Diligence memo · auto-generated · as of July 2, 2026
Sunnova Energy Corp
Sunnova Energy Corp looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Sunnova Energy Corp operates in Other Energy, based in HOUSTON.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Sunnova Energy Corp has raised $245M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $176M on 2018-03-29.
Most recent recorded round closed around 2018-03-29.
Valuation (modeled)modeled
Provath models Sunnova Energy Corp at approximately $2.1B (range $947M–$4.6B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 2.75× the median modeled value of Series D+ Other Energy companies in 2016–2018 (8 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 8 months.
Last raise 8.3 yr ago; this sector typically re-raises about every 12 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 1.8× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 98% of Other Energy peers (2049 compared).
Modeled value ranks above 98% of those peers.
Closest niche peers: Nature Token, Inc., Eckard Land & Acquisition, LLC, Forum Energy Technologies, Inc., BrightSource Energy Inc, Beamreach Solar, Inc..
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.