Sunnova and ChargePoint Partner to Create EV Charging Solutions for Homeowners

Rhea-AI Summary

HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (NYSE: NOVA) has partnered with ChargePoint, a leading EV charging network, to provide customers with integrated EV charging solutions. This collaboration aims to enhance consumer EV adoption by allowing customers to bundle a solar system with EV chargers, optimizing home energy usage. With EV adoption rates soaring, the partnership is positioned to supply clean energy for EVs charged at home, addressing the growing residential energy needs that can increase by 50-100%. This aligns with Sunnova's mission to promote energy independence.

Positive

• Partnership with ChargePoint enhances EV charging offerings for customers.
• Bundling solar systems with EV chargers can optimize home energy usage.
• Growing consumer EV adoption supports market expansion.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, has partnered with ChargePoint, Inc., a leading electric vehicle (EV) charging network operating in North America and Europe, to offer Sunnova customers EV charging solutions.

Sunnova customer and dealer at ChargePoint install (Photo: Business Wire)

“Sunnova partnered with ChargePoint to help streamline and accelerate growth in consumer EV adoption. EVs in the home increase annual energy demand from 50% to 100%, depending on the owners charging behavior. By bundling a solar system and an EV charger in a single purchase, Sunnova is allowing customers to properly size and install the right energy solution for all their needs,” said Michael Grasso, Executive Vice President, Chief Marketing and Growth Officer at Sunnova. “And with ChargePoint software embedded in their personal Sunnova portal, customers will benefit from car charging optimized for their Sunnova home energy ecosystem.”

As car manufacturers increase EV offerings across multiple segments, consumers have responded with increasing adoption. There are already more EVs on the road than ever before, in the first half of 2021 the EV growth rate in the U.S. was 166%¹ and according to the U.S. Department of Energy, 80% of all EV charging is done at home.

“Our offerings for the Sunnova Adaptive Home are carefully developed for our customers’ needs – we select the most innovative technologies available in the market and curate them for seamless integration,” said Shankar Achanta, Senior Director of Adaptive Homes at Sunnova. “This new EV charging bundle gives homeowners the ability to power their vehicles with the clean energy produced right from their rooftops.”

“Home EV charging is a significant part of the home energy picture. The ChargePoint partnership with Sunnova will provide connected home EV charging insights that are integrated with residential solar and storage for a complete picture of residential energy consumption,” said Bill Loewenthal, Senior Vice President, Product at ChargePoint. “ChargePoint Home Flex provides an unmatched combination of power and flexibility, smart connected features, and a thoughtful, safe and reliable design. With enhanced functionality in the home and driver ecosystems, ChargePoint is delivering technology solutions to fit the needs of EV drivers now and in the future through industry leading partnerships.”

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the impact of the partnership on customers and other statements regarding the future. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com

About ChargePoint
ChargePoint, Inc., is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 92 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.

¹ https://www.ev-volumes.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006167/en/

Media Contact

Alina Eprimian

Alina.Eprimian@sunnova.com



Investor & Analyst Contact

Rodney McMahan

Vice President, Investor Relations

Rodney.McMahan@sunnova.com

281.971.3323

Source: Sunnova Energy International Inc.

FAQ

What is the latest partnership involving Sunnova Energy (NOVA)?

Sunnova has partnered with ChargePoint to offer integrated EV charging solutions for its customers.

How does the Sunnova and ChargePoint partnership impact EV adoption?

The partnership aims to streamline and increase consumer EV adoption by bundling solar systems with EV chargers.

What growth in EV adoption rates has been reported in the U.S.?

In the first half of 2021, the EV growth rate in the U.S. was 166%.

How does charging at home benefit EV owners according to Sunnova?

80% of all EV charging is done at home, and the partnership allows homeowners to use clean energy from their solar installations.