Sunnova
{{short description|American solar energy company}}
{{Use mdy dates|date=October 2022}}
{{Infobox company
| name = Sunnova Energy International Inc.
| logo = Sunnovalogo.jpg
| logo_size = 185
| logo_caption =
| logo_alt = Sunnova Solar Energy Company
| type = Public
| traded_as = {{NYSE|NOVA}}
| industry = Solar energy
| founded = {{start date and age|2012}}
| founder = John Berger
| hq_location =
| hq_location_city = Houston, Texas
| hq_location_country = U.S.
| products = Solar panel installations, Energy storage solutions
| services = Solar energy as a service, Repair services
| revenue = $1.4 billion (2023) [https://www.bloomberg.com/profile/company/NOVA Bloomberg Profile]
| assets = $3.2 billion (2023) [https://www.bloomberg.com/profile/company/NOVA Bloomberg Profile]
| equity = $1.8 billion (2023) [https://www.sec.gov/edgar/browse/?CIK=1607716 SEC Filings]
| num_employees = 1,200 (2023) [https://www.sunnova.com Sunnova Official Website]
| website = [https://www.sunnova.com www.sunnova.com]
}}
Sunnova Energy International Inc. is an American energy company that provides residential solar and energy storage services. The company was founded in 2012 and is headquartered in Houston, Texas. Sunnova operates primarily in the United States, offering solar panel installations, battery storage, and repair services to homeowners and businesses.[https://www.sunnova.com Sunnova Official Website] In March 2025 its stock plunged below $1 per share on concerns over its financial condition.https://uk.finance.yahoo.com/news/sunnova-71-stock-plunge-heralds-174347524.html
History
Sunnova was founded in 2012 by William J. (John) Berger. The company quickly expanded its operations across the United States, focusing on providing affordable, reliable, and sustainable energy solutions to residential customers. Over the years, Sunnova has grown to become one of the leading residential solar service providers in the country. In March 2025, John Berger stepped down and Paul Mathews was named Sunnova's new President & CEO. [https://www.ft.com/content/sunnova Financial Times Article on Sunnova][https://www.bloomberg.com/profile/company/sunnova Bloomberg Profile on Sunnova][https://solarquarter.com/2025/03/12/sunnova-appoints-paul-mathews-as-new-president-and-chief-executive-officer/ Paul Mathews CEO Announcement]
On June 5, 2025, Sunnova announced that it would lay off 55% of its workforce, or 718 employees, and its subsidiary, Sunnova TEP Developer, had filed for Chapter 11 bankruptcy protection.{{Cite web|url=https://www.reuters.com/business/energy/sunnova-energy-files-chapter-11-bankruptcy-protection-2025-06-05/|title=Sunnova Energy to lay off 718 employees|date=June 5, 2025|access-date=June 5, 2025|website=Reuters|language=en}} On June 9, 2025, Sunnova filed for Chapter 11 bankruptcy protection, listing assets and liabilities between $10 billion and $50 billion. The company blamed its decision on high debt amounts and declining demand.{{Cite web|url= https://www.reuters.com/business/energy/sunnova-energy-files-chapter-11-bankruptcy-protection-2025-06-09/|title= Sunnova Energy files for Chapter 11 bankruptcy protection|date=June 9, 2025|access-date=June 9, 2025|website=Reuters|language=en}}
Business model
Sunnova’s business model revolves around providing energy as a service (EaaS). The company offers solar panel installations, energy storage solutions, and various financing options, including solar leases and power purchase agreements (PPAs). This model allows homeowners to adopt solar energy with little to no upfront costs, paying instead for the energy produced by the solar systems over time.[https://www.sec.gov/edgar/browse/?CIK=1607716 Sunnova SEC Filings]
Products and services
- Solar panel installation: Sunnova provides customized solar energy systems for residential properties, including design, installation, and maintenance.[https://www.sunnova.com Sunnova Official Website]
- Energy storage solutions: The company offers battery storage systems that allow homeowners to store excess solar energy for use during power outages or at night.[https://www.sec.gov/edgar/browse/?CIK=1607716 Sunnova SEC Filings]
- Sunnova Repair Services (SRS): Sunnova provides comprehensive repair services for solar systems, ensuring long-term performance and reliability.[https://www.sunnova.com Sunnova Official Website]
- Rooftop solar removal and reinstallation (R&R): Sunnova offers services for the removal and reinstallation of solar panels during roof repairs or replacements.[https://www.sunnova.com Sunnova Official Website]
Corporate governance
Sunnova is led by a team of experienced professionals in the energy sector. Paul Mathews serves as the CEO, with a board of directors that includes experts in finance, energy, and technology.[https://www.bloomberg.com/profile/company/sunnova Bloomberg Profile on Sunnova]
Financial performance
The company went public in 2019, trading on the New York Stock Exchange under the ticker symbol "NOVA." Its financial performance was bolstered by increased demand for residential solar energy and energy storage solutions.[https://www.bloomberg.com/profile/company/nova Additional Financial Performance Data][https://www.reuters.com/companies/NOVA Sunnova’s Market Position] Shares of company's stock fell by as much as 71% on March 3, 2025, following the release of its end-of-year financial results for 2024. The disclosure included a so-called “going concern” statement – a note warning investors that the company could run out of money to operate within the year; “substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year,” the disclosure said. {{cite web |title=Sunnova stock falls sharply as it warns about long-term ability to operate |url=https://www.energysage.com/news/sunnova-stock-falls-after-quarterly-earnings-report/ |access-date=7 March 2025 |website=EnergySafe}}
{{Cite web |date=2025-03-14 |title=Amid financial turmoil, Sunnova awards $2.12 million in bonuses to top executives |url=https://pv-magazine-usa.com/2025/03/14/amid-financial-turmoil-sunnova-awards-2-125-million-in-bonuses-to-top-executives/ |access-date=2025-03-24 |website=pv magazine USA |language=en-US}}Roughly $400 million of Sunnova’s $8.5 billion in debt was bought up by Oaktree Capital Management in purchases made across a couple days. As Sunnova prepares for negotiations with creditors, the purchases give Oaktree a significant role in the discussions.{{Cite web |date=2025-03-21 |title=Oaktree reported to buy $400 million of Sunnova debt |url=https://pv-magazine-usa.com/2025/03/21/oaktree-reported-to-buy-400-million-of-sunnova-debt/ |access-date=2025-03-24 |website=pv magazine USA |language=en-US}}
Controversies and criticism
Sunnova faced criticism and legal challenges, primarily related to customer service and contract disputes. However, the company has addressed these issues by improving its service offerings and customer support systems.[https://www.ft.com/content/sunnova-customer-service Customer Service Issues]
Awards and recognition
Sunnova has received several industry accolades for its contributions to the renewable energy sector. The company has been recognized for its innovation in energy storage and its efforts to expand access to solar energy across the United States.[https://www.sunnova.com/awards Awards and Recognition]
References
Category:Solar energy companies of the United States
{{Solar power in the United States|state=collapsed}}
{{Portal bar|Companies|Renewable Energy}}
Category:Energy companies established in 2012
Category:Renewable resource companies established in 2012
Category:2012 establishments in Texas
Category:American companies established in 2012
Category:Companies based in Houston
Category:Companies listed on the New York Stock Exchange
Category:2019 initial public offerings
Category:Companies that filed for Chapter 11 bankruptcy in 2025