Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a
leading U.S. residential solar and storage service provider, has
partnered with National Grid (NYSE: NGG) and SolarEdge Technologies
Inc. (“SolarEdge”) (NASDAQ: SEDG) to utilize its fleet of solar and
storage assets in New England to help improve power quality in
National Grid’s service area. Sunnova’s aggregated residential
solar and storage portfolio delivers over 150 GWh of clean and
reliable energy per year to New England’s homeowners and its grid,
and now this portfolio of distributed energy resources (DERs) will
work to make the grid more efficient by strengthening its
resiliency and reliability. Sunnova and SolarEdge will provide
voltage support across Massachusetts and Rhode Island, proving that
distributed resources can unlock additional value to
ratepayers.
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Sunnova rooftop solar system on a home in
Connecticut (Photo: Business Wire)
“Sunnova’s ability to deliver solutions that will create a
modern power grid reaffirms that leveraging DERs can offer
increasing value to the grid and ultimately to homeowners, when
deployed at scale,” said Michael Grasso, EVP, Chief Marketing and
Growth Officer at Sunnova. “This first of its kind solution aims to
save homeowners money, increase New England’s grid efficiency and
support National Grid on its path to achieving Net Zero by
2050.”
Over the last decade, the industry has built approximately 838
MW of residential distributed energy assets in Massachusetts and 58
MW in Rhode Island, according to Wood Mackenzie. To create the grid
of tomorrow, DERs, especially solar and battery storage, will need
to work together to support the grid in meeting its energy
objectives while providing consumers with energy independence. This
partnership will enable Sunnova to help the utility reduce
distribution system losses and allow for more efficient delivery of
power to all consumers in National Grid’s service area.
“National Grid’s continued efforts to further integrate
distributed energy resources will be accelerated by this effort
which will leverage DERs interconnected to the grid to optimize
power quality, which will reduce costs for all customers,” said
John Isberg, Vice President of Customer Sales and Solutions at
National Grid.
“SolarEdge’s work on transitioning to a stable, clean,
cost-effective grid is being realized through this unprecedented
program across New England,” said Peter Mathews, General Manager of
North America at SolarEdge. “Our DC optimized architecture, which
has been deployed by multiple utilities, is field-proven to provide
greater efficiency and accuracy. We strongly value partnerships
like this that remain essential to advancing the full value of
distributed energy resources.”
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," "expect,"
"plan," "anticipate," "going to," "could," "intend," "target,"
"project," "contemplates," "believe," "estimate," "predict,"
"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 grid efficiency, Net Zero by 2050 goals,
reduction of system losses and other statements regarding the
future. 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, the effects of the coronavirus pandemic on our
business and operations, results of operations and financial
position, our competition, fluctuations in the solar and
home-building markets, availability of capital, 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 our
Annual Report on Form 10-K for the year ended December 31, 2020 and
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2021. 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.
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 National Grid
National Grid (NYSE: NGG) is an electricity, natural gas, and
clean energy delivery company serving more than 20 million people
through our networks in New York, Massachusetts, and Rhode Island.
National Grid is transforming our electricity and natural gas
networks with smarter, cleaner, and more resilient energy solutions
to meet the goal of reducing greenhouse gas emissions. As part of
our commitment to a clean energy future, National Grid is a
Principal Partner for COP26, the UN global climate summit, which
will be located in the UK in November 2021.
For more information, please visit our website, follow us on
Twitter, watch us on YouTube, like us on Facebook, and find our
photos on Instagram.
About SolarEdge
SolarEdge (NASDAQ: SEDG) is a global leader in smart energy. By
leveraging world-class engineering capabilities and with a
relentless focus on innovation, SolarEdge creates smart energy
solutions that power our lives and drive future progress.
SolarEdge’s e-Mobility division creates end-to-end e-mobility
solutions for electric and hybrid vehicles used in motorcycles,
commercial vehicles and trucks. These solutions include innovative
high-performing powertrains with e-motor, motor drive, gearbox,
battery, BMS, chargers, Vehicle Control Unit (VCU) and software for
electric vehicles.
SolarEdge is online at solaredge.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210727005221/en/
Media Contact Alina Eprimian
Alina.Eprimian@sunnova.com
Investor & Analyst
Contact Rodney McMahan Vice President, Investor
Relations Rodney.McMahan@sunnova.com 281.971.3323
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