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Sunnova and Generac Expand Partnership to Bring Increased Resiliency to Homeowners
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Sunnova Energy International Inc. (NYSE: NOVA) and Generac Power Systems, Inc. (NYSE: GNRC) are expanding their strategic partnership to enhance energy independence for homeowners. This collaboration will integrate Generac's advanced technology into Sunnova's offerings, introducing standby home generators and microinverters. The initiative aims to improve energy resilience and provide a comprehensive solution through the Sunnova Adaptive Home™. Financing options will now extend to the home standby generator market, accessible nationwide, including Puerto Rico.
Positive
Expansion of partnership enhances product offerings with standby home generators and microinverters.
Integration of advanced technology supports the Sunnova Adaptive Home™, promoting energy independence.
New financing solutions available for home standby generator market across all 50 states and Puerto Rico.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential energy services providers, and Generac Power Systems, Inc. (“Generac”) (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products, announced today they are expanding their strategic partnership. This expansion will allow Sunnova to add Generac’s newly updated technology to its current suite of offerings, which will include energy storage units and for the first time, standby home generators, microinverters, and load managers, which will provide Sunnova with an option for a single equipment provider for the energy independent Sunnova Adaptive Home™.
“To power energy independence, we will continue to prioritize resiliency and reliability for our customers so that they can remain in control of their energy needs,” said William J. (John) Berger, founder and Chief Executive Officer of Sunnova. “Our strengthened partnership with Generac is another key step towards making the Sunnova Adaptive Home a reality. Together, we have the people, tools, and expertise to power homes when the local grid or utility policies fail us, and allow homeowners to live life uninterrupted.”
“Generac and Sunnova share an aligned vision of where the industry must go, and we’re excited to expand our strategic partnership to help bring that future vision to life,” said Aaron Jagdfeld, President and Chief Executive Officer of Generac. “Generac is developing and launching innovative clean energy products that not only increase and optimize the amount of clean energy produced, stored and utilized by homeowners, but help to maximize customer savings. Collectively, these products deliver a true whole-home customer experience, something that has been lacking until now. We look forward to partnering with Sunnova to deliver these products to customers and provide increased power resiliency to more homeowners.”
Sunnova and Generac will work together to make this new hardware technology available to homeowners through Sunnova’s dealer network and by integrating both companies’ software platforms. This will allow Sunnova to see the performance of the systems, manage the installed technology, help predict and prevent potential issues, prepare customers for inclement weather events, and participate in grid services programs across the U.S. on the customers’ behalf, when monitoring is included and customer permission is granted. The companies will continue to leverage each other's extensive dealer and installer networks, and with this new offer, Generac’s dealer base will now gain access to Sunnova’s services.
Each home’s energy needs are different, and with the Sunnova Adaptive Home™, Sunnova is creating services that integrate the use of solar, battery storage, energy control and management technologies to make clean energy even more affordable, reliable, and resilient. The Sunnova Adaptive Home™ is not only able to produce and store energy, it also “adapts” by optimizing energy sources and consumption predictively, in real time.
Sunnova’s consumer-friendly financing solution will now be available to the home standby generator market and Generac certified dealers, across all 50 states and Puerto Rico. Sunnova’s dealers will also be able to leverage this new financing solution.
In 2020, Sunnova and Generac teamed up to make Sunnova the exclusive Lease and Power Purchase Agreement provider for the PWRcell™ energy storage system sold by contractors using Generac’s PowerPlay design and quoting platform in the U.S. and its territories. Sunnova is the only Generac partner to bring a 25-year service agreement to the PWRcell system.
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 Generac
Generac Power Systems, Inc. (NYSE: GNRC) is a leading energy technology company that provides advanced power grid software solutions, backup and prime power systems for home and industrial applications, solar + battery storage solutions, virtual power plant platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator - a market in which nearly eight of ten generators sold is a Generac. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.
Sunnova 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 integration and expansion of the partnership, potential capabilities of the Sunnova Adaptive Home, future priorities, 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 Reports on Form 10-Q for the quarters ended June 30, 2021 and September 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.
Generac Forward Looking Statements
Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," “optimistic” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events.
Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including:
frequency and duration of power outages impacting demand for our products;
availability, cost and quality of raw materials and key components from our global supply chain and labor needed in producing our products;
the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs;
the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period;
the risk that our acquisitions will not be integrated successfully;
the duration and scope of the impacts of the COVID-19 pandemic are uncertain and may or will continue to adversely affect our operations, supply chain, and distribution for certain of our products and services;
difficulties we may encounter as our business expands globally or into new markets;
our dependence on our distribution network;
our ability to invest in, develop or adapt to changing technologies and manufacturing techniques;
loss of our key management and employees;
increase in product and other liability claims or recalls;
failures or security breaches of our networks, information technology systems, or connected products; and
changes in environmental, health and safety, or product compliance laws and regulations affecting our products, operations, or customer demand.
Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission (“SEC”), particularly in the Risk Factors section of the 2020 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements. Any forward-looking statement made by Generac in this press release speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
What is the significance of the partnership between Sunnova and Generac as of February 2022?
The partnership expands Sunnova's product offerings by integrating Generac's advanced technology, including standby generators and energy management systems, enhancing energy independence for homeowners.
How will the expanded partnership between NOVA and GNRC affect homeowners?
Homeowners will benefit from improved energy resilience and new financing options for energy solutions, including home standby generators.
What products will be introduced through the Sunnova and Generac partnership?
The partnership will introduce standby home generators, microinverters, energy storage units, and load managers.
When was the partnership between Sunnova and Generac announced?
The partnership was announced on February 1, 2022.
How does the new partnership impact financing options for energy solutions?
Sunnova's consumer-friendly financing will now be available for the home standby generator market, allowing customers to access services nationwide.
