Photo voltaic providers firm Sunnova Vitality introduced it will reduce 300 jobs to cut back prices and streamline its operations.
Credit score: Sunnova
The 300 layoffs are largely in its industrial group and symbolize 15% of the corporate’s complete workforce. Sunnova could have $35 million in annual money financial savings because of the job cuts.
Sunnova stated it’s positioning itself for long-term success in an evolving market that’s presently dealing with excessive rates of interest and coverage uncertainty.
“As we proceed to concentrate on capital effectivity and our high-margin core clients by TPO origination, we should at all times optimize inside the present financial and coverage panorama,” stated John Berger, Sunnova CEO. “To higher place Sunnova for long-term success, we’re taking proactive steps to streamline our operations whereas sustaining a robust basis to assist our valued vendor community and end-use clients. These selections are by no means simple, and we acknowledge the impression they’ve on each member of the group. To those that is not going to be transferring ahead with us, we’re dedicated to offering assist throughout this transition and deeply admire all they’ve given to our group. We’re deeply grateful for his or her contributions and are dedicated to supporting these affected throughout this transition.”
Sunnova works with native photo voltaic set up corporations to supply clients photo voltaic by third-party possession (TPO) contracts. Prospects lease their photo voltaic tasks from Sunnova. Final 12 months, Sunnova mandated that every one of its photo voltaic tasks qualify for home content material, offering photo voltaic installers with a restricted variety of American-made photo voltaic merchandise to finish tasks. Sunnova stated this transfer would assist home manufacturing, but it surely additionally permits Sunnova to assert a bigger funding tax credit score quantity on the TPO tasks.
Nonetheless, a lot of the TPO market has skilled a turbulent previous couple of quarters resulting from excessive rates of interest. SunPower filed for bankruptcy in August 2024, and Sunrun has elevated its concentrate on vitality storage and ancillary EV providers to climate the solarcoaster.
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