Sunnova Energy to reduce workforce by more than 15%

Sunnova Energy (NOVA) International announced an optimization of its business aimed at streamlining its operations and prioritizing its highest-value customer segments to drive efficiency and higher cash generation. As part of this effort, the Company is reducing costs, primarily overhead, and optimizing its workforce through a reduction of nearly 300 positions, mostly within its commercial organization. These actions will reduce its workforce by more than 15%, contributing approximately $35 million towards total estimated annual cash savings of approximately $70 million, contributing to a leaner and more agile organization. The Company estimates that its cash savings will come from a mix of lower expenses and lower cash components of capitalized costs.