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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.”

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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

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.

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.

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Hertha Metals breaks ground on $100M high-purity iron factory in Conroe

coming soon

Shortly after announcing a $133.65 Series A funding round, Conroe-based Hertha Metals broke ground Oct. 8 on a $100 million factory that will produce steel-grade and magnet-grade high-purity iron.

Hertha’s Chalyx plant, located in Conroe, will manufacture a total of about 10,000 metric tons per year of magnet-grade and steel-grade high-purity iron. The factory will use Hertha’s single-step process to generate high-purity iron for rare-earth-magnet and steel manufacturers in the U.S.

Hertha says Chalyx will be the first U.S. commercial plant for production of magnet-grade high-purity iron.

Chalyx is being built next to Hertha’s headquarters and its Pi100 pilot plant, which will remain in operation. Chalyx and Pi100 will form the first modern-day iron and steel “innovation complex” in the U.S., the company says.

“I founded Hertha Metals because I believed we could significantly improve how the world makes iron and steel from ore, and that an industry so fundamental to our future still had enormous room for invention,” Laureen Meroueh, founder and CEO of Hertha, said in a press release.

The 4-year-old startup says the Chalyx complex will lay the foundation for its first 500,000-ton-per-year steel mill.

Chalyx’s first priority is making high-purity iron for U.S. manufacturers of rare-earth magnets, Hertha says. These magnets are critical components for electric vehicles, data centers, wind turbines and defense systems.

China produces an estimated 94 percent of high-purity iron for rare-earth magnets, according to Hertha.

Aside from iron for rare-earth magnets, Chalyx will make iron and steel for pilot projects in the steel industry.

The plant is expected to come online in late 2027, with production of magnet-grade high-purity iron starting in early 2028.

Today, Hertha employs 32 people, the company says. Once it’s fully operating, the Chalyx plant will employ about 50 people.

Just ahead of the groundbreaking, Hertha announced the $133.65 million Series A round, co-led by Khosla Ventures and Doerr Capital. The round included a $65 million equity investment from the Pentagon.

“Iron and steel have shaped human progress for thousands of years. And I believe there is still an enormous amount left to invent,” Meroueh said at the groundbreaking ceremony.

Canada-founded energy tech company moves global HQ to Energy Corridor

houston hq

Pulsed-power technology company BlueSpark Energy will open its new global headquarters in Houston’s Energy Corridor to house its engineering, research and development, manufacturing, commercial and digital teams.

“Houston isn’t simply our new headquarters; it’s where a new BlueSpark begins,” Kahina Abdeli-Galinier, president and CEO of BlueSpark, said in a news release. ”We’re building the well health technology the industry needs to get more from existing wells, reduce intervention costs and keep wells producing for longer. Our new home brings us closer to our customers and places us at the heart of one of the most exciting markets in the industry, with the talent pool to match.”

The company, which began in Calgary, plans to grow its Houston workforce to 100 employees by the end of 2028, while the manufacturing element is expected to be operational in February 2027.

According to BlueSpark, the new facility will feature double the manufacturing floorspace of its current site, and the extra space will allow it to scale its tool manufacturing.

The headquarters is on West Sam Houston Parkway. BlueSpark's Chief Technology Officer Matt Mohajer and Chief Commercial Officer Zach Wilbur are already leading teams at the new space, according to the release.

BlueSpark develops pulsed-power technology that uses electrical energy to clean oil and gas well components, remove scale buildup and restore production without damaging equipment. Its technology helps operators reduce downtime, improve well performance and extend the productive life of existing wells.

Late last year, the company named Kahina Abdeli-Galinier as its CEO. It has since rebranded and focused on expanding its technology into new applications, including plugging and abandonment, cement removal and water services.

“We’re investing heavily in our technology, both the physics and the intelligence and delivery layer around it,” Abdeli-Galinier added in the release. “Having our engineering, manufacturing, digital, R&D and commercial teams in one place allows us to move much faster, giving our customers the tools they need to keep wells healthy and producing more for longer.”

Houston energy startups named finalists for 2026 Innovation Awards

Meet the Innovators

InnovationMap.com, EnergyCaptialHTX's sister website, has revealed the finalists for the 2026 Houston Innovation Awards, and the local energy sector is well-represented throughout the awards.

The sixth annual Houston Innovation Awards program returns in an all-digital format this fall to honor the best of Houston's innovation ecosystem, including startups, entrepreneurs, mentors, and more.

Finalists were determined by an esteemed panel of judges. The panel reviewed applications across 10 prestigious categories to determine our finalists. They will select the winner for each category, except for Startup of the Year, which will be chosen by the public via online voting launching later this month.

We will announce the honoree of our annual Trailblazer Award in the coming weeks, then stay tuned as we unveil all of this year's winners on InnovationMap.com in mid-November.

Without further ado, here are the 2026 Houston Innovation Awards finalists:

Minority-founded Business

Honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation:

  • AI Made Fun
  • Deep Anchor Solutions
  • HEXAspec
  • Prana Surgical
  • Torres Orbital Mining Inc.

Female-founded Business

Honoring an innovative startup founded or co-founded by a woman:

  • Adair
  • ARIX Technologies
  • Bairitone Health
  • FlowCellutions
  • ParaDocs Health

Energy Transition Business

Honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy and beyond:

  • Capwell Services
  • FlowCellutions
  • Hertha Metals
  • Mars Materials
  • Solidec

Health Tech Business

Honoring an innovative startup within the health and medical technology sectors:

  • Bairitone Health
  • InformAI Inc.
  • Prana Surgical
  • Skybound MedTech

Deep Tech Business

Honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors:

  • Casimir
  • Focis AI
  • Machine Saver Inc.
  • Square Robot
  • Venus Aerospace

Startup of the Year (People's Choice)

Honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an online voting experience:

  • Fluxworks
  • IronLattice
  • Lumino
  • Progress Report
  • Rosarium Health
  • Thread
  • TokenRoster

Scaleup of the Year

Honoring an innovative later-stage startup that's recently reached a significant milestone in company growth:

  • Erock
  • Hertha Metals
  • Venus Aerospace

Incubator/Accelerator of the Year

Honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups:

  • Activate
  • Impact Hub Houston
  • MarMo Innovation

Mentor of the Year

Honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs:

  • Al Danto, Rice University
  • Eric Rubenstein, New Climate Ventures
  • Jeremy Pitts, Activate
  • Joe Alapat, Liongard
  • Kyle Judah, Rice University's Liu Idea Lab for Innovation & Entrepreneurship
  • Rachel Bickham, Bickham Services Unlimited LLC

Trailblazer Recipient

  • To be announced
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