Glassdoor reviews charted the descent in real time: employees described layoff rounds every few months despite all-hands assurances the cuts were over, colleagues who learned they were gone only when their logins died, and dealers and suppliers going unpaid in the final stretch.
2025
2025
Going-concern warning; the $3B DOE guarantee is cancelled
With roughly $8.9B of debt and dwindling cash, auditors flag substantial doubt and Washington pulls the loan guarantee.
SEC filing
Jun 8 ’25
🪦
Jun 8 ’25
Chapter 11 — joins the Unitard Club 💔
Files with roughly $8.9B of debt and just $13.5M of cash on hand.
Court filing
2025
2025
Core business sold for ~$118M$118M
Solaris Assets buys the operating business; the shares are delisted to the OTC as NOVAQ.
Kroll
$4.95Bof peak value erased · 11 years
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
How it happened
Sunnova Energy was one of the largest US residential-solar financiers, leasing rooftop systems to more than 500,000 customers; its market value reached about $5B in the 2021 clean-energy boom. Rising rates, California net-metering cuts, a cancelled $3B DOE loan guarantee and a rooftop-solar demand slump left it with roughly $8.9B of debt and scant cash. Sunnova filed for Chapter 11 in June 2025, sold its core business for about $118M and was delisted.
Source: SEC / Houston Public Media / Kroll (peak market cap ~$5B 2021; ~$8.9B long-term debt, $13.5M cash; Chapter 11 June 8 2025; core business sold to Solaris Assets ~$118M; delisted to OTC as NOVAQ)
Where they went
John Berger
Founder & CEO who led Sunnova to peak; stepped down March 2025 before the June 2025 Chapter 11
