Shares of Biden-backed Sunny Nova Energy International plummeted 50% after Green Energy announced that it could continue its business on Monday. [emphasis, links added]
Barron reported that the company's stock declined by 64% and fell 60 cents per share, saying it “unlimited cash, cash flow in operating activities and availability under existing financing agreements and commitments were not sufficient to meet obligations and fundraising operations.”
Sunnova also announced “There is great doubt about our ability to continue to worry about at least one year from the date of issuance of consolidated financial statements.”
The Houston-based company is known for providing a variety of energy services, including solar panels and EV chargers.
The company sells renewable energy as a reliable and superior source. “Life is unpredictable,” reads the website of a troubled power company.
Washington Free Beacon Report says Biden administration granted Sunny Nova a partial loan guarantee in 2023 and called it “The largest federal loan for solar companies in history.”
The beacon also pointed out The company is accused of dementia patients from signing on decades of solar panel rentals.
“The fourth quarter of 2024 is a challenging time for our industry,” Sunni CEO John Berger told Bloomberg. “The stubborn high interest rates, along with regulatory and political uncertainty, have made consumers and capital providers more cautious.”
According to Bloomberg, Congress and the Trump administration have announced plans to cut the tax credits that Sunnis expect.
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