Sunnova Energy to cut 55% of workforce amid financial restructure
The move is part of a broader effort to curb spending as the residential solar panel installer contends with a debt burden and waning demand.
The company is currently undergoing debt restructuring and indicated in March 2025 the possibility of not being able to sustain its operations.
The layoffs come without detailed disclosure of the associated costs.
In a recent setback, the US administration under President Donald Trump revoked a partial loan guarantee of $2.92bn granted to Sunnova by the preceding Biden administration.
Adding to the company's challenges, Sunnova TEP Developer, a subsidiary, filed for Chapter 11 bankruptcy protection at the beginning of June 2025.
These developments occur amidst a period of significant strain for the US residential solar energy sector, which is facing multiple headwinds: rising interest rates, scaled-back incentives in the key Californian market and the looming threat of green energy subsidy cuts.
In May 2025, industry stakeholders expressed concern over a Republican budget bill in Congress that could severely impact the sector by eliminating a key homeowner subsidy that has supported industry expansion.
Sunnova reported a revenue increase to $840m for the full year 2024, marking a 17% rise from the previous year. The company also recorded principal proceeds of $191m.
As part of its cost-saving measures, Sunnova has streamlined operations by reducing its headcount by more than 15%. This contributes approximately $35m towards estimated total annual cash savings of $70m.
"Sunnova Energy to cut 55% of workforce amid financial restructure" was originally created and published by Power Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Asia shares, yen weather Japan uncertainty as earnings loom
By Wayne Cole SYDNEY (Reuters) -Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech giants. Investors were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union. There were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the earliest. In Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline looms. Ishiba expressed his intention to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4% firmer at 148.29 to the dollar. "Ishiba will try to govern with support from some within the opposition, but this likely means a looser fiscal policy and is not good news for bond yields," said Rodrigo Catril, a senior FX strategist at NAB. "History also suggests that domestic political uncertainty tends to keep the BOJ on the side-lines, so the prospect of rate hikes is now set to be delayed for a little bit longer." The Bank of Japan still has a bias to raise rates further but markets are pricing little chance of a move until the end of October. While the Nikkei was shut, futures traded up at 39,875 and just above the cash close of 39,819. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while South Korean stocks added 0.4%. MEGA CAPS KICK OFF S&P 500 futures and Nasdaq futures both edged up 0.1%, and are already at record highs in anticipation of more solid earnings reports. A host of companies reporting this week include Alphabet and Tesla, along with IBM. Investors also expect upbeat news for defence groups RTX, Lockheed Martin and General Dynamics. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30% this year. In bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this month. Most of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61%, rising to 80% for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. The European Central Bank meets this week and is expected to hold its rates steady at 2.0% following a string of cuts. "The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release." The euro was unchanged at $1.1630 in early trading, having dipped 0.5% last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at 98.40. In commodity markets, gold was little changed at $3,348 an ounce with all the recent action in platinum which last week hit its highest since August 2014. [GOL/] Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its exports.[O/R] Brent edged up 0.1% to $69.36 a barrel, while U.S. crude added 0.1% to $67.39 per barrel. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
9 minutes ago
- Bloomberg
Global Magnet Crisis Subsides as China Eases Up on Supply Curbs
China boosted shipments of rare earth magnets in June — including to the US — after a global supply squeeze that threatened factory closures and inflamed trade tensions. Total cargoes of the magnets rose to 3,188 tons last month, according to Chinese data on Sunday, more than double volumes of 1,238 tons in May in the midst of China's curbs. Flows to the US alone rose to 353 tons, up from just 46 tons. Total shipments were still substantially lower than before Beijing launched export controls in early April.
Yahoo
37 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures tread water ahead of tech earnings as tariff deadline looms
US stock futures were flat in Sunday evening trading, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. S&P 500 (ES=F), Nasdaq 100 (NQ=F), and Dow Jones Industrial Average futures (YM=F) all hovered around the baseline, reflecting a cautious tone after last week's record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House's Aug. 1 deadline for new tariffs, calling it a "hard stop" for compliance — before saying that he's looking at continued conversation beyond that date. Read more: The latest on Trump's tariffs Meanwhile, earnings season shifts into high gear with Alphabet (GOOG) and Tesla (TSLA) set to report Wednesday. These names are the first among the so-called "Magnificent Seven" to report this quarter. Strong results could validate stretched valuations as the market's focus on AI growth is beginning to attract comparisons to historic tech bubbles. Of the 59 S&P 500 companies that have already reported, 86% have beaten consensus, a historically strong beat rate, albeit off modest expectations. Read more: Full earnings coverage in our live blog On the macro front, the June Leading Economic Index is set for release Monday. The data will be closely watched for signs of deceleration or stabilization following a string of weak reads. Also on deck Monday: Earnings from Verizon Communications (VZ), Cleveland-Cliffs (CLF), and Domino's Pizza (DPZ). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
