Pineapple Energy Inc. (Nasdaq: PEGY) (“Pineapple” or the “Company”), a leading provider of sustainable solar energy and backup power to households and small businesses, has successfully completed its first round of capital fundraising.
The collaborative effort by Conduit Capital and MBB Energy, which can provide Pineapple over $1 million, was approved both by the Pineapple Board of Directors and Pineapple's existing senior lenders. The first tranche of the new loan was funded on Tuesday, July 23rd, 2024, and a second tranche into Pineapple can also be made available in accordance with the loan documents.
“I want to thank our department financiers for masterfully navigating this process with unmatched expertise,” Scott Maskin, Interim CEO of Pineapple Energy, said. “There is no question that those within our capital stack, our shareholders, and our team are embracing the re-imagined Pineapple Energy that we are building each day. This faith drives new capital towards our growth strategies.”
The funding, Maskin noted, levelizes Pineapple’s short-term needs. “Every decision is being made because management feels it will reimagine, restructure, recapitalize, and rebuild shareholder equity,” Maskin added.