SolarEdge and Sunnova Expand Partnership to Include SolarEdge Home Battery in Sunnova’s Energy as a Service Portfolio

Rhea-AI Summary

SolarEdge Technologies (NASDAQ: SEDG) and Sunnova Energy International (NYSE: NOVA) have expanded their partnership by incorporating the SolarEdge Home Battery into the Sunnova Energy as a Service portfolio. This collaboration aims to enhance homeowners' energy efficiency and resiliency amid rising energy costs and grid instability. The innovative DC-coupled design of the SolarEdge Home Battery maximizes energy storage, potentially providing up to 10 extra days of energy annually. It features a backup capacity of 9.7kWh and supports scalable installations for greater energy demands.

Positive

• Expansion of partnership between SolarEdge and Sunnova enhances product offerings.
• SolarEdge Home Battery's efficiency can provide up to 10 days of additional energy per year.
• Backup capacity of 9.7kWh per battery, scalable up to 87.3kWh.
• Complies with advanced safety standards, appealing to installer demands.

Negative

• None.

DC-coupled design offers higher efficiency enabling up to 10 days of additional energy per year*

HOUSTON & MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, and Sunnova Energy International, Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, today announced the expansion of their long-standing partnership with the addition of the SolarEdge Home Battery to the Sunnova EaaS portfolio. The expansion of the partnership will enable Sunnova’s network of dealers to offer the SolarEdge Home Battery, in order to better meet homeowners’ demand for increased energy efficiency and resiliency – crucial in the current climate of energy price inflation and grid instability.

The SolarEdge Home Battery offers more backup power compared to AC-coupled battery solutions (Photo: SolarEdge Technologies, Inc.)

The SolarEdge Home Battery’s highly efficient DC-coupled design requires just one power conversion when consuming PV stored energy, compared to three with AC-coupled batteries. This can add up to 10 days of saved energy for every year of use when compared to a typical 10kW PV system in self consumption mode. In addition, the SolarEdge Home Battery provides continuous power, enabling consumers to power more and larger devices, such as washing machines and HVACs, for longer periods of time.

William J. (John) Berger, founder and Chief Executive Officer of Sunnova commented: “Homeowners’ energy demands are increasing at a time when utility bills are skyrocketing and grid instability is becoming more frequent. The addition of the SolarEdge Home Battery to our Energy as a Service offering marks an important next step forward in our mission to deliver highly robust, industry-leading solutions that meet homeowner demand to live in a more energy-efficient and energy-independent way.”

“Sunnova’s extensive network of dealers now have access to our highly efficient, high-power DC battery that will enable homeowners to take even greater control of their energy usage and power more of their lives with clean, renewable solar energy,” commented Zvi Lando, CEO, SolarEdge Technologies. “We look forward to building on our successful relationship with Sunnova to help unlock the full potential of solar power for additional homeowners across the U.S.”

Each SolarEdge Home Battery provides 9.7kWh of backup capacity and up to nine batteries (three per inverter) can be stacked on a single backup system, for up to 87.3kWh of backup capacity and 30kW of continuous power. The battery is compliant with the UL9540A advanced safety standard. It is also designed to meet installer demand for a residential solution that is fast and cost effective to install. Accessible cable management and wireless communication speed up installation and decrease commissioning times.

* when compared to a typical 10kW PV system in self consumption mode

About Sunnova

Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) 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 SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com

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 benefits and impact of Sunnova’s current and future product offerings to consumers. 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, 2021, and our subsequent Quarterly Reports on Form 10-Q. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230109005689/en/

SolarEdge

SolarEdge Media Contacts:

Lily Salkin

Global Public and Media Relations Manager

Lily.salkin@solaredge.com

Dana Noyman

Head of Corporate Communications and Global PR

dana.noyman@solaredge.com

SolarEdge Investor Contacts:

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

+1 510-498-3263

investors@solaredge.com

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

+1 617-542-6180

investors@solaredge.com

Sunnova Energy International

Sunnova Media Contact:

Matt Dallas

917-363-1333

matt.dallas@icrinc.com

Sunnova Investor & Analyst Contact

Rodney McMahan

281-971-3323

Rodney.McMahan@sunnova.com

Source: SolarEdge Technologies, Inc.

FAQ

What is the new partnership between SEDG and NOVA about?

SolarEdge and Sunnova have expanded their partnership to include the SolarEdge Home Battery in Sunnova's Energy as a Service portfolio.

How does the SolarEdge Home Battery improve energy efficiency?

The SolarEdge Home Battery features a DC-coupled design that allows for more efficient energy storage, potentially providing up to 10 extra days of energy annually.

What is the backup capacity of the SolarEdge Home Battery?

Each SolarEdge Home Battery provides a backup capacity of 9.7kWh, and up to nine batteries can be stacked for a total capacity of 87.3kWh.

When was the partnership expansion announced?

The partnership expansion was announced in a press release on January 9, 2023.

How does the SolarEdge Home Battery compare to AC-coupled solutions?

The SolarEdge Home Battery's DC-coupled design allows for just one power conversion, unlike AC-coupled batteries that require three, improving overall energy efficiency.