NovaSource Power Services (“NovaSource” or the “Company”), a portfolio company of Clairvest Group Inc. (“Clairvest”, TSX: CVG) and the global leader in solar operations and maintenances services, announced today that it is adding the next evolution of services to its product lifecycle packages for the North American market.
NovaSource will provide an industry-first DC Availability Guarantee. The Guarantee will align owner and operator incentives and fill a verification gap in PV systems maintenance that has plagued the industry for a decade. “We were diligent in engaging with our customers to understand the service gaps in the market. As a result of those conversations, we crafted multiple service offerings to meet each customer’s unique needs—including the industry’s first DC Availability Guarantee,” said Michael Gantt, head of strategy and solutions for the Company. The new DC Availability Guarantee was developed based on existing and prospective customer feedback and guarantees 99% DC equipment uptime. NovaSource leveraged its proprietary DC monitoring system, SunStreams, and the capabilities of its recently acquired subsidiary, Heliolytics, to develop this new product offering.
The DC Availability Guarantee will be offered as part of NovaSource’s new long-term service agreements (LTSA), which have been expanded to meet the diverse needs of the growing industry. These new offerings provide customers enhanced options to meet their preferred level of engagement. For the utility power plant segment, the new offerings include four primary service levels: MAINTAIN, PROTECT, ENHANCE, and ASSURE (LINK). The new LTSA offerings cover the commercial and industrial segment as well and include the ENGAGE, ADVANCE, and ASSURE offerings (LINK). These offerings cover a wide-range of engagement levels, with the ASSURE offering representing the industry’s strongest full-wrap guarantee.
“NovaSource recognizes the opportunity for better commercial alignment with our partners during the operational phase of a solar project.” noted Troy Lauterbach, CEO of NovaSource Power Services. “Our new service tiers have been curated in collaboration with our partners and based on our experience operating over 20 GWs of solar assets globally. We are confident these new offerings will provide our partners with additional flexibility, with the continued production assurance that owners need to meet their financial and carbon-reduction goals.”
Currently, NovaSource operates and maintains over 20GW of solar power plants across 10 countries and is a leading operator of battery storage systems. The DC Availability Guarantee and LTSA offerings are now available in the North American market, and the European, South American, and Australian markets can expect similar improvements to service agreement structures in 2023.