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  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses a 'before-after' or 'precedent' style to contrast Sungevity's 2016 pitch with its 2017 bankruptcy and 2020 layoffs.",
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      "text": "Sunnova is potentially worse off given it does have a financial company balance sheet",
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      "text": "Solar company Sungevity files for bankruptcy, agrees to sell assets",
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      "text": "Sungevity, a solar installation company claiming to have a unique business model, attempted to go public through a SPAC in 2016. Like Sunnova's value proposition, Sungevity touted its asset-light business model built on customer relations and leading network of installation partners. After the deal to go public fell through, Sungevity filed bankruptcy in March 2017. Will asset-light Sunnova with its network of dealers suffer a similar demise? Since emerging from bankruptcy, Sungevity is facing financial struggles as a result of the COVID-19 pandemic, laying off 400 employees in 2020.",
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      "text": "The formerly bankrupt and since reborn residential solar company abruptly laid off nearly 400 workers yesterday. For the third time in company history, a significant portion of the workforce was laid off with no warning. Now Sungevity's future is uncertain - yet again.",
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