−Removed: Pineapple Energy Inc.’s (herein collectively referred to as “Pineapple,” “PEGY,” “our,” “we” or the “Company”) vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage.
+Added: Pineapple Energy Inc.’s (herein referred to as “Pineapple,” “PEGY,” “our,” “we” or the “Company”) vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage.
The Company is a growing domestic operator and consolidator of residential and commercial solar, battery storage, and grid services solutions.
Our strategy is focused on acquiring, integrating, and growing leading local and regional solar, storage, and energy services companies nationwide.
−Removed: Pineapple today is primarily engaged in the sale, design, and installation of photovoltaic solar energy systems and battery storage systems through its Hawaii-based Hawaii Energy Connection (“HEC”) and New York-based SUNation Solar Systems (“SUNation”) entities.
+Added: Pineapple is primarily engaged in the sale, design, and installation of photovoltaic solar energy systems and battery storage systems through its Hawaii-based Hawaii Energy Connection (“HEC”) and New York-based SUNation Solar Systems (“SUNation”) entities.
We install systems that provide clean, reliable solar energy typically at savings relative to traditional utility offerings.
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and five of its affiliated entities (collectively “SUNation”).
−Removed: Pursuant to the merger agreement, the Company is working to divest its legacy operations and operating assets.
−Removed: The Company is actively pursuing the sale of its JDL Technologies, Inc.
−Removed: (“JDL”) and Ecessa Corporation (“Ecessa”) businesses and has met the criteria to report the operations of these businesses as discontinued operations.
−Removed: See Note 7 of the Notes to the Consolidated Financial Statements, “Discontinued Operations.” As a result, unless otherwise noted, all information in this Form 10-K related to the JDL and Ecessa businesses will be discussed and presented as discontinued operations and the Company will report its remaining business operations as continuing operations.
+Added: Pursuant to the merger agreement, the Company sold substantially all of its JDL Technologies, Inc.
+Added: (“JDL”) and Ecessa Corporation (“Ecessa”) businesses on June 30, 2023.
+Added: Because the Company was working to divest such assets pursuant to the merger agreement, it previously met the criteria to report the operations of these businesses as discontinued operations.
+Added: See Note 7 of the Notes to the Consolidated Financial Statements, “Discontinued Operations.” As a result, unless otherwise noted, all information in this Form 10-K related to the JDL and Ecessa businesses is discussed and presented as discontinued operations and the Company’s remaining business operations are reported as continuing operations.
Our strategy is designed to provide customers with sustainable energy security by leveraging our people, technology, and processes to deliver solutions that improve the performance, increase the reliability, and reduce the cost of energy.
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Leverage and continue to lower our customer acquisition costs through referral programs.
−Removed: We already have what we believe are premier referral rates, with over 50% of installed jobs in 2022 coming from referrals or repeat customers.
+Added: We already have what we believe are premier referral rates, with over 50% of installed jobs in 2022 and 2023 coming from referrals or repeat customers.
We believe that our existing HEC and SUNation portfolio companies form a foundation to drive improved referral performance across the network of companies we acquire, further increasing our referral rates and lowering our overall customer acquisition cost.
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Pineapple seeks to put the customer above all else.
−Removed: Pineapple installers complete offerings in-house as full-service installers to have total control of the customer experience.
+Added: Our installers complete offerings in-house as full-service installers to have total control of the customer experience.
Pineapple offers transparent, clear sales agreements and has invested in digital tools to support customers along the installation journey.
−Removed: Pineapple installers are active in their local communities to build a trusted brand.
+Added: Our installers are active in their local communities to build a trusted brand.
These activities lead to satisfied customers, as demonstrated by a high average referral rate and favorable online reviews, helping to lower future customer acquisition costs.
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aggregating their batteries into a fleet, thus creating a “virtual power plant” and selling grid services to the utility.
−Removed: We have proprietary technology in this area, strong relationships with regulators and utilities, and are participating in ongoing requests for proposals around this opportunity.
+Added: We have proprietary technology in this area, strong relationships with regulators and utilities.
Residential Customers Agreements
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Pineapple believes that it has historically been best for customers to own their own systems, but recognizes that some customers do not want to own their systems.
−Removed: We will continue exploring whether adding lease or purchase power agreement (“PPA”) options would be beneficial to homeowners going forward.
For customers pursuing the home ownership model, these customers typically pursue loan financing, although a small proportion pay in cash.
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We hold patents related to E-Gear technologies.
−Removed: While these patents are an important part of our intellectual property, we are not overly dependent on any of these patents.
+Added: While these patents are an important part of our intellectual property, we do not consider any to be material to our business.
Government Regulation
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Net metering provides significant value to certain customers with solar energy systems for the electricity generated by their systems but not directly consumed on site.
−Removed: Net metering allows a customer to pay the local electric utility only for power usage net of excess production from the customer's solar energy system.
+Added: Net metering allows a customer to pay the local electric utility only for power usage net of excess production from the customer's solar energy system.
Customers receive a credit for the energy an interconnected solar energy system generates in excess of that needed by the home or business, which is provided to the electrical grid.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.