Public Grid Disrupted: Sunnova Ensures Power Supply to More Than 50,000 Customers During Hurricane Ernesto - Share Price Climbs

Houston, USA - Hurricane Ernesto has caused widespread power outages in Puerto Rico over the past few days, cutting off hundreds of thousands of inhabitants of the Caribbean island from the public power supply.

About 55,000 customers of the US solar company Sunnova, which specializes in solar systems and energy storage, were not affected by the power shortages despite the collapse of the local supply. In fact, Sunnova customers generated around 8.05 million kWh (8.05 GWh) of electricity with their solar installations and storage systems in the period from August 13 to 19.

Approximately 98.5 percent of the Sunnova Sun Safe systems in Puerto Rico were not damaged by Ernesto. According to the company, Sunnova technicians were on site within hours of the storm and carried out repairs to the systems that were damaged.

“Keeping the lights on for over 54,500 Puerto Rican customers who lost grid power this month shows the tremendous value of our solar + storage systems,” said William John Berger, Sunnova's President and Chief Executive Officer. “Once more, the durability and dependability of Sunnova’s solar + storage systems were battle-tested by another major storm and proved to be an excellent source of reliable electricity,” added Paul Mathews, executive vice president and chief operating officer at Sunnova.

Sunnova serves an extensive customer base of over 400,000 customers in 51 U.S. states and territories and is committed to the energy transition with a mission to promote energy independence.

After the first four days of trading this week, Sunnova's shares are at the top of the RENIXX with a price increase of 14.1% to EUR 8.67 (22.08.2024, closing price, Stuttgart Stock Exchange). Compared to the price at the turn of the year, however, this is still a hefty drop of 38.9%.

Source: IWR Online, 23 Aug 2024