PVTIME – Sunnova Energy International, Inc. (Sunnova, NYSE: NOVA), an industry-leading provider of adaptive energy services, recently announced that it is cutting 15% of its workforce to reduce costs and optimise its business.
Picture: Sunnova website
Approximately 300 employees will be laid off, mostly within its commercial organisation. This is a tough decision, Sunnova claimed, and the move is expected to streamline its operations and prioritise its highest value customer segments to drive efficiency and higher cash generation. after the action, there will be approximately $35 million towards total estimated annual cash savings of approximately $70 million, contributing to a leaner and more agile organisation. And Sunnova’s cash savings will come from a mix of lower expenses and lower cash components of capitalised costs.
Sunnova stated that these proactive steps will positively impact its long-term success with a strong foundation to support its valued dealer network and end users. The company is committed to supporting those who will not be moving forward with Sunnova and deeply appreciates all they have given to the company. Sunnova will continue to invest in areas that deliver high margins, enhance the customer experience and create long-term value for its stakeholders.
Sunnova reported a loss of $52.5 million in Q3 2024, and Sunnova experienced a sharp decline in profits between Q3 2023 and Q1 2024.
In January 2025, Sunnova’s New Homes division reached the milestone of having installed more than 1 million solar panels on more than 100,000 newly built single-family rooftops in markets across the United States. Sunnova works with more than 85 leading homebuilders, helping to create homes that are more energy efficient and capable of producing and storing their own energy.
Scan the QR code to follow PVTIME official account on Wechat for latest news on PV+ES
, an industry-leading provider of adaptive energy services, recently announced that it is cutting 15% of its workforce to reduce costs and optimise…){kind=link}