Novasource

Market position

Wood Mackenzie listed NovaSource as the number one global solar O&M provider in 2021 and 2022, and the company describes itself as the North American market leader and largest global provider of fully integrated lifecycle photovoltaic services and the world's largest independent solar O&M provider. As of April 2021 it was reported as the largest global solar O&M provider following the First Solar North American O&M acquisition.

NovaSource emphasizes independence from equipment manufacturers and asset ownership, supporting any brand of major equipment; a data-driven shift from time-based to predictive, just-in-time maintenance; a PV-exclusive medium-impact operations center in North America; in-house aerial inspection capability via Heliolytics; a DC availability guarantee introduced in 2022; and standardized technician training and certification through NovaAcademy.

Technology

NovaSource layers digital tools over end-to-end site data, including the NovaSource Operations Center, SUNSTREAMS and NovaCommand monitoring platforms and the GlobalFED asset database, which as of April 2022 tracked 236 site substations, 593 blocks, 14,140 inverters, 115,551 combiner boxes, 408,779 trackers, 7,712,781 strings and 93,447,438 PV modules under active contracts. It uses predictive and smart corrective maintenance, CMMS automation to prioritize work by energy or revenue loss, aerial imaging and analysis, DC health diagnostics, IV curve trace and electroluminescence testing, and supports any brand of major equipment. Training at NovaAcademy incorporates simulation software and AI-powered teaching aids.

Go-to-market

NovaSource sells directly to renewables asset owners through long-term O&M and asset optimization contracts, and has expanded its addressable base largely through acquisition of incumbent O&M portfolios from manufacturers and installers such as SunPower, First Solar and SunSystem Technology, which transferred both technicians and contracted fleets. It also builds vendor and equipment manufacturer partnerships for supply chain and certified service capabilities.

Renewable energy asset owners and operators of utility-scale solar and battery energy storage projects, commercial and industrial solar installations, and residential solar systems in the United States. Named or referenced customers include Arevon Energy, and its U.S. portfolio includes plants such as Topaz Solar Farm, Solar Star, Umbriel Solar, Sun Streams 3 and Assembly II and III, plus work with the Sacramento Municipal Utility District; in Australia it operates the Greenough River Solar Farm.

Geography

Headquartered in Chandler, Arizona, with a training facility in Avondale, Arizona and a Global Business Services Center in the Philippines. Wikipedia reports operations in 12 countries as of 2022: the United States, Canada, Chile, Portugal, Spain, France, Germany, Italy, Jordan, Morocco, South Africa and Australia. Company materials variously describe operations across 7 countries, 25+ U.S. states and 2 Canadian provinces, and elsewhere operations across 5 continents and 25 U.S. states with 24x7 worldwide monitoring.

History

NovaSource was founded in 2020 when Canadian equity management firm Clairvest Group acquired SunPower Corporation's operations and maintenance division; SunPower's prior O&M management team was bought out and became material shareholders. Co-founder Jack Bennett, previously SunPower's VP of Operations & Maintenance, served as CEO through the transition until November 2021. In January 2021 NovaSource merged with SunSystem Technology, a commercial and residential solar O&M firm, raising field technician headcount to about 550. In February 2021 it acquired French solar plant commissioner BALIAN Energy, its first entry into the European market, and in April 2021 acquired First Solar's North American O&M business, increasing service technicians to roughly 700 and making its workforce the largest in solar O&M; that same month it signed a lease for a new headquarters office in Chandler, Arizona. Co-founder Troy Lauterbach, formerly VP of Energy Services at First Solar, became CEO in November 2021. In December 2021 NovaSource acquired aerial inspection and solar PV data company Heliolytics Inc., which continues to operate under its own name, and in 2022 began offering a DC availability guarantee based on its proprietary monitoring platform and Heliolytics technology. In August 2022 it received a $100 million investment from OMERS Private Equity, and in October 2022 acquired First Solar's Australian O&M business, adding roughly 500 MW of capacity.