Sunnova Energy International Inc.

Sunnova Energy International Inc. is a U.S. residential solar and energy storage service provider founded in 2012 by William J. (John) Berger, Sunnova's current CEO.[1][2][3][4]

History and description

Sunnova is based in Houston and trades on the New York Stock Exchange under the ticker name NOVA.[5] It offers solar energy and energy storage services, including the provision of solar panels, battery storage, add-on battery, solar panels, and roof replacements.[6]

The company was formerly called Sunnova Energy Corp.,[5] and was registered by the United States Securities and Exchange Commission in 2019.[7][8] Sunnova raised $170 million in its 2019 initial public offering, one of the first major solar industry IPOs since Sunrun's in 2015.[9] Sunnova has 344 share-holders; the top two are ECP ControlCo and Blackrock Inc.[10]

It has received more than $2.5 billion from private investors such as Energy Capital Partners, Quantum Strategic Partners, and Triangle Peak Partners during its history.[1]

In the second quarter of 2020, Sunnova's customer base reached 91,574, and the dealer network grew from 191 to 227 partners, which raised its energy storage attachment rate to 34 percent.[11][12][13] At the end of 2020, Sunnova reached 100,000 customers.

Growth

In 2020, Sunnova had a network of 435 dealers and sub-dealers. As of 31 December 2020, its systems have generated 2.4 billion kWh of energy, avoiding 1.7 million metric tons of CO2e emissions.[6]

Sunnova reported a 55% jump in year-on-year revenue in Q2 2021, with turnover reaching US$66.6 million.[14] As of 2021, the company is offering SunSafe™ battery systems to all 30 states and territories residents.[15]

As of 2021, Sunnova Energy sold a 5.875% five-year bond.[16]

Partnerships and acquisitions

In February 2020, Sunnova partnered with Generac.[12]

In 2021, Sunnova acquired Lennar Corporation's residential solar platform, SunStreet. Sunnova has also become Lennar's exclusive residential solar and storage service provider.

[17][18][19][20][21][22]

In 2021, Sunnova partnered with inverter provider SolarEdge and grid operator National Grid to utilize its fleet of solar and storage assets in New England.[14]

Recognition

Sunnova has a national profile as the No. 4th third-party-owned solar provider and the No. 5th solar financier, according to GTM's PV Leaderboard in 2018.[23]

In 2021, CICERO Shades of Green rated Sunnova's green framework as Dark Green and determined the governance procedures in Sunnova's framework to be Good.[6]

References
  1. "U.S. rooftop solar company Sunnova Energy plans IPO: sources". Reuters. 2019-06-11. Retrieved 2021-12-05.
  2. Eavis, Peter; Penn, Ivan (2021-01-04). "Home Solar Is Growing, but Big Installers Are Still Losing Money". The New York Times. ISSN 0362-4331. Retrieved 2021-12-05.
  3. GmbH, finanzen net. "Sunnova Energy International earnings: here's what Wall Street expects". markets.businessinsider.com. Retrieved 2021-12-05.
  4. Fellows, University of Houston Energy. "Renewables' Revenge: Texas' February Freeze-Out Is Driving A Wave Of Residential Solar". Forbes. Retrieved 2021-12-05.
  5. www.bizjournals.com https://www.bizjournals.com/houston/news/2019/07/25/houston-solar-co-prices-downsized-ipo-below.html. Retrieved 2021-12-05. Missing or empty |title= (help)
  6. https://pub.cicero.oslo.no/cicero-xmlui/bitstream/handle/11250/2764472/Second%20Opinion%20CICERO%20GREEN%20Sunnova%20%28FINAL%20-%2014.07.21%29.pdf?sequence=120isAllowed=y
  7. "S-1". www.sec.gov. Retrieved 2021-12-05.
  8. "The Sunnova IPO: 3 Strategies for Success". www.greentechmedia.com. Retrieved 2021-12-05.
  9. "Sunnova Logs Another Quarterly Loss, But Picks Up Solar Dealers Amid Coronavirus". www.greentechmedia.com. Retrieved 2021-12-05.
  10. https://marketingsentinel.com/2021/07/27/an-in-depth-look-at-the-sunnova-energy-international-inc-nova-stock/
  11. "Sunnova Keeps Growing Despite Coronavirus Impacts in Q2". www.greentechmedia.com. Retrieved 2021-12-05.
  12. "Sunnova Ends 2019 With Growth but Overall Losses, Heralds 'Year of the Battery'". www.greentechmedia.com. Retrieved 2021-12-05.
  13. "Sunnova Sticks to 2020 Guidance, Bolstered by Customer Growth". www.greentechmedia.com. Retrieved 2021-12-05.
  14. "Can smart solar inverters help keep grid voltages in balance?…". Canary Media. Retrieved 2021-12-05.
  15. "Sunnova CEO John Berger on the Solar ITC: 'Extend It and Move On'". www.greentechmedia.com. Retrieved 2021-12-05.
  16. Name (2021-09-07). "US solar sees brighter prospects as Sunnova issues first green bond". Capital Monitor. Retrieved 2021-12-05.
  17. "Two years left to take advantage of federal tax credit". Las Vegas Review-Journal. 2021-10-02. Retrieved 2021-12-05.
  18. "Sunnova acquires homebuilding giant Lennar's solar installation business". Solar Power World. 2021-02-17. Retrieved 2021-12-05.
  19. "Sunrise brief: Sunnova feeds its residential solar pipeline with deal for SunStreet". pv magazine USA. 2021-02-17. Retrieved 2021-12-05.
  20. "How distributed energy can harden the Texas power grid". Canary Media. Retrieved 2021-12-05.
  21. "Energy & Sustainability M&A Activity — May 2021". The National Law Review. Retrieved 2021-12-05.
  22. www.builderonline.com https://www.builderonline.com/design/technology/sunnova-acquires-lennars-sunstreet-residential-solar-platform_o. Retrieved 2021-12-05. Missing or empty |title= (help)
  23. "Sunnova Enters the Residential Solar-Plus-Storage Market". www.greentechmedia.com. Retrieved 2021-12-05.
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