Posted on 03/04/2025 9:16:39 AM PST by Red Badger
Shares of the Biden administration-backed Sunnova Energy International Inc. plummeted over 50% after the green energy company announced substantial doubt that it can stay in business on Monday.
Barron’s reported that the company’s stock crashed by 64%, down to 60 cents per share, after Sunnova wrote in a statement that its “unrestricted cash, cash flows from operating activities and availability and commitments under existing financing agreements are not sufficient to meet obligations and fund operations.”
Sunnova also announced that “substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year from the date we issue our consolidated financial statements.”
The Houston-based company is known for providing several energy services, including solar panels and EV chargers. The company marketed renewable energy as a reliable and superior source. “Life is unpredictable. Your power shouldn’t be,” the struggling power company’s website reads.
The Washington Free Beacon reported that the Biden administration awarded Sunnova a $3 billion partial loan guarantee in 2023, which it dubbed “the largest federal loan to a solar company in history.” The Beacon also noted that the company has been accused of scamming dementia patients into signing on decades-long solar panel leases.
“The fourth quarter of 2024 was a challenging time for our industry,” John Berger, Sunnova’s chief executive officer, told Bloomberg. “Stubbornly high interest rates, along with regulatory and political uncertainties, made both consumers and capital providers more cautious.”
Congress and the Trump administration announced plans to cut the tax credits that Sunnova was counting on, according to Bloomberg.
Bloomberg also reported that Sunnova’s shares used to trade for as much as $50, and that the company’s market value has shrunk from $4.5 billion in 2020 to approximately $208 million by the end of February 2025.
“The overall environment is terrible,” Berger told Bloomberg. “That just gets everybody in a very bad mood.”
No business deserves to stay open when it can’t survive without government subsidies.
All it does is scream *money laundering*.
“Life is unpredictable. Your financing shouldn’t be”
I fixed it for them.
“The overall environment is terrible,”
For leftist grifters soaking the taxpayer.
It’s ova for Sunnova.
Sunnova gun….
“The Beacon also noted that the company has been accused of scamming dementia patients”
They only had to scam one who gave them 3 billion dollars.
“the largest federal loan to a solar company in history.”
Golf clap....
Who would have guessed?
I’ll bet John Berger is pulling a nice salary + bennies.
Just another “Green” grift.
Pure theft of your and my money.
“John Berger, the visionary founder and CEO of Sunnova Energy, has played a pivotal role in the company’s trajectory as a leader in solar energy. With an estimated net worth of $24.8 million.”
“I’m a visionary!”
— John Berger
“Well, I didn’t see that coming”
— also John Berger, probably
Gee, where are the many photos freepers took in front of Solyndra when it BK’d?
They were hilarious
This is what happens when Solyndra and Obama officials don’t go to prison. Sunnova is Solyndra 2.0.
BINGO
LOL...well played!
“No business deserves to stay open when it can’t survive without government subsidies.”
AMEN!! All we would have are Soviet-style state-run businesses.
Imagine that!
“I’m a visionary!”
— John Berger
“Well, I didn’t see that coming”
— also John Berger, probably
”Well, Sunnova...”
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