ALLETE, Inc. (ALE) subsidiary New Energy Equity names Josh Kunkel CEO

New Energy Equity, a subsidiary of ALLETE, Inc. (NYSE: ALE), announced today that Josh Kunkel, current president of New Energy Equity, will be promoted to Chief Executive Officer as part of a planned transition effective June 1, 2025. Co-founder and current CEO, Matt Hankey will be taking on a new role at ALLETE as Emerging Technologies Officer, focusing on broad initiatives across the ALLETE family of companies, while remaining on the New Energy Equity Board of Directors.

Kunkel joined New Energy Equity in 2020 as Vice President of Business Development and was promoted to President in 2022. "Matt has built a truly special company here at New Energy. Our culture, our success, and our steadfast resolve all starts with Matt, so it is a bittersweet time, although I am glad he will continue to be part of our ALLETE family. I am honored to step into this role and continue building on the strong foundation that Matt and the team have created," said Kunkel. "New Energy Equity has a bright future ahead, and I'm excited to lead this talented team as we expand our impact in the renewable energy industry."

Hankey co-founded New Energy Equity in 2013, leading the company through multiple stages of rapid growth prior to being acquired by ALLETE in April of 2022. Under Hankey's leadership the company has grown to over 125 employees and implemented over 270 solar projects across the country, totaling 600MW and more than $1.5 billion in project investment.

"Matt has built an outstanding organization and a dynamic team at New Energy Equity. His leadership and vision have shaped the company into a national leader in distributed renewable energy development," said ALLETE CEO and New Energy Equity Board Chair Bethany Owen. "We are excited for Matt to bring his expertise to ALLETE's broader emerging technologies directives. At the same time, we are thrilled to have Josh step into the CEO role. Josh has been a strong, results-driven leader at New Energy, and with his deep commitment to the company's culture, mission, and strategy, I have great confidence in his leadership as the company enters its next phase of growth."

"Building New Energy Equity with my incredible colleagues is by far the most significant accomplishment of my professional career. I am so proud to have had the opportunity to lead this incredible team over the last 11 years. The New Energy Equity team is stronger than ever and extremely well positioned for success under Josh's leadership, and I look forward to seeing what they can accomplish in this next phase of the company."

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