Sunnova assets officially sold as founder launches new Houston energy startup

solar shift

Sunnova has been acquired. And its former CEO has launched a new startup. Photo via sunnova.com

Solaris Assets has completed its acquisition of the majority of Sunnova Energy International’s residential solar assets. Houston-based Sunnova filed for Chapter 11 bankruptcy this summer after piling up billions of dollars in debt.

Meanwhile, Sunnova founder and former CEO John Berger has launched a Houston-based home energy services startup, Otovo USA, which just received more than $4 million in seed funding.

Solaris now owns Sunnova’s residential solar services platform and its solar generation and storage portfolio, along with leases, loans and power purchase agreements. Sunnova’s operations are being shifted to SunStrong Management, an Austin-based asset manager for the renewable energy sector.

“By bringing together SunStrong’s asset management expertise with Sunnova’s nationally scaled customer base, we are creating a stronger, more capable leader in the solar industry,” Brendon Merkley, CEO of SunStrong, said in a news release. “Our priority is to maintain the highest levels of service for customers as we expand our footprint as a premier solar asset servicer.”

In June, Sunnova sold its new-home business to homebuilder Lennar for $15.2 million and sold certain assets to investment firm Atlas SP Partners for $15 million.

As of December, Sunnova’s debt totaled nearly $10.7 billion, Reuters reported. Sunnova faced numerous challenges in its quest to survive, including higher interest rates, the reduction of solar incentives in California, and a shakeup in federal subsidies for renewable energy.

Sunnova filed for Chapter 11 bankruptcy in June. A month later, a bankruptcy judge approved the court-supervised sale of Sunnova. Solaris’ acquisition of Sunnova closed Sept. 3.

As SunStrong absorbs the bulk of Sunnova’s assets, Berger — who quit in March as Sunnova’s CEO — has formed a new business. He’s now the founder and CEO of Otovo USA, a partner of European residential power company Otovo.

Otovo USA offers solar power systems, solar batteries, standby generators, EV chargers, electric-load managers, and other power generation and management systems. Otovo’s AI-supported offerings are now available in Texas; the company plans to expand nationwide.

Otovo USA raised its seed funding from the EIC Rose Rock Venture Fund, which invests in energy startups.

“Otovo USA is here to help the millions of Americans with home energy services that are fed up with the complexities of warranties, juggling multiple vendors, and long repair times,” Berger said. The startup, he added, “is bringing customers what they really need: reliable power and a single partner accountable for keeping it up and running. It’s your power, backed by ours.”

From Your Site Articles

Sunnova Energy International and Tenet Energy will offer special discounts and financing plans. Photo via sunnova.com

Sunnova Energy taps new fintech platform for collaboration

team work

Houston-based Sunnova Energy International, a provider of commercial and residential solar energy services, has teamed up with fintech platform Tenet Energy to help Americans buy electric vehicles and solar power systems.

The two companies will offer special discounts and financing plans to encourage Sunnova customers to switch to electric vehicles purchased through Tenet and Tenet customers to adopt Sunnova’s solar energy systems.

“Our suite of energy solutions — which includes EV chargers — addresses the concerns of higher electricity costs associated with fueling EVs while enabling buyers the convenience of charging from home as they electrify their transportation,” Michael Grasso, executive vice president and chief revenue officer at Sunnova, says in a news release.

The goal of the partnership is to enable homeowners to charge electric vehicles with solar power, which the companies say would lower utility and fuel costs.

“Our mission is to help Americans electrify their lives, starting with their vehicle,” says Alex Liegl, CEO of New York City-based Tenet. “EVs are an excellent way to begin your sustainability journey and save money, but they are also part of a broader energy system that works synergistically with other clean energy home assets like solar.”

Eric Williams has been appointed executive vice president and CFO of Sunnova. Photo via sunnova.com/

Houston solar energy company names new C-level leadership

onboarding

Houston’s Sunnova Energy has named a new member to its C suite.

Eric Williams has been appointed executive vice president and CFO of Sunnova, an industry-leading adaptive energy services company. He brings 20 years of experience with 13 years in the energy industry to the company.

Williams replaces Robert Lane. Lane served as Sunnova's executive vice president and CFO from May 2019 to June 2024.

“I was drawn to Sunnova by its commitment to power energy independence and make clean energy more accessible, reliable, and affordable for homeowners and businesses,” Williams says in a news release. “Building on its unique accomplishments and strong history as an industry leader, I am confident in Sunnova’s ability to create value for all stakeholders and realize its vision for a clean energy future.

"I also count it a privilege to succeed Rob Lane, whose leadership and contributions have been invaluable," he continues. "I am grateful for his help ensuring a seamless and effective transition, and I am eager to begin working with his talented team.”

Prior to taking this position, Williams served as CEO and executive vice president of Diversified Energy Company where he helped establish the company’s asset backed securitization structure and led the issuance of approximately $2 billion in securitized debt.

"Eric’s extensive background in the energy sector and impressive track record in finance and accounting will be invaluable to Sunnova, and we are confident he will be a key driver in our growth and success going forward," William J. (John) Berger, CEO at Sunnova adds. "As a seasoned financial leader with deep experience in leveraging the capital markets, we believe Eric is uniquely positioned to continue building Sunnova’s strong financial framework and create more long-term value for our shareholders.”

Through the new partnership, Sunnova will fold the Lumin Smart Panel energy management platform into its Adaptive Home product. Images via luminsmart.com

Houston solar company taps new tech partner for energy management

teaming up

Houston-based Sunnova Energy International, a provider of renewable energy for homes and businesses, has teamed up with Lumin, a maker of energy management technology, to roll out a new offering to homeowners.

Through the new partnership, Sunnova will fold the Lumin Smart Panel energy management platform into its Adaptive Home product. The partnership is scheduled to kick off in the first quarter of 2024.

Sunnova’s Adaptive Home combines solar power, battery storage, and smart energy management.

Integration of Lumin Smart Panel into Adaptive Home and Lumin’s energy management software into the Sunnova app is designed to give Sunnova customers more control over energy usage. Sunnova has more than 386,000 solar and battery storage customers.

“Lumin’s smart energy management platform provides the ideal combination of performance, compatibility, and affordability that aligns perfectly with Sunnova’s commitment to powering energy independence,” says Michael Grasso, chief revenue officer of Sunnova.

Kelly Warner, CEO of Charlottesville, Virginia-based Lumin, characterizes the partnership with Sunnova as a “no-brainer” and a “game-changer.”

“Most homeowners investing in solar and storage want access to more than two or three loads during a power outage — they want to control what matters most to them,” adds Alex Bazhinov, founder and president of Lumin.

Sunnova is celebrating the Lumin partnership as it settles into its expanded customer service-focused Global Command Center and gears up for the opening of its Adaptive Technology Center.

Solar deals announced — and more trending Houston energy transition news. Photo via Getty Images

Startup raises funds, solar project details revealed, and more trending Houston energy transition news

top stories

Editor's note: It's been a busy news week for energy transition in Houston, and some of this week's headlines resonated with EnergyCapital readers on social media and daily newsletter. Trending news included details on solar projects, an energy tech startup's recent raise, and more.

Houston-based, AI-powered electricity analytics company raises $20M series B

Energy tech platform Amperon raised $20 million. Photo via Amperon.co

A Houston startup has raised $20 million in its latest round of funding in order to accelerate its energy analytics and grid decarbonization technology.

Amperon Holdings Inc. announced today that it closed its series B round at $20 million. Energize Capital led the round and the D. E. Shaw group, Veriten, and HSBC Asset Management, an existing investor, joined in on the round. Additionally, two of Amperon's early customers, Ørsted and another strategic utility partner, participated in the series B, which brought Amperon’s total funding to $30 million.

The fresh funding will support the company in evolving its platform that conducts electricity demand forecasting to a comprehensive data analytics solution. Read more.

DOE loans Houston company $3B for project that will provide solar energy to underserved communities

Houston-based Sunnova Energy has secured a loan from the Department of Energy. Photo via sunnova.com

A partial loan guarantee from the U.S. Department of Energy will support more than $5 billion in loans for Sunnova Energy equipment and technology that’ll supply solar energy to underserved communities.

The $3 billion partial loan guarantee equates to a 90 percent guarantee of up to $3.3 billion in loans. In turn, Sunnova says, that’ll support more than $5 billion in loans to about 75,000 to 115,000 U.S. households. It’s said to be the largest single commitment to solar power ever made by the federal government.

At least 20 percent of the Project Hestia loans will be extended to customers with FICO credit scores of 680 or less, and up to 20 percent of the loans will be earmarked for homeowners in impoverished Puerto Rico. Read more.

Nonprofit harvests solar energy to serve Houston's food deserts

Sustainable nonprofit Urban Harvest has upgraded to use solar energy. Photo courtesy Andrew Hemingway/Urban Harvest

Houston nonprofit Urban Harvest is plugging into the power of solar energy.

The nonprofit’s Mobile Market program has added a custom-designed, solar-equipped trailer to its fleet. The market provides fresh locally sourced food to “food deserts.”

“By harnessing the sun’s energy, the trailer can become a self-sustaining unit, eliminating reliance on conventional power sources for a substantial period of time,” says Urban Harvest.

The trailer consists of a Ford F150 hybrid truck with a custom-designed trailer that’s equipped with solar power capabilities. The unit enables Urban Harvest to store and transport nearly $5,000 worth of fresh produce and goods to support the Mobile Market program, which serves an average of 1,200 customers each month. Read more.

BP breaks ground on Texas solar farm, plans to open it next year

BP's solar park is scheduled to begin operating in the second half of 2024. Photo via bp.com

British energy giant BP, whose U.S. headquarters is in Houston, has started construction on a 187-megawatt solar farm about 10 miles northeast of Corpus Christi.

The Peacock Solar facility will generate power for a nearby chemical complex operated by Gulf Coast Growth Ventures, a joint venture between Spring-based energy company ExxonMobil and SABIC, a Saudi Arabian chemical conglomerate whose products are used to make clothes, food containers, packaging, agricultural film, and construction materials. SABIC’s Americas headquarters is in Houston.

Gulf Coast Growth Ventures opened the plant in 2022. The joint venture says the ethylene cracker and derivatives complex, located northwest of the town of Gregory, employs about 600 people. Read more.

UH Energy names latest winners of commercialization competition

UH's winning team, ECHO, or Electrochemical CO2 Harvester from the Ocean, was awarded a $25,000 award from Chevron. Photo courtesy of UH

UH Energy named its second Innovation Commercialization Competition winners earlier this month with the goal of identifying promising ideas within the university that could have an impact in the energy transition.

The winning team, ECHO, or Electrochemical CO2 Harvester from the Ocean, was awarded a $25,000 award from Chevron, the event's sponsor, after presenting their pitch in front of a live Houston audience earlier this month.

“You don’t see the full impact of a good idea until someone figures out a way to convert it to a usable product or service that has value, brings it to market and makes money off of it—this is what makes it a sustainable business,” S. Radhakrishnan, the competition's coordinator and a retired University of Houston business professor, says. “To have a successful energy transition, we need many innovative ideas to be commercialized.” Read more.

Houston-based Sunnova Energy has secured a loan from the Department of Energy. Photo via sunnova.com

DOE loans Houston company $3B for project that will provide solar energy to underserved communities

ray of sunshine

The Department of Energy (DOE) says Sunnova’s Project Hestia — a virtual power plant — will provide rooftop solar, battery storage, and energy software to residential customers and create more than 3,400 jobs. Sunnova, an energy-as-a-service provider, says each residential power system will feature energy technology accessible by smartphones and other electronic devices.

“The software will give customers insight into their household’s energy usage and greenhouse gas emissions, allowing customers to reduce electricity use — or even contribute electricity to the system in markets that allow such contributions — when the grid is under stress,” says DOE.

The estimated 568-megawatt Project Hestia is poised to help avoid the emission of more than 7.1 metric tons of carbon dioxide over the next 25 years, DOE says. The project will produce enough energy to power roughly 425,000 homes per year.

John Berger, CEO of Sunnova, says the federal loan guarantee “marks the beginning of an exciting chapter in our pursuit of a cleaner and more equitable energy landscape. With our collaboration with the U.S. Department of Energy, we are embarking on a journey that expands clean energy access and delivers economic benefit to Americans in disadvantaged communities.”

As of June 30, Sunnova had 348,600 customers in the U.S., up from 279,400 at the end of 2022. The company projects a 40 percent rate of customer growth in 2024 compared with 2023.

The publicly traded company posted revenue of $328.1 million in the first half of 2023, up from $212.7 million during the same period last year.

Last month, in an interview with EnergyCapital, Berger explained misconceptions about solar power, predicted the rise of the home as a power station, and highlighted the importance of energy independence.

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

10+ must-attend Houston energy events happening in Q1 2026

Mark Your Calendar

Editor's note: With the new year comes a new slate of must-attend events for those in the Houston energy sector. We've rounded up a host of events to put on your calendar for Q1, including some that you can attend this month. Plus, other premier annual events will return in February and March 2026 and are currently offering early-bird, discounted registration. Book now.

Jan. 7-8 — AAPG Subsurface Energy to Power Workshop

This two-day AAPG workshop explores the expanding role of natural gas, geothermal, hydrogen, lithium, and uranium in accelerating electricity capacity. Participants will examine innovative solutions designed to reduce reliance on long-distance transmission lines, pipelines, and other costly infrastructure. Throughout the workshop, attendees will gain insight into both the technical deployment of subsurface resources and the land, legal, and permitting factors that influence project development.

This event begins Jan. 7 at Norris Conference Center at CityCentre. Register here.

Jan. 19-22 — PPIM 2026

The 38th international Pipeline Pigging & Integrity Management Conference and Exhibition takes place over four days at the George R. Brown Convention Center and the Hilton Americas. This industry forum is devoted exclusively to pigging for pipeline maintenance and inspection, engineering assessment, repair, risk management, and NDE. Two days of courses will take place Jan. 19-20, followed by the conference on Jan. 21-22, and the exhibition running Jan. 20-22. Register here.

Jan. 22 — MicroSeismic - Romancing Energy Forum

This forum will feature raw, unfiltered stories from the pioneers who changed the trajectory of American Shale. Attendees will gain insights into the playbooks, decisions, data, and lessons learned behind the biggest discoveries and engineering triumphs in modern energy. Keynote speakers include Tom and Diane Gates of Gates Ranch.

This event begins at 8 am on Jan. 22 at Norris Conference Center at CityCentre. Register here.

Jan. 22 — Houston Downton Luncheon: Beyond the Barrel: Pricing, Transition, and Geopolitics in 2026

Women's Energy Network Houston Chapter hosts this January lunch and learn featuring guest speaker Ha Nguyen with S&P Global Energy. Nguyen will discuss the global energy outlook for 2026, with a focus on strategic drivers, such as decarbonization and EV adoption, and a look at Houston's crucial role in the future of the U.S. market.

This event begins at 11:30 am on Jan. 22 at The Houston Club. Register here.

Feb. 18-20 — NAPE Summit Week 2026

NAPE is the energy industry’s marketplace for the buying, selling, and trading of prospects and producing properties. NAPE brings together all industry disciplines and companies of all sizes, and in 2026 it will introduce three new hubs — offshore, data centers, and critical minerals — for more insights, access, and networking opportunities. The event includes a summit, exhibition, and more.

This event begins Feb. 18 at George R. Brown Convention Center. Register here.

Feb. 24-26 — 2026 Energy HPC & AI Conference

The 2026 Energy HPC & AI Conference marks the 19th year for the Ken Kennedy Institute to convene experts from the energy industry, academia, and national labs to share breakthroughs for HPC and AI technologies. The conference returns to Houston with engaging speaker sessions, a technical talk program, networking receptions, add-on workshops, and more.

This event begins Feb. 24 at Rice University's BRC. Register here.

Feb. 26 — February Transition on Tap

Mix and mingle at Greentown Labs' first Transition on Tap event of the year. Meet the accelerator's newest startup members, who are working on innovations ranging from methane capture to emissions-free manufacturing processes to carbon management.

This event begins at 5:30 pm on Feb. 26 at Greentown Labs Houston. Register here.

March 2-4 — The Future Energy Summit

The Future Energy Summit is a premier global event bringing together visionaries, industry leaders, and energy experts to shape the future of energy. The second edition of the conference will provide a platform for groundbreaking discussions, cutting-edge technologies, and transformative strategies that will accelerate the energy transition.

This event begins March 2. Register here.

March 10-12 — World Hydrogen & Carbon Americas

S&P Global Energy brings together two leading events — Carbon Management Americas and World Hydrogen North America — to form a new must-attend event for those in the hydrogen and carbon industries. More than 800 senior leaders from across the energy value chain will attend this event featuring immersive roundtable discussions, hands-on training, real-world case studies, and unparalleled networking opportunities.

This event begins March 10 at Marriott Marquis Houston. Register here.

March 23-27 — CERAWeek 2026

CERAWeek 2026 will focus on "Convergence and Competition: Energy, Technology and Geopolitics." The industry's foremost thought leaders will convene in Houston to cultivate relationships and exchange transformative ideas during the annual event. Through the lens of 16 dynamic themes, CERAWeek 2026 will explore breakthroughs, cross-industry connections, and powerful partnerships that are accelerating the transformation of the global energy system.

This event begins March 23. Register here.

Japanese company launches solar module manufacturing at Houston-area plant

solar plant

A local subsidiary of a Japanese solar equipment manufacturer recently began producing solar modules at a new plant in Humble.

TOYO Co. Ltd.’s TOYO Solar LLC subsidiary can produce 1 gigawatt worth of solar modules per year at a 567,140-square-foot plant it leases in Lovett Industrial’s Nexus North Logistics Park on Greens Road. TOYO Solar’s next phase will accommodate 2.5 gigawatts’ worth of solar module manufacturing. The subsidiary eventually plans to expand manufacturing capacity to 6.5 gigawatts.

For now, TOYO Solar operates only one assembly line at the Humble plant. Once TOYO Solar has five assembly lines up and running, it could employ as many as 750 manufacturing workers there, according to Connect CRE.

TOYO says the plant enlarges its U.S. footprint “to be closer to the majority of its clients, meet the demand for American-made solar panels, and contribute to the growing demand for secure, sustainable energy solutions as demands on the grid continue to rise.”

Last month, TOYO purchased the remaining 24.99 percent stake in TOYO Solar to make it a wholly owned subsidiary. TOYO entered the Houston-area market through its 2024 acquisition of a majority stake in Solar Plus Technology Texas LLC.

Record $9.6M fine for Houston-based co. after Gulf of Mexico oil spill

In the news

Pipeline safety regulators on Monday, January 5, assessed their largest fine ever against the company responsible for leaking 1.1 million gallons of oil into the Gulf off the coast of Louisiana in 2023. But the $9.6 million fine isn’t likely to be a major burden for Third Coast to pay.

This single fine is close to the normal total of $8 million to $10 million in all fines that the Pipeline and Hazardous Materials Safety Administration hands out each year. But Third Coast has a stake in some 1,900 miles of pipelines, and in September, the Houston-based company announced that it had secured a nearly $1 billion loan.

Pipeline Safety Trust Executive Director Bill Caram said this spill “resulted from a company-wide systemic failure, indicating the operator’s fundamental inability to implement pipeline safety regulations,” so the record fine is appropriate and welcome.

“However, even record fines often fail to be financially meaningful to pipeline operators. The proposed fine represents less than 3% of Third Coast Midstream’s estimated annual earnings,” Caram said. “True deterrence requires penalties that make noncompliance more expensive than compliance.”

The agency said Third Coast didn't establish proper emergency procedures, which is part of why the National Transportation Safety Board found that operators failed to shut down the pipeline for nearly 13 hours after their gauges first hinted at a problem. PHMSA also said the company didn't adequately assess the risks or properly maintain the 18-inch Main Pass Oil Gathering pipeline.

The agency said the company “failed to perform new integrity analyses or evaluations following changes in circumstances that identified new and elevated risk factors” for the pipeline.

That echoed what the NTSB said in its final report in June, that “Third Coast missed several opportunities to evaluate how geohazards may threaten the integrity of their pipeline. Information widely available within the industry suggested that land movement related to hurricane activity was a threat to pipelines.”

The NTSB said the leak off the coast of Louisiana was the result of underwater landslides, caused by hazards such as hurricanes, that Third Coast, the pipeline owner, failed to address despite the threats being well known in the industry.

A Third Coast spokesperson said the company has been working to address regulators' concerns about the leak, so it was taken aback by some of the details the agency included in its allegations and the size of the fine.

“After constructive engagement with PHMSA over the last two years, we were surprised to see aspects of the recent allegations that we believe are inaccurate and exceed established precedent. We will address these concerns with the agency moving forward," the company spokesperson said.

The amount of oil spilled in this incident was far less than the 2010 BP oil disaster, when 134 million gallons were released in the weeks following an oil rig explosion, but it could have been much smaller if workers in the Third Coast control room had acted more quickly, the NTSB said.

View All Listings

ENERGYCAPITALHTX EMAILS ARE AWESOME