2 days ago
Sunnova Energy to lay off roughly 55% of workforce
According to a regulatory filing, on June 1, 2025, Sunnova TEP Developer, LLC, a Delaware limited liability company and wholly owned subsidiary of Sunnova Energy (NOVA) International, filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The TEPD Filing is not expected to have a material effect on our servicing operations for existing customers. On May 29, 2025, the Special Committee of the Board of Directors of the Company approved a reduction in force, effective May 30, 2025, of approximately 718 employees, or approximately 55% of the company's workforce, in order to reduce the company's operating expenses and in an effort to preserve value for stakeholders. The company expects that, in connection with the Reduction in Force, the impacted employees will be provided earned wages and salary, earned but unused paid time off, and a severance payment calculated in accordance with the applicable employee's severance plan. At this time, the company is not able, in good faith, to make a determination of the estimated amount or range of amounts of all such costs and charges to be incurred as a result of the Reduction in Force. The company will file an amendment to this report upon the determination of such amounts. The expected completion date for the Reduction in Force is not currently known.
