Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one
of the leading U.S. residential energy services providers, and
Generac Power Systems, Inc. (“Generac”) (NYSE: GNRC), a leading
global designer and manufacturer of energy technology solutions and
other power products, announced today they are expanding their
strategic partnership. This expansion will allow Sunnova to add
Generac’s newly updated technology to its current suite of
offerings, which will include energy storage units and for the
first time, standby home generators, microinverters, and load
managers, which will provide Sunnova with an option for a single
equipment provider for the energy independent Sunnova Adaptive
Home™.
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“To power energy independence, we will continue to prioritize
resiliency and reliability for our customers so that they can
remain in control of their energy needs,” said William J. (John)
Berger, founder and Chief Executive Officer of Sunnova. “Our
strengthened partnership with Generac is another key step towards
making the Sunnova Adaptive Home a reality. Together, we have the
people, tools, and expertise to power homes when the local grid or
utility policies fail us, and allow homeowners to live life
uninterrupted.”
“Generac and Sunnova share an aligned vision of where the
industry must go, and we’re excited to expand our strategic
partnership to help bring that future vision to life,” said Aaron
Jagdfeld, President and Chief Executive Officer of Generac.
“Generac is developing and launching innovative clean energy
products that not only increase and optimize the amount of clean
energy produced, stored and utilized by homeowners, but help to
maximize customer savings. Collectively, these products deliver a
true whole-home customer experience, something that has been
lacking until now. We look forward to partnering with Sunnova to
deliver these products to customers and provide increased power
resiliency to more homeowners.”
Sunnova and Generac will work together to make this new hardware
technology available to homeowners through Sunnova’s dealer network
and by integrating both companies’ software platforms. This will
allow Sunnova to see the performance of the systems, manage the
installed technology, help predict and prevent potential issues,
prepare customers for inclement weather events, and participate in
grid services programs across the U.S. on the customers’ behalf,
when monitoring is included and customer permission is granted. The
companies will continue to leverage each other's extensive dealer
and installer networks, and with this new offer, Generac’s dealer
base will now gain access to Sunnova’s services.
Each home’s energy needs are different, and with the Sunnova
Adaptive Home™, Sunnova is creating services that integrate the use
of solar, battery storage, energy control and management
technologies to make clean energy even more affordable, reliable,
and resilient. The Sunnova Adaptive Home™ is not only able to
produce and store energy, it also “adapts” by optimizing energy
sources and consumption predictively, in real time.
Sunnova’s consumer-friendly financing solution will now be
available to the home standby generator market and Generac
certified dealers, across all 50 states and Puerto Rico. Sunnova’s
dealers will also be able to leverage this new financing
solution.
In 2020, Sunnova and Generac teamed up to make Sunnova the
exclusive Lease and Power Purchase Agreement provider for the
PWRcell™ energy storage system sold by contractors using Generac’s
PowerPlay design and quoting platform in the U.S. and its
territories. Sunnova is the only Generac partner to bring a 25-year
service agreement to the PWRcell system.
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. (NYSE: GNRC) is a leading energy
technology company that provides advanced power grid software
solutions, backup and prime power systems for home and industrial
applications, solar + battery storage solutions, virtual power
plant platforms and engine- and battery-powered tools and
equipment. Founded in 1959, Generac introduced the first affordable
backup generator and later created the category of automatic home
standby generator - a market in which nearly eight of ten
generators sold is a Generac. The company is committed to
sustainable, cleaner energy products poised to revolutionize the
21st century electrical grid.
Sunnova Forward Looking
Statements
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,” “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 press release
include, but are not limited to, statements regarding the
integration and expansion of the partnership, potential
capabilities of the Sunnova Adaptive Home, future priorities, 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, changes in
regulations applicable to our business, fluctuations in the solar
and home-building markets, availability of capital, supply chain
uncertainty, our ability to attract and retain dealers and
customers and our dealer and strategic partner relationships. The
forward-looking statements contained in this press release are also
subject to other risks and uncertainties, including those more
fully described in Sunnova’s filings with the SEC, including our
Annual Report on Form 10-K for the year ended December 31, 2020 and
our Quarterly Reports on Form 10-Q for the quarters ended June 30,
2021 and September 30, 2021. The forward-looking statements 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.
Generac Forward Looking
Statements
Certain statements contained in this news release, as well as
other information provided from time to time by Generac Holdings
Inc. or its employees, may contain forward looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those in the forward looking statements.
Forward-looking statements give Generac's current expectations and
projections relating to the Company's financial condition, results
of operations, plans, objectives, future performance and business.
You can identify forward-looking statements by the fact that they
do not relate strictly to historical or current facts. These
statements may include words such as "anticipate," "estimate,"
"expect," "forecast," "project," "plan," "intend," "believe,"
"confident," "may," "should," "can have," "likely," "future,"
“optimistic” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
operating or financial performance or other events.
Any such forward looking statements are not guarantees of
performance or results, and involve risks, uncertainties (some of
which are beyond the Company's control) and assumptions. Although
Generac believes any forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Generac's actual financial results and cause them to differ
materially from those anticipated in any forward-looking
statements, including:
- frequency and duration of power outages impacting demand for
our products;
- availability, cost and quality of raw materials and key
components from our global supply chain and labor needed in
producing our products;
- the impact on our results of possible fluctuations in interest
rates, foreign currency exchange rates, commodities, product mix
and regulatory tariffs;
- the possibility that the expected synergies, efficiencies and
cost savings of our acquisitions will not be realized, or will not
be realized within the expected time period;
- the risk that our acquisitions will not be integrated
successfully;
- the duration and scope of the impacts of the COVID-19 pandemic
are uncertain and may or will continue to adversely affect our
operations, supply chain, and distribution for certain of our
products and services;
- difficulties we may encounter as our business expands globally
or into new markets;
- our dependence on our distribution network;
- our ability to invest in, develop or adapt to changing
technologies and manufacturing techniques;
- loss of our key management and employees;
- increase in product and other liability claims or recalls;
- failures or security breaches of our networks, information
technology systems, or connected products; and
- changes in environmental, health and safety, or product
compliance laws and regulations affecting our products, operations,
or customer demand.
Should one or more of these risks or uncertainties materialize,
Generac's actual results may vary in material respects from those
projected in any forward-looking statements. In the current
environment, some of the above factors have materialized and may or
will continue to be impacted by the COVID-19 pandemic, which may
cause actual results to vary from these forward-looking statements.
A detailed discussion of these and other factors that may affect
future results is contained in Generac's filings with the U.S.
Securities and Exchange Commission (“SEC”), particularly in the
Risk Factors section of the 2020 Annual Report on Form 10-K and in
its periodic reports on Form 10-Q. Stockholders, potential
investors and other readers should consider these factors carefully
in evaluating the forward-looking statements. Any forward-looking
statement made by Generac in this press release speaks only as of
the date on which it is made. Generac undertakes no obligation to
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220201005558/en/
Media Contacts Alina
Eprimian Alina.Eprimian@sunnova.com
Tami Kou Tami.Kou@Generac.com 262-544-4811 Ext. 3950
Investor & Analyst
Contact Rodney McMahan Vice President, Investor
Relations Rodney.McMahan@sunnova.com 281-971-3323
Michael Harris Vice President, Corporate Development and
Investor Relations InvestorRelations@Generac.com 262-506-6064
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