Sunrun
 | |
| Public | |
| Traded as | NASDAQ: RUN |
| Industry | Solar Energy |
| Founded | 2007 |
| Headquarters | San Francisco, California |
Key people |
Lynn Jurich, Chief Executive Officer (CEO)[1] Edward Fenster, Chairman.[1] |
| Website | www.sunrun.com |
Sunrun Inc. (NASDAQ: RUN) is a United States-based provider of residential solar electricity, headquartered in San Francisco, California.
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 use to gauge how well such companies are performing.[12][13] In 2017, cancellations of contracts with Sunrun were around 40%.[14]
References
- 1 2 Martin, Chris (2014-02-04). "Sunrun Buys Mainstream’s Rooftop Solar Installer Business". Bloomberg.
- ↑ Savchuk, Katia. "The Woman-Led Company That Reinvented Solar For Homeowners". Forbes. Forbes. Retrieved 24 May 2017.
- 1 2 Das, Anupreeta (June 24, 2008). "US residential solar start-up raises $12 million". Reuters. Retrieved 2008-08-13.
- ↑ Nauman, Matt (22 August 2008). "Power-purchase agreements reduce cost of solar panels". San Jose Mercury News. Retrieved 2008-08-23.
- ↑ LaMonica, Martin (24 June 2008). "Solar financier Sunrun pulls in money". CNET.
- ↑ Davidson, Paul (30 March 2008). "Companies Give Folks Help to Go Green". USA Today. Retrieved 2008-08-14.
- ↑ VentureBeat, Camille Ricketts. "Sequoia Leads 55M for Sunrun Bringing Solar To A Roof Near You." June 29, 2010.
- 1 2 Doom, Justin (2014-05-15). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
- ↑ Pyper, Julia (2015-08-05). "Sunrun Hits Its Target Price, Raises $251 Million in Solar Installer IPO". GreenTech Media.
- ↑ Doom, Justin. "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
- ↑ "Press Release: Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership". Nasdaq GlobeNewswire. 10 January 2017.
- ↑ Grind, Kirsten (2017-05-03). "SEC Probes Solar Companies Over Disclosure of Customer Cancellations". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-05-05.
- ↑ Grind, Kirsten (22 May 2017). "Solar Company Sunrun Was Manipulating Sales Data, Say Former Managers". Wall Street Journal.
- ↑ Walton, Robert (2017-05-24). "Report: Former managers say Sunrun manipulated sales data in leadup to 2015 IPO". Utility Dive. Retrieved 2017-06-13.