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Sunnova Partners with AutoGrid to Help Modernize California’s Power Grid
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Sunnova Energy International Inc. (NYSE: NOVA) has partnered with AutoGrid to enhance demand response resources for the Clean Power Alliance's Power Response Program. This initiative aims to stabilize local grids amid challenges like wildfires and outages in Southern California. With AutoGrid’s Flex platform, Sunnova will leverage its residential storage systems, enabling homeowners to contribute to energy stability. Sunnova operates over 944 megawatts of solar energy across the U.S., serving 162,000 customers as of June 30, 2021, while AutoGrid manages over 5,000 megawatts of assets globally.
Positive
Partnership with AutoGrid to enhance demand response resources and support Clean Power Alliance's energy initiatives.
Utilization of AutoGrid’s Flex platform to optimize residential storage installations, potentially increasing operational efficiency.
Commitment to providing scalable Virtual Power Plant services, which could improve community energy reliability.
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 AutoGrid to provide reliable demand response resources to Clean Power Alliance’s (CPA) Power Response Program. Through this partnership, Sunnova and AutoGrid will implement and scale a comprehensive distributed energy resources program, executing on a key component in CPA’s strategic Clean Energy Future plan.
“In the wake of the state’s ongoing wildfires and increased grid outages, the 21st century homeowner is increasingly seeking reliable and affordable energy for their family’s needs,” said Michael Grasso, EVP, Chief Marketing and Growth Officer at Sunnova. “By committing the much needed behind the meter capacity from Sunnova’s Southern California customers while using AutoGrid’s Flex platform, homeowners will now be able to directly contribute to making their own local grid more stable and efficient by providing it with clean, resilient and distributed resources.”
CPA is California’s largest Community Choice Aggregator with one million accounts that represent three million people across Southern California. Through this partnership, Sunnova and AutoGrid are committing to find new ways for CPA to transform their energy landscape, thus supporting California’s push to increase incremental grid resources in the face of sustained energy demand challenges.
With this partnership Sunnova will use AutoGrid’s Flex platform to provide scalable Virtual Power Plant services with the company’s rapidly-expanding residential storage installations in Southern California. AutoGrid’s cloud-based platform will work with Sunnova to enhance the process with installers, homeowners, grid operators, and utilities to optimize and dispatch its storage fleet for increased benefit to both customers and the grid.
“Virtual Power Plants allow environmentally-conscious citizens to make a positive and tangible impact on the environment in their own communities,” said Amit Narayan, founder & CEO of AutoGrid. “AutoGrid is proud to partner with Sunnova to help accelerate energy transition to address the urgent issues of climate change and justice.”
Sunnova operates one of the largest fleets of residential solar energy systems across 30+ U.S. states and territories, comprising more than 944 megawatts of generation capacity and serving more than 162,000 customers (as of June 30, 2021).
With over 5,000 megawatts of assets under contract, and experience managing distributed energy resources in 12 countries, AutoGrid is the leading provider of energy flexibility management solutions globally.
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 development, implementation, and capabilities of the partnership, the provision of demand response resources, the scaling of the distributed energy resources program and virtual power plant services, and the impact of the program on customers and the grid, as well as statements regarding the growth potential for battery storage assets in California 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, 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 AutoGrid AutoGrid builds AI-powered software solutions that enable a smarter energy world. The company’s suite of flexibility management applications allows utilities, electricity retailers, renewable energy project developers and energy service providers to deliver clean, affordable and reliable energy by managing networked distributed energy resources (DERs) in real time, at scale through different value streams. AutoGrid’s flagship application, AutoGrid Flex, is ranked as the #1 Virtual Power Plant Platform in the world according to the global ranking published in 2020 by industry-leading research and analysis firm Guidehouse (formerly, Navigant Research). Additional information can be found at: auto-grid.com
What is the partnership between Sunnova (NYSE: NOVA) and AutoGrid about?
Sunnova has partnered with AutoGrid to implement a demand response program to support Clean Power Alliance's energy initiatives.
How does the partnership with AutoGrid benefit Sunnova's customers?
The partnership allows Sunnova's customers to contribute to local grid stability through enhanced energy resources, enabling better management of their energy usage.
What is the significance of Sunnova's solar capacity as of June 30, 2021?
Sunnova operates over 944 megawatts of solar energy systems, serving more than 162,000 customers across the U.S.
How does AutoGrid's Flex platform enhance Sunnova's operations?
AutoGrid's Flex platform helps optimize and dispatch Sunnova's storage fleet, enhancing efficiency for both customers and the grid.
