Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading U.S. residential solar and storage service provider, today announced a strategic partnership with Generac Power Systems, Inc. (“Generac”) (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products.
In addition to leveraging both companies’ extensive dealer and installer networks, the partnership will make Sunnova the exclusive Lease and Power Purchase Agreement (PPA) provider for the PWRcellTM energy storage system (“PWRcell system”) sold by contractors using Generac’s PowerPlay design and quoting platform in the U.S. and its territories.
Sunnova and Generac will offer Generac’s PWRcell system with Sunnova’s Lease, PPA, Loan and other financing agreement offerings through Sunnova’s approved vendor list. Sunnova is the only Generac partner to bring a 25-year service agreement to the PWRcell system, which is the longest term for a Generac partner. The PWRcell system will provide homeowners greater flexibility to install and size their storage capacity by offering customers the option of a modular battery system so that they can customize their solar storage needs.
“We want to empower our customers to find the solar and storage solutions that best fits their energy needs, and we believe our partnership with Generac will provide even more top-quality storage options to a broader array of homeowners,” said Michael Grasso, EVP, Chief Marketing Officer at Sunnova. “Generac’s strong consumer brand and history of powering homes during critical times directly aligns with our mission: to Power Energy Independence. Generac’s PWRCell system, paired with Sunnova’s comprehensive suite of solar products and services, will advance our vision of bringing solar to more and more homes across America.”
“We are excited to work with Sunnova, a market leader in the sales, installation and servicing of solar and storage systems,” said Russ Minick, Chief Marketing Officer at Generac. “Sunnova’s service offerings combined with Generac’s PWRcell technology and our vast network of installers make energy storage solutions accessible to even more homeowners.”
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 GENERAC:
Generac Power Systems, Inc. is a leading global supplier of backup power and prime power products, systems, engine-powered tools, and energy storage systems. In 1959, our founder was committed to designing, engineering and manufacturing the first affordable backup generator. More than sixty years later, the same dedication to innovation, durability and excellence has resulted in the company’s ability to expand its industry-leading product portfolio into homes and small businesses, on job sites, and in industrial and mobile applications across the globe. Generac offers single engine backup and prime power systems up to 2 MW and paralleled solutions up to 100 MW, and uses a variety of fuel sources to support power needs for our customers. Generac hosts Power Outage Central, the definitive source of U.S. power outage data, at Generac.com/poweroutagecentral. For more information about Generac and its products and services, visit www.generac.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, 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," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "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 release include, but are not limited to, statements regarding the PWRcell energy storage system providing homeowners greater flexibility installing and sizing their storage capacity; Sunnova’s belief that the partnership will provide even more top-quality storage options to a broader array of homeowners; that Generac’s PWRCell energy storage system, paired with Sunnova’s comprehensive suite of solar products and services, will advance Sunnova’s vision of bringing solar to more and more homes across America; and that Sunnova’s service offerings combined with Generac’s PWRcell technology and Generac’s vast network of installers make energy storage solutions accessible to even more homeowners. 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, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s prospectus filed to provide you with the best economic benefit, which may affect the amount of back-up power available). Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices. 6. Limitations apply. Refer to warranty agreement for details. pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. The forward-looking statements in this 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.
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