Solar installer Sunnova has significantly reduced its workforce by more than half, with nearly 718 employees affected by the layoffs. The company cited reducing operating expenses and preserving value for stakeholders as reasons for the cuts. Former interim CFO Robyn Liska was also among those terminated, but received an executive severance package.
The move comes days after the US Department of Energy reduced a loan guarantee to Sunnova from $3 billion to $371.6 million. Despite improving financial results in 2024, the company still reported losses of $448 million that year and has yet to release Q1 2025 results.
Sunnova is also facing scrutiny from the New York Stock Exchange (NYSE), which notified the company of non-compliance with quarterly reporting requirements. The company has six months to rectify the situation or face further action.
Furthermore, a subsidiary of Sunnova filed for Chapter 11 bankruptcy in Delaware on June 1, 2025, citing that it would not affect the company’s servicing operations for existing customers. This move is part of a challenging market environment, with federal and state-level regulations expected to impact the US residential solar industry.
Source: https://www.pv-tech.org/sunnova-lays-off-55-of-workforce-subsidiary-files-chapter-11-bankruptcy