it entered right into a definitive merger settlement with privately held Pineapple Energy, an operator and consolidator of residential photo voltaic, battery storage, and grid providers options.
Upon closing, CSI will begin doing enterprise as Pineapple Energy, with a enterprise mannequin centered on the quickly rising residence photo voltaic business, it stated.
Founded in November 2020 by non-public fairness agency Northern Pacific Group and seasoned business executives, Pineapple supplies photo voltaic, battery storage and different power providers to householders. Through its distinctive “battery-first” enterprise mannequin, Pineapple will supply compelling residential solar energy programs, with longer-term plans to combination its buyer fleet into regional digital energy vegetation.
Commenting on Pineapple’s imaginative and prescient for the way forward for power, Pineapple’s Chief Executive Officer Kyle Udseth stated, “We see the power system of tomorrow as a decentralized community grown from the grass roots of particular person householders and their solar-plus-battery programs. Our imaginative and prescient is for Pineapple to develop into a champion for householders on this power transition by delivering the perfect buyer expertise in a consultative method. We will supply the complete vary of financing choices and a broad collection of from main producers, all with the aim of empowering householders and giving them selection. We wish to all the time keep aligned with our prospects’ pursuits, together with as we share future grid-services revenues.”
Pineapple not too long ago signed definitive agreements to accumulate Hawaii Energy Connection (HEC) and E-GEAR, each Hawaii-based sustainable power answer suppliers. These observe on Pineapple’s acquisitions of Horizon Solar Power and sure belongings of Sungevity in December 2020.
Udseth famous, “The anticipated addition of HEC and E-GEAR to the Pineapple household will solidify our basis and broaden our geographic footprint. We intend to leverage HEC’s expertise in storage design, set up and assist, in addition to E-GEAR’s proprietary distributed aggregation, management and grid service know-how. These benefits will improve our product providing by way of the mainland US, together with in underpenetrated markets resembling Florida and Texas.
CSI placing some belongings up on the market
Members of each CSI’s and Pineapple’s administration groups will assume management roles within the mixed firm. Roger H.D. Lacey, Executive Chairman of CSI, and Mark Fandrich, CSI’s Chief Financial Officer, are anticipated to stay in these identical roles. The Company expects to stay in its present headquarters close to Minneapolis, Minnesota.
Lacey commented, “Over the final three years, CSI’s Special Committee oversaw a collection of initiatives designed to drive shareholder worth. In 2020, we accomplished a reorganization of our enterprise. While happy with our progress, we’ve concluded that our two present working segments would supply extra substantial long-term progress alternatives to organizations that may unlock further synergies, broaden into adjoining markets, add scale, and broaden their present product traces. We are dedicated to discovering new house owners for these companies that may proceed their lengthy custom of high quality services and products however stay dedicated to supporting these companies and their present operations and prospects throughout this course of. Meanwhile, by re-inventing CSI by way of this proposed merger, we’ll set the stage to develop into a fast-growing and worthwhile firm, with a give attention to delivering rapid worth to our shareholders whereas retaining a chance for long-term appreciation.”
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