2022-09-01 | NYSE: NOVA | Press release
Innovative New Energy Platform Enables Residents, Communities and Businesses to Share Surplus Clean Power and Legacy Distribution System “Island”
Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. energy-as-a-service (EaaS) provider, announced that it has filed an application with the California Public Utilities Commission (“CPUC&CloseCurlyDoubleQuote 😉 to develop a first-of-its-kind solar power and storage-focused “micro-utility” in California.
Sunnova formed a wholly owned subsidiary called Sunnova Community Microgrids California, LLC (“SCMC”) to own and operate EaaS offerings in new communities, including power generation, storage and distribution infrastructure. SCMC seeks to develop largely self-sufficient micro-services by equipping new housing communities with solar energy and storage to provide consumers with a better energy service that allows them to live in a more resilient home and community with state-of-the-art energy infrastructure. SCMC will focus on newly built homes, allowing the company to work with developers to design and implement distributed solar micro-grids for communities that will benefit from improved sustainability and clean, resilient and sustainable energy. reliable. These communities will be known as Sunnova Adaptive Communities™.
“Community microgrids are the future because they offer the unique ability to share excess electricity, putting power in the hands of homeowners and dramatically improving community resilience,” said William J. (John ) Berger, Founder and CEO of Sunnova “Sunnova is breaking new ground by extending its distributed energy service platform from homes to entire communities. We see a future where communities, neighborhoods and businesses can operate independently from the existing grid with sustainable energy sources that provide uninterrupted power.”
“We believe that microgrids address a strong need in the market for more robust energy solutions and better connectivity,” adds Berger. to provide power when they need it most SCMC’s application highlights the relief that the existing transmission and distribution system will experience given that most of the electricity that will be consumed by these communities will be generated locally from renewable resources. We hope the CPUC will move quickly to approve our application so that we can begin serving new communities.”
August 16ePresident Biden signed the Cut Inflation Act, which incentivizes renewable energy and clean technology needed to monitor and control micro-grids where communities share electricity and can isolate themselves from the grid.
Today, SCMC has taken formal action with the CPUC to call itself a “micro-utility” and to apply for a certificate to construct and operate microgrids under Section 2780 and Section 1001, respectively, of the California Public Utilities Code. Sunnova views micro-utilities as a pathway for qualified companies to offer to build multi-property micro-grids for residential and commercial customers in California. By submitting its application to the CPUC, SCMC seeks to be the first “micro-utility” focused on solar energy and storage; California company to be certified to own and operate nanogrids (behind the meter) and community assets, including distribution infrastructure (behind the meter), as part of integrated microgrid communities. SCMC’s community assets will include comprehensive distribution infrastructure and energy assets including solar, battery storage and emergency generation.
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,” “will,” “could,” “ intention,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that relate to Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements contained in this press release include, but do not limited to, statements regarding the implementation and benefits of the Microgrid application and program. 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 predict our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial condition, our competition, changes in regulations applicable to our business, fluctuations in the solar energy and homebuilding markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our relationships with dealers and strategic partners. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those described in greater detail in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. and our subsequent quarterly reports on Form 10-Q. The forward-looking statements contained 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.
Sunnova Energy International Inc. (NYSE: NOVA) is a leading energy-as-a-service (EaaS) provider with customers across the United States and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to provide energy independence so homeowners have the freedom to live their lives uninterrupted. For more information, visit sunnova.com.