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Sunrun
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<h2 id="history">History</h2> <p>Sunrun was co-founded in January 2007 by <a href="/facts/Lynn_Jurich/VKsCGE6A">Lynn Jurich</a>, Ed Fenster, and Nat Kreamer with a business model in which it offered customers either a lease or a <a href="/facts/Power_Purchase_Agreement/Wj74USzN">Power Purchase Agreement</a> (PPA) <a href="/facts/Business_model/TL9XXsQa">business model</a> whereby homeowners paid for electricity usage but did not buy <a href="/facts/Solar_panels/gufbEu8n">solar panels</a> outright, reducing the initial capital outlay required by the homeowner.<a class="footnote-ref" id="fnref:2" href="#fn:2"><sup>2</sup></a><a class="footnote-ref" id="fnref:3" href="#fn:3"><sup>3</sup></a><a class="footnote-ref" id="fnref:4" href="#fn:4"><sup>4</sup></a> Sunrun is responsible for installation, maintenance, monitoring and repairs.<a class="footnote-ref" id="fnref:5" href="#fn:5"><sup>5</sup></a><a class="footnote-ref" id="fnref:6" href="#fn:6"><sup>6</sup></a> </p><p>The company raised $12 million in <a href="/facts/Venture_capital/yeH3m7zo">venture capital</a> funding from a group of investors including <a href="/facts/Foundation_Capital/G7nxSgSx">Foundation Capital</a> in June 2008.<a class="footnote-ref" id="fnref:7" href="#fn:7"><sup>7</sup></a> In 2009, Sunrun closed a Series B round of funding for $18 million led by <a href="/facts/Accel_Partners/9wymWH65">Accel Partners</a> and joined by Foundation Capital. The company also received an additional commitment of $90 million in tax equity from <a href="/facts/U.S._Bancorp/7m6cwX8b">U.S. Bancorp</a> in 2009, following the $105 million in project financing from the bank in 2008. In June 2010, Sunrun struck a deal with <a href="/facts/PG%26E/dojmTP9z">PG&E</a> for $100 million. Following the deal, the company announced $55 million in fresh capital from <a href="/facts/Sequoia_Capital/PY46UgYf">Sequoia Capital</a>.<a class="footnote-ref" id="fnref:8" href="#fn:8"><sup>8</sup></a> In May 2014, the company raised $150 million.<a class="footnote-ref" id="fnref:9" href="#fn:9"><sup>9</sup></a> </p><p>In 2015 Sunrun went public on the <a href="/facts/Nasdaq/C6GlcQcB">Nasdaq</a> stock exchange at $14 per share, with an initial market capitalization of $1.36 billion<a class="footnote-ref" id="fnref:10" href="#fn:10"><sup>10</sup></a> and launched its BrightBox battery energy storage product in the state of Hawaii.<a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a> The next year it started selling BrightBox in California.<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a> </p><p>In January 2017, Sunrun announced a strategic partnership with <a href="/facts/National_Grid_plc/9SXMNIYb">National Grid plc</a>.<a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a> The <i><a href="/facts/The_Wall_Street_Journal/9Pkf2cYK">Wall Street Journal</a></i> reported in May 2017 that the <a href="/facts/U.S._Securities_and_Exchange_Commission/IM9Pl2gK">Securities and Exchange Commission</a> (SEC) was investigating Sunrun and <a href="/facts/SolarCity/envFWUbv">SolarCity</a>, 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.<a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a><a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a> In 2017, cancellations of contracts with Sunrun reached 40%.<a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a> </p><p>In July 2020, Sunrun announced that it would acquire <a href="/facts/Vivint_Solar/3F0sR23z">Vivint Solar</a> for $3.2 billion.<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a> 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.<a class="footnote-ref" id="fnref:18" href="#fn:18"><sup>18</sup></a> </p><p>In February 2022, Ford announced a partnership making Sunrun the official installer of bidirectional charging stations for the <a href="/facts/Ford_F-150_Lightning/4094kMuG">F-150 Lightning</a>, allowing customers to charge their trucks at home, but also use the vehicle battery for backup power during a grid outage.<a class="footnote-ref" id="fnref:19" href="#fn:19"><sup>19</sup></a> </p> <h2 id="external-links">External links</h2> <ul><li><a href="https://www.sunrun.com/">Official website</a> </li> <li>Business data for Sunrun Inc.: <ul><li><a href="https://www.google.com/finance/quote/RUN:NASDAQ">Google</a></li><li><a href="https://www.reuters.com/markets/companies/RUN.O">Reuters</a></li><li><a href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1469367">SEC filings</a></li><li><a href="https://finance.yahoo.com/quote/RUN">Yahoo!</a></li></ul></li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"Sunrun 2022 Annual Report" (PDF). February 22, 2023. <a href="https://d1io3yog0oux5.cloudfront.net/_df0e3a1992270a99c3c89e51e1d59eaa/sunrun/db/418/3685/annual_report/Sunrun_2022_Annual_Report_-vWebsiteColor.pdf" target="_blank">https://d1io3yog0oux5.cloudfront.net/_df0e3a1992270a99c3c89e51e1d59eaa/sunrun/db/418/3685/annual_report/Sunrun_2022_Annual_Report_-vWebsiteColor.pdf</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>Savchuk, Katia. "The Woman-Led Company That Reinvented Solar For Homeowners". Forbes. Retrieved May 24, 2017. <a href="https://www.forbes.com/sites/katiasavchuk/2016/11/07/sunrun-rooftop-solar-lynn-jurich-ed-fenster/" target="_blank">https://www.forbes.com/sites/katiasavchuk/2016/11/07/sunrun-rooftop-solar-lynn-jurich-ed-fenster/</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>Das, Anupreeta (June 24, 2008). "US residential solar start-up raises $12 million". Reuters. Retrieved August 13, 2008. <a href="https://www.reuters.com/article/rbssUtilitiesElectric/idUSN2328532820080624" target="_blank">https://www.reuters.com/article/rbssUtilitiesElectric/idUSN2328532820080624</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>Nauman, Matt (August 22, 2008). "Power-purchase agreements reduce cost of solar panels". Mercury News. Retrieved August 23, 2008. <a href="http://www.mercurynews.com/business/ci_10279342?source=rss" target="_blank">http://www.mercurynews.com/business/ci_10279342?source=rss</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>LaMonica, Martin (June 24, 2008). "Solar financier Sunrun pulls in money". CNET. <a href="http://news.cnet.com/8301-11128_3-9975926-54.html" target="_blank">http://news.cnet.com/8301-11128_3-9975926-54.html</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>Davidson, Paul (March 30, 2008). "Companies Give Folks Help to Go Green". USA Today. Retrieved August 14, 2008. <a href="https://www.usatoday.com/money/industries/energy/environment/2008-03-30-solar-energy-utilities_N.htm" target="_blank">https://www.usatoday.com/money/industries/energy/environment/2008-03-30-solar-energy-utilities_N.htm</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>Das, Anupreeta (June 24, 2008). "US residential solar start-up raises $12 million". Reuters. Retrieved August 13, 2008. <a href="https://www.reuters.com/article/rbssUtilitiesElectric/idUSN2328532820080624" target="_blank">https://www.reuters.com/article/rbssUtilitiesElectric/idUSN2328532820080624</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>Ricketts, Camille (June 29, 2010). "Sequoia leads $55M for SunRun, bringing solar to a roof near you". VentureBeat. <a href="https://venturebeat.com/2010/06/29/sequoia-leads-55m-for-sunrun-bringing-solar-to-a-roof-near-you/" target="_blank">https://venturebeat.com/2010/06/29/sequoia-leads-55m-for-sunrun-bringing-solar-to-a-roof-near-you/</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>Doom, Justin (May 15, 2014). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg L.P. <a href="https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html" target="_blank">https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>Pyper, Julia (August 5, 2015). "Sunrun Hits Its Target Price, Raises $251 Million in Solar Installer IPO". Greentech Media. <a href="http://www.greentechmedia.com/articles/read/Sunrun-Hits-Its-Target-Price-Raises-251-Million-in-Solar-Installer-IPO" target="_blank">http://www.greentechmedia.com/articles/read/Sunrun-Hits-Its-Target-Price-Raises-251-Million-in-Solar-Installer-IPO</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>Doom, Justin (May 15, 2014). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg L.P. <a href="https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html" target="_blank">https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>Doom, Justin (May 15, 2014). "Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar". Bloomberg L.P. <a href="https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html" target="_blank">https://www.bloomberg.com/news/2014-05-15/sunrun-closes-150-million-funding-round-to-expand-rooftop-solar.html</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>"Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership" (Press release). Nasdaq GlobeNewswire. January 10, 2017. <a href="https://globenewswire.com/news-release/2017/01/10/904789/0/en/Sunrun-and-National-Grid-a-Leading-Global-Utility-Form-Multifaceted-Strategic-Partnership.html" target="_blank">https://globenewswire.com/news-release/2017/01/10/904789/0/en/Sunrun-and-National-Grid-a-Leading-Global-Utility-Form-Multifaceted-Strategic-Partnership.html</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>Grind, Kirsten (May 3, 2017). "SEC Probes Solar Companies Over Disclosure of Customer Cancellations". The Wall Street Journal. ISSN 0099-9660. Retrieved May 5, 2017. <a href="https://www.wsj.com/articles/sec-probes-solar-companies-over-disclosure-of-customer-cancellations-1493803801" target="_blank">https://www.wsj.com/articles/sec-probes-solar-companies-over-disclosure-of-customer-cancellations-1493803801</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>Grind, Kirsten (May 22, 2017). "Solar Company Sunrun Was Manipulating Sales Data, Say Former Managers". The Wall Street Journal. <a href="https://www.wsj.com/articles/solar-company-sunrun-was-manipulating-sales-data-say-former-managers-1495445402?mod=mktw" target="_blank">https://www.wsj.com/articles/solar-company-sunrun-was-manipulating-sales-data-say-former-managers-1495445402?mod=mktw</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>Walton, Robert (May 24, 2017). "Report: Former managers say Sunrun manipulated sales data in leadup to 2015 IPO". Utility Dive. Retrieved June 13, 2017. <a href="http://www.utilitydive.com/news/report-former-managers-say-sunrun-manipulated-sales-data-in-leadup-to-2015/443453/" target="_blank">http://www.utilitydive.com/news/report-former-managers-say-sunrun-manipulated-sales-data-in-leadup-to-2015/443453/</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>Penn, Ivan (July 10, 2020). "Solar Deal Would Create a New Industry Giant". The New York Times. Retrieved July 10, 2020. <a href="https://www.nytimes.com/2020/07/06/business/energy-environment/sunrun-vivint-solar.html" target="_blank">https://www.nytimes.com/2020/07/06/business/energy-environment/sunrun-vivint-solar.html</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> <li id="fn:18"><p>"Sunrun Acquires Vivint Solar Creating a Valuation of $22B". Yahoo! Finance. Zacks Equity Research. October 13, 2020. Retrieved October 13, 2020. <a href="https://finance.yahoo.com/news/sunrun-acquires-vivint-solar-creating-142902863.html" target="_blank">https://finance.yahoo.com/news/sunrun-acquires-vivint-solar-creating-142902863.html</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></p></li> <li id="fn:19"><p>"F-150 Lightning Power Play: First Electric Truck to Enhance Your Home Energy Independence" (Press release). Ford. February 2, 2022. Retrieved June 26, 2022. <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2022/02/02/f-150-lightning-power-play.html" target="_blank">https://media.ford.com/content/fordmedia/fna/us/en/news/2022/02/02/f-150-lightning-power-play.html</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></p></li> </ol>