Summary
- Sunnova Energy International has filed to raise $300 million in a U.S. IPO.
- The firm installs and services residential solar products in the U.S.
- NOVA has grown top line revenue and gross profit but other financial metrics are worsening, so the IPO appears overpriced.
- Looking for a community to discuss ideas with? IPO Edge features a chat room of like-minded investors sharing investing ideas and strategies. Start your free trial today »
Quick Take
Sunnova Energy International (NOVA) has filed to raise $300 million in a U.S. IPO, per an amended registration statement.
The company provides solar energy installation and services to residential customers in the U.S.
NOVA is growing but producing worsening financial metrics while achieving that growth.
Company And Technology
Houston, Texas-based Sunnova Energy was founded in 2012 to install and maintain solar energy systems 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.
Below is a brief overview video of the company’s marketing campaign:
