Lay off more than 700 employees! Second Layoff of Former Photovoltaic Giant

2025-06-09 09:09:21

According to foreign media reports, recently, Sunnova Energy, an American photovoltaic company currently undergoing debt restructuring, said it would lay off about 55%, or 718 employees, in order to control expenditure. But the company did not provide details about the charges it would incur for the job cuts.

According to foreign media reports, Sunnova Energy, an American photovoltaic company currently restructuring its debt, said recently that it would lay off about 55% of its staff in order to control its expenditure. That is 718 employees . But the company did not provide details about the charges it would incur for the job cuts. According to the

data, Sunnova was founded in 2012 and listed on the New York Stock Exchange in 2019, with a peak market value of $6 billion (about 43.1 billion yuan). But now, Sunnova is on the decline.

Earlier, on February 17, Sunnova announced that it had cut nearly 300 jobs to optimize its workforce, mainly from its commercial sector, accounting for about 15% of its workforce. The reason is also to reduce costs.

Then in March, Sunnova released its 2024 earnings report. Last year, the company's total revenue was $840 million and its net profit was- $ 448 million. Industry data show that the company has accumulated losses of $ 1.5 billion (about 10.8 billion yuan) from 2019 to 2024. Sunnova has warned of significant uncertainty about its ability to continue operations due to insufficient cash flow amid

prolonged losses and dramatic changes in the market environment. Shares of the company plunged more than 60% on the news.

In the same month, Sunnova founder John Berg announced his resignation. According to Forbes, John Berg had previously told him that if the company's situation deteriorated beyond control, he would step down voluntarily.

The Wall Street Journal reported in May that Sunnova was preparing to file for bankruptcy protection. US President Donald Trump also cancelled a $2.92 billion (20.97 billion yuan) government-guaranteed loan from US residential solar giant Sunnova in January.

In addition, on June 1, Sunnova TEP Developer, LLC, a wholly owned subsidiary of Sunnova Energy, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.


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Correlation

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2025-06-09 09:09:32

According to foreign media reports, recently, Sunnova Energy, an American photovoltaic company currently undergoing debt restructuring, said it would lay off about 55%, or 718 employees, in order to control expenditure. But the company did not provide details about the charges it would incur for the job cuts.

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