Why Sunnova Energy Shares Are Trading Higher Tuesday

Sunnova Energy International Inc. NOVA shares are trading higher after the company disclosed that it was selected as the exclusive national solar and battery storage services provider for The Home Depot, Inc. HD.

As per the terms, Sunnova will serve Home Depot stores across the U.S. and its territories. 

The agreement will provide consumers with access to the Sunnova Adaptive Home energy offerings in more than 2,000 Home Depot stores.

In 2021, Sunnova entered 100 Home Depot stores in crucial hurricane-prone areas. In 2023, Sunnova expanded into 15 total markets with Home Depot, encompassing about 400 stores nationwide.

Michael Grasso, Executive Vice President, Chief Revenue Officer at Sunnova, said, “We understand that rethinking how you power your home is a critical decision, and now shoppers at The Home Depot stores nationwide will have easy access to Sunnova’s solar and storage offerings.”

Last month, Sunnova Energy reported quarterly losses of $1.53 per share, which missed the analyst consensus estimate of a loss of 18 cents and sales of $194.18 million, missing the analyst consensus estimate of $223.38 million by 13.07%.

Investors can gain exposure to the stock via ProShares S&P Kensho Cleantech ETF CTEX and Neuberger Berman ETF Trust Neuberger Berman Carbon Transition Infrastructure ETF NBCT.

Price Action: NOVA shares are up 13.3% at $6.105 on the last check Tuesday.

Photo via Shutterstock