US solar installer SUNation Energy and merchant cell manufacturer Suniva have agreed to merge to create an integrated platform combining US-based solar manufacturing with residential and commercial installation services.
The combined company will operate under the Suniva name and maintain SUNation’s Nasdaq Capital Market listing, with the transaction expected to close in the second half of 2026.
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Under the terms of the reverse merger, pre-merger Suniva shareholders will own approximately 98.2% of the combined entity, while SUNation stockholders will hold around 1.8%, subject to adjustment for SUNation’s net cash at closing. SUNation shareholders are expected to receive equity with an implied value of approximately US$2.26 per share, representing a 100% premium to the company’s most recent closing price.
The merger brings together Suniva’s position as the largest and oldest US merchant manufacturer of monocrystalline silicon solar cells with SUNation’s established market presence in residential, commercial and energy storage services.
Announcing the deal, the companies said the move would allow Suniva to gain additional market presence and access to US capital markets to fund continued growth in American solar manufacturing. Suniva currently operates a 1GW solar cell manufacturing facility in Georgia and is expanding capacity by 4.5GW in South Carolina.
“By bringing together Suniva’s US-based solar cell manufacturing footprint with our high-growth residential, commercial and service businesses in some of the highest electricity-cost markets in the country, we believe we can deliver a unique domestic content offering for customers,” said Scott Maskin, CEO of SUNation.
Maskin said the combined company aims to support the US’s transition to a domestic solar supply chain by leveraging SUNation’s deep relationships with leading installers nationwide alongside Suniva’s manufacturing capabilities. Following the merger, the company will be led by a five-member board designated by Suniva.
Tony Etnyre, CEO of Suniva, added: “What we believe this combination gives us is the platform to execute our mission at the speed and scale the moment demands. Access to US public capital markets means we can move faster, invest deeper, and expand further into the domestic manufacturing capacity this country urgently needs. SUNation brings an established, customer-facing business that strengthens our foundation as we build toward that future together.”
Suniva has an agreement in place to produce fully ‘made in America’ modules with module producer Heliene and US-based wafer supplier Corning.
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