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.”
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.
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.
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.