Sunrun

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Sunrun Inc.
TypePublic company
IndustrySolar Energy
Founded2007; 14 years ago (2007)
HeadquartersSan Francisco, California, U.S.
Key people
Lynn Jurich, Chief Executive Officer (CEO)[1]
Edward Fenster, Chairman[1]
RevenueIncrease US$922 million (2020)[2]
Number of employees
8,500 (2020)[3]
Websitesunrun.com

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

History[edit]

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.[4][5][6] Sunrun is responsible for installation, maintenance, monitoring and repairs.[7][8]

The company raised $12 million in venture capital funding from a group of investors including Foundation Capital in June 2008.[5] 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.[9]

In May 2014, the company raised $150 million.[10]

In 2015 Sunrun went public (NasdaqRUN) at $14 per share, with an initial market capitalization of $1.36 billion[11] and launched its BrightBox product in the state of Hawaii.[10] The next year it started selling BrightBox in California.[12]

In January 2017, Sunrun announced a strategic partnership with National Grid plc.[13]

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.[14][15] In 2017, cancellations of contracts with Sunrun were around 40%.[16]

In July 2018, Sunrun expanded their solar and battery service to the island of Puerto Rico.[17] 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.[18]

In 2018, Sunrun deployed 1575 MWp in new solar assets, growing from 1202 in 2017.[19]

In July 2020, Sunrun announced that it would acquire Vivint Solar for $3.2 billion.[20]

By early October 2020, the acquisition was completed following the approval by regulators and stockholders of both companies, creating a valuation of approximately $22 billion.[21]

References[edit]

  1. ^ a b Martin, Chris (2014-02-04). "Sunrun Buys Mainstream's Rooftop Solar Installer Business". Bloomberg.
  2. ^ "Sunrun Revenue 2014-2021 | RUN".
  3. ^ "Sunrun: Number of Employees 2014-2021 | RUN".
  4. ^ Savchuk, Katia. "The Woman-Led Company That Reinvented Solar For Homeowners". Forbes. Retrieved 24 May 2017.
  5. ^ a b Das, Anupreeta (June 24, 2008). "US residential solar start-up raises $12 million". Reuters. Retrieved 2008-08-13.
  6. ^ Nauman, Matt (22 August 2008). "Power-purchase agreements reduce cost of solar panels". San Jose Mercury News. Retrieved 2008-08-23.
  7. ^ LaMonica, Martin (24 June 2008). "Solar financier Sunrun pulls in money". CNET.
  8. ^ Davidson, Paul (30 March 2008). "Companies Give Folks Help to Go Green". USA Today. Retrieved 2008-08-14.
  9. ^ VentureBeat, Camille Ricketts. "Sequoia Leads 55M for Sunrun Bringing Solar To A Roof Near You." June 29, 2010.
  10. ^ a b Doom, Justin (2014-05-15). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
  11. ^ Pyper, Julia (2015-08-05). "Sunrun Hits Its Target Price, Raises $251 Million in Solar Installer IPO". GreenTech Media.
  12. ^ Doom, Justin. "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg.
  13. ^ "Press Release: Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership". Nasdaq GlobeNewswire. 10 January 2017.
  14. ^ Grind, Kirsten (2017-05-03). "SEC Probes Solar Companies Over Disclosure of Customer Cancellations". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-05-05.
  15. ^ Grind, Kirsten (22 May 2017). "Solar Company Sunrun Was Manipulating Sales Data, Say Former Managers". Wall Street Journal.
  16. ^ Walton, Robert (2017-05-24). "Report: Former managers say Sunrun manipulated sales data in leadup to 2015 IPO". Utility Dive. Retrieved 2017-06-13.
  17. ^ GmbH, finanzen net. "Home Solar Leader Sunrun Brings Batteries And Solar To Puerto Rico | Markets Insider". markets.businessinsider.com.
  18. ^ Mond, Allison (November 15, 2017). "SolarCity Is No Longer the Top Residential Solar Lease Provider in the US". Green Tech Media.
  19. ^ "Key Operating Metrics". Sunrun 2018 annual report (PDF). p. 46.
  20. ^ "Solar Deal Would Create a New Industry Giant". nytimes.com. 10 July 2020. Retrieved 10 July 2020.
  21. ^ "Sunrun Acquires Vivint Solar Creating a Valuation of $22B". Yahoo Finance. Zacks Equity Research. 2020-10-13. Retrieved 2020-10-13.

External links[edit]