Pineapple Energy Inc. announced the closing of a $7.5 million debt deal with Decathlon Capital Partners. The transaction, which carries a 48-month term, is a straight debt instrument, thus avoiding any equity dilution. Debt service payments begin at a smaller initial level and increase over the course of the loan in several step-ups, tracking the Company's revenue growth.

Along with Decathlon's collaborative approach and covenant-light terms, these features make this an ideal funding instrument for Pineapple at this stage of the company's life. Funds will be utilized as follows: $5.0 million to retire the short-term note issued in connection with the SUNation acquisition; $1.5 million to retire other debt and $1.0 million remaining for working capital as needed.