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News  ›  Benzinga

ConnectM Acquires 40% of Sun Solar, Strengthening Balance Sheet and Expanding National Solar & Storage Footprint in Multi-Billion Dollar U.S. Residential Solar & Storage Market

Benzinga Logo Benzinga • •By Globe Newswire
ConnectM Acquires 40% of Sun Solar, Strengthening Balance Sheet and Expanding National Solar & Storage Footprint in Multi-Billion Dollar U.S. Residential Solar & Storage Market

ConnectM Technology Solutions announced the acquisition of a 40% equity interest in Sun Solar LLC, a leading U.S. residential and small-commercial solar developer. The transaction is expected to increase stockholders' equity by at least $6.5 million, significantly improving the company's balance sheet from a $50 million deficit in July 2024. The partnership will consolidate solar operations under 'Sun Solar Northeast' and leverage Keen Labs' AI-driven VPP kits to expand solar-plus-storage installations across the Northeast corridor.

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The acquisition significantly strengthens ConnectM's balance sheet by increasing stockholders' equity by $6.5 million and eliminating a substantial deficit. The partnership provides an established operating platform with predictable cash flow, access to Sun Solar's customer base for cross-selling storage solutions, and integration with Keen Labs' AI technology to create recurring revenue streams.

Keywords
#solar acquisition #equity investment #balance sheet strengthening #renewable energy #VPP (Virtual Power Plant) #residential solar #energy storage #AI-driven technology

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