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The trustworthy and factual news you find here at MPR News relies on the generosity of readers like you.\n

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Your donation ensures that our journalism remains available to all, connecting communities and facilitating better conversations for everyone.\n

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Business and Economic News

The Associated Press

Ronkonkoma, N.Y.

October 18, 2024 7:51 AM

Pineapple Energy Announces Lease Termination for Former Minnesota Headquarters

a building with solar panels on the roof — The small western Minnesota town of Morris is gaining national attention for its approach to sustainability and the clean energy transition. The community center is one of several buildings powered by solar.
Dan Gunderson | MPR News

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Pineapple Energy Inc., a leading provider of sustainable solar energy and backup power to households, businesses, municipalities and for servicing existing systems, announced Thursday that it has terminated the operating lease for its former corporate office in Minnetonka.

The termination of the lease, which was set to expire in 2027, is expected to save the company approximately $17,500 per month or $210,000 a year in associated rent. There was a one-time buyout fee associated with the lease termination agreement, and the company will spread payment of that fee over the next 14-months.

Taking into account the remaining years on the now terminated lease, other related costs, and the effect of the buyout fee, total savings are estimated at approximately $480,000.

“The termination of this lease is another positive step in our ongoing cost reduction initiatives and reflects our efforts to centralize the company’s operations in our current primary markets of Long Island, NY and Hawaii,” said Scott Maskin, interim chief executive officer. “We are authoring a new future for the Company, an important part of which is properly aligning our cost structure to help us deliver long-term value to our shareholders.”

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