Sun Solar sells minority stake to energy company ConnectM

Springfield-based solar energy business Sun Solar LLC has sold a 40% stake in the company.

Marlborough, Massachusetts-based ConnectM Technology Solutions Inc. (OTC: CNTM) announced the acquisition of the minority stake in Sun Solar in a news release Wednesday. While the companies did not disclose the financial terms of the deal, ConnectM officials say the transaction is expected to increase its shareholders’ equity by about $6.5 million.

Through the deal, ConnectM division Keen Labs Operations Inc. will supply solar panels, batteries and other equipment to Sun Solar. Additionally, ConnectM's Northeast solar operations will be consolidated under the Sun Solar brand as Sun Solar Northeast, with plans to deploy additional capital to solar and storage installation in the region.

“Sun Solar was built to make high-quality solar and storage simple and accessible for homeowners and small businesses,” said Caleb Arthur, founder and CEO of Sun Solar, in the release. “Partnering with ConnectM brings scale, advanced AI-driven energy intelligence from Keen Labs and a robust supply and financing backbone. Together, we will accelerate deployment, improve customer outcomes and expand into new regions while maintaining the craftsmanship and service our brand is known for."

Arthur said in the release that he would "remain actively involved in scaling operations, maintaining quality and expanding responsibly into new regions."

ConnectM CEO and Chair Bhaskar Panigrahi said in the release that "Sun Solar is a best-in-class platform with brand equity, customer trust and operational discipline."

In the third quarter, ConnectM reported a roughly 45% revenue increase to approximately $8.7 million. The company's quarterly net loss was $1 million, which compared with a net loss of roughly $9.9 million in the same quarter of 2024, according to a separate news release.

ConnectM's over-the-counter stock closed yesterday at roughly 41 cents per share, compared with a 52-week range of 10 cents to $1.35 per share.