Sunrun

Sunrun Inc. is an American provider of residential solar panels and home batteries, headquartered in San Francisco, California.

Sunrun Inc.
TypePublic
NASDAQ: RUN
Russell 2000 Component
IndustrySolar Energy
Founded2007
HeadquartersSan Francisco, California
Key people
Lynn Jurich, Chief Executive Officer (CEO)[1]
Edward Fenster, Chairman.[1]
Websitewww.sunrun.com

History

Sunrun was co-founded in January 2007 by Lynn Jurich, Ed Fenster, and Nat Kreamer with a business model in which it offered customers either a lease or a Power Purchase Agreement (PPA) business model whereby homeowners paid for electricity usage but did not buy solar panels outright, reducing the initial capital outlay required by the homeowner.[2][3][4] Sunrun is responsible for installation, maintenance, monitoring and repairs.[5][6]

The company raised $12 million in venture capital funding from a group of investors including Foundation Capital in June 2008.[3] In 2009, Sunrun closed a Series B round of funding for $18 million led by Accel Partners and joined by Foundation Capital. The company also received an additional commitment of $90 million in tax equity from U.S. Bancorp in 2009, following the $105 million in project financing from the bank in 2008. In June 2010, Sunrun struck a deal with PG&E for $100 million. Following the deal, the company announced $55 million in fresh capital from Sequoia Capital.[7]

In May 2014, the company raised $150 million.[8]

In 2015 Sunrun went public (NASDAQ: RUN) at $14 per share, with an initial market capitalization of $1.36 billion[9] and launched its BrightBox product in the state of Hawaii.[8] The next year it started selling BrightBox in California.[10]

In January 2017, Sunrun announced a strategic partnership with National Grid plc.[11]

The Wall Street Journal reported in May 2017 that the Securities and Exchange Commission (SEC) was investigating Sunrun and SolarCity, with regard to whether they adequately disclosed canceled contracts, a metric that the paper said is used by investors to gauge how well such companies are performing.[12][13] In 2017, cancellations of contracts with Sunrun were around 40%.[14]

In July 2018, Sunrun expanded their solar and battery service to the island of Puerto Rico.[15] With operations in 23 states, the District of Columbia, and Puerto Rico, Sunrun became the largest solar, storage and energy services company in America, surpassing Solar City.[16]

In 2018, Sunrun deployed 1575 MWp in new solar assets, growing from 1202 in 2017.[17]

In July 2020, Sunrun announced it was acquiring Vivint Solar for $3.2 billion.[18]

By early October 2020, the acquisition was completed following approval by regulators and stockholders of both companies, creating a valuation of $22 billion.[19]

References
  1. Martin, Chris (2014-02-04). "Sunrun Buys Mainstream's Rooftop Solar Installer Business". Bloomberg.
  2. Savchuk, Katia. "The Woman-Led Company That Reinvented Solar For Homeowners". Forbes. Forbes. Retrieved 24 May 2017.
  3. Das, Anupreeta (June 24, 2008). "US residential solar start-up raises $12 million". Reuters. Retrieved 2008-08-13.
  4. Nauman, Matt (22 August 2008). "Power-purchase agreements reduce cost of solar panels". San Jose Mercury News. Retrieved 2008-08-23.
  5. LaMonica, Martin (24 June 2008). "Solar financier Sunrun pulls in money". CNET.
  6. Davidson, Paul (30 March 2008). "Companies Give Folks Help to Go Green". USA Today. Retrieved 2008-08-14.
  7. VentureBeat, Camille Ricketts. "Sequoia Leads 55M for Sunrun Bringing Solar To A Roof Near You." June 29, 2010.
  8. Doom, Justin (2014-05-15). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
  9. Pyper, Julia (2015-08-05). "Sunrun Hits Its Target Price, Raises $251 Million in Solar Installer IPO". GreenTech Media.
  10. Doom, Justin. "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
  11. "Press Release: Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership". Nasdaq GlobeNewswire. 10 January 2017.
  12. Grind, Kirsten (2017-05-03). "SEC Probes Solar Companies Over Disclosure of Customer Cancellations". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-05-05.
  13. Grind, Kirsten (22 May 2017). "Solar Company Sunrun Was Manipulating Sales Data, Say Former Managers". Wall Street Journal.
  14. Walton, Robert (2017-05-24). "Report: Former managers say Sunrun manipulated sales data in leadup to 2015 IPO". Utility Dive. Retrieved 2017-06-13.
  15. GmbH, finanzen net. "Home Solar Leader Sunrun Brings Batteries And Solar To Puerto Rico | Markets Insider". markets.businessinsider.com.
  16. Mond, Allison (November 15, 2017). "SolarCity Is No Longer the Top Residential Solar Lease Provider in the US". Green Tech Media.
  17. "Key Operating Metrics". Sunrun 2018 annual report (PDF). p. 46.
  18. "Solar Deal Would Create a New Industry Giant". nytimes.com. 10 July 2020. Retrieved 10 July 2020.
  19. "Sunrun Acquires Vivint Solar Creating a Valuation of $22B". Yahoo Finance. Zacks Equity Research. 2020-10-13. Retrieved 2020-10-13.
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