Business
SUNation Energy Eliminates Remaining $1.1 Million Legacy Debt, Removing Multi-Year Payment Obligation and Improving Cash Flow
RONKONKOMA, N.Y., Feb. 03, 2026 (GLOBE NEWSWIRE) -- SUNation Energy Inc. (Nasdaq: SUNE) (“SUNation” or the “Company”), a leading provider of sustainable solar energy and backup power solutions to residential, commercial, and municipal customers, today announced that it has eliminated the remainder of approximately $1.1M (of an original $2.5m) and substantially reduced its monthly repayments related to a long-term debt obligation of its wholly-owned subsidiary SUNation Solar Systems, significantl
About this update from Sunation Energy, Inc.
[{"type":"image","alt":"SUNation Energy, Inc.","displaySize":"","headline":null,"caption":"SUNation Energy, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":300,"url":"https://media.zenfs.com/en/globenewswire.com/fb4e7075fe21b2e31d66d63b797b6218"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/kWIEtIsxzNz5ic4nxbXfrA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTQyMDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/fb4e7075fe21b2e31d66d63b797b6218","width":300,"height":300}},"lazy":false},{"type":"text","content":"RONKONKOMA, N.Y., Feb. 03, 2026 (GLOBE NEWSWIRE) -- SUNation Energy Inc. (Nasdaq: SUNE) (“SUNation” or the “Company”), a leading provider of sustainable solar energy and backup power solutions to residential, commercial, and municipal customers, today announced that it has eliminated the remainder of approximately $1.1M (of an original $2.5m) and substantially reduced its monthly repayments related to a long-term debt obligation of its wholly-owned subsidiary SUNation Solar Systems, significantly improving ongoing cash flow and strengthening the Company’s balance sheet.","length":576,"tagName":"p"},{"type":"text","content":"The debt obligation originated from an April 2021 buyout agreement related to the retirement of a former SUNation Solar Systems shareholder. Prior to reaching this settlement, the promissory note carried remaining principal of approximately $1.1M and required monthly payments of approximately $25,000 for nearly five additional years (to 2031).","length":345,"tagName":"p"},{"type":"text","content":"To eliminate the long-term promissory note, significantly reduce this remaining multi-year obligation and improve financial flexibility, the Company negotiated a one-time lump-sum settlement payment of $800,000.","length":211,"tagName":"p"},{"type":"text","content":"As a result of this transaction, SUNation has reduced its aggregate principal obligation by approximately $335,000 and also expects its recurring monthly obligation associated with this arrangement to be reduced to approximately $5,000, representing savings of approximately $20,000 per month on a forward-looking basis.","length":320,"tagName":"p"},{"type":"text","content":"“Our philosophy has always been ‘promises made, promises kept,’” said Scott Maskin, Founder and Chief Executive Officer of SUNation. “By eliminating this remain...