SUNation Energy, Inc. (NASDAQ:SUNE) has signed a definitive reverse merger agreement with Suniva, the largest and oldest US-owned merchant manufacturer of high-efficiency monocrystalline silicon solar cells, in a deal that will give the domestic solar cell maker access to public capital markets and an established downstream distribution network.
Under the terms of the agreement, the combined company will operate under the Suniva name while maintaining SUNation's Nasdaq listing. Pre-merger Suniva stockholders are expected to own approximately 98.2% of the combined entity, with pre-merger SUNation stockholders retaining approximately 1.8%.
The transaction pairs Suniva's cell-making operations with SUNation's installation and distribution footprint, creating a vertically integrated platform spanning cell production through end-market deployment. The combined company will accelerate Suniva's US solar cell manufacturing expansion, backed by SUNation's market presence, end-market relationships and Nasdaq-listed platform, the companies said.
The merger ties the combined entity's growth to domestic solar manufacturing at a time when US-made solar cells have drawn policy support and customer demand for supply chains located outside Asia. Bringing Suniva under a Nasdaq-listed parent also gives the manufacturer access to public equity markets to fund capacity expansion, a route the companies framed as central to the combined entity's growth strategy.
SUNation Energy is a provider of solar energy and storage solutions serving residential and commercial customers through its installation and end-market operations. Suniva is the country's only US-owned and operated merchant solar cell manufacturer, producing high-efficiency monocrystalline silicon photovoltaic solar cells in the United States.
Shares of SUNation gained over 113% on Monday morning.