Summary
- Sunnova Energy International has filed to raise capital from public investors in the U.S.
- The firm finances and services solar energy installations for residential customers in the U.S.
- NOVA has grown quickly but losses are mounting and may dilute public investors if the IPO valuation isn't high enough.
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Quick Take
Sunnova Energy International (NOVA) has filed to raise gross proceeds of $100 million from a U.S. IPO, according to an S-1 registration statement.
The firm provides solar photovoltaic and energy storage installation, financing and servicing solutions to residential customers in the US.
NOVA has grown revenue and gross profit but other financial metrics aren’t impressive and there is a significant dilution potential for public investors if the IPO valuation isn’t high enough.
I’ll provide an update when we learn more details from management.
Company & Technology
Houston, Texas-based Sunnova Energy was founded in 2012 and serves over 63,000 customers across more than 20 US states and territories.
Management is headed by Founder, President and CEO William J. Berger, who has previously founded and served as CEO of SunCap Financial and Standard Renewable Energy.
Sunnova has developed a differentiated residential solar dealer model in which the firm closely cooperates with local dealers who originate, design and install solar panels and energy storage systems on behalf of the company, thus NOVA is able to leverage dealers’ specialized knowledge, connections, and experience in local markets to drive customer acquisition.
