Why Sunnova Energy Stock Was Racing Higher on Tuesday
Sunnova Energy (NYSE: NOVA) was a ray of light on the stock exchange on Tuesday. Shares of the solar energy company were trading nearly 8% higher in late-session action, following news of a partnership with a famous retailer. The stock was notably outpacing the bellwether S&P 500 index, which was inching up by 0.2%.
Well before market open that day, Sunnova announced that it had agreed with Home Depot (NYSE: HD) to be the retailer's sole provider of solar and battery services in its U.S. stores. At a stroke, this opens a major sales channel for the solar company's Adaptive Home suite of products, as the deal covers more than 2,000 Home Depot outlets.
The new arrangement dramatically expands an existing partnership between the two companies. In 2021 Home Depot began selling Sunnova's SunSafe solar and battery service in 100 of its stores in locations where hurricanes were a threat. This cooperation grew to a total of 15 markets, blanketed with around 400 Home Depot outlets.
Source Fool.com
