Sunnova Energy International Inc (NYSE: NOVA) was up by nearly 23 per cent Wednesday after it became known that company insiders were buying up stock. The energy solutions provider also secured a solar plant contract with Maine’s Penobscot First Nation this week.
One of the company’s directors, Mohamed Akbar, just purchased over US$389,000 worth of shares. Furthermore, Sunnova’s Chief Financial Officer, Eric Williams, just spent US$49,680 on the solar operator’s stock. Akbar already held almost 250,000 shares prior.
The Penobscot Chief, Kirk E. Francis Sr., says the new solar energy storage system will be beneficial for his reservation because it is has been prone to lengthy power outages historically. There were multiple vicious storms in Maine last year.
“Sunnova’s microgrid will provide a critical source of dependable power when the grid goes down, particularly for our Penobscot community and commercial centres,” the First Nation’s leader specified, “helping us maintain essential health and administrative services.”
In October, Sunnova boasted that 98 per cent of its solar systems remained intact after Hurricane Milton and Helene. These storms ravaged Florida, within about two weeks of each other, in September and October.
Read more: China’s ATESS sets up solar power infrastructure in remote Argentina towns
Read more: Department of Energy gives Nevada Gold Mines millions to set up advanced solar system
Sunnova reports revenue spike in Q3; high net loss
The Texas-based energy tech provider observed a 19 per cent revenue spike year-over-year last quarter at US$235.3 million. This was significantly attributable to a 46 per cent rise in the company’s customer agreements and incentives revenue, which shot up to US$157.5 million.
But, Sunnova reported a 166 per cent increase in net losses at US$150.3 million. This was largely linked to a 92 per cent increase in operations and maintenance costs during the quarter.
Also, the alternative energy operator saw a 14 per cent drop in sales of solar systems and other products in Q3.
Sunnova was founded in 2012 and has since grown into one of the top American residential solar systems providers. Seven years after its formation, the company completed its IPO on the New York Stock Exchange. It works in 38 states and territories within the U.S.
Allied Market Research has predicted that the global solar market will expand with a compound annual growth rate of 12.3 per cent in the coming years.
Is 2025 a return to growth for the solar industry? ☀️
Rob Barnett, Senior Energy and Commodity Analyst for @BBGIntelligence, shares emerging solar technologies that are creating new opportunities for growth.
Watch the full video➡️ https://t.co/wS8NoLOczB#Solar #Energy pic.twitter.com/TYfh5AsMBq
— Bloomberg Terminal (@TheTerminal) November 20, 2024
rowan@mugglehead.com
