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Sunrun

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Sunrun Inc.
Company typePublic
IndustryRenewable energy
Founded2007;17 years ago(2007)
Headquarters225 Bush Street,
San Francisco, California
,
U.S.
Key people
Production output
Increase990megawattssolar (2022)
RevenueIncreaseUS$2.32billion (2022)
Positive decreaseUS$−662million (2022)
IncreaseUS$173million (2022)
Total assetsIncreaseUS$19.27billion (2022)
Total equityIncreaseUS$7.57billion (2022)
Number of employees
12,408 (2022)
Websitewww.sunrunEdit this at Wikidata
Footnotes / references
Financials as of December 31, 2022.
References:[1]

Sunrun Inc.is an American provider ofphotovoltaic systemsandbattery energy storageproducts, primarily for residential customers. The company was established in 2007 and is headquartered in San Francisco, California.

Since its inception, the company has focused primarily on apower purchase agreement(PPA) business model where Sunrun installs and maintains a solar system on a customer's home, then sells power to the customer at an agreed upon rate for a 20- or 25-year term. This business model allows property owners to install solar at no upfront cost, but without the benefits (such astax breaks) or some risks that come with being the owner of the system. The company has a sizable network of partners, includingCostcoandThe Home Depot,who allow Sunrun to market to customers inside their stores.

In 2023, the company installed solar systems capable of generating 990megawattsof power, and in the history of the company, had installed a total of 5.7gigawattsof power for nearly 800,000 customers.[1]

History

[edit]

Sunrun was co-founded in January 2007 byLynn Jurich,Ed Fenster, and Nat Kreamer with a business model in which it offered customers either a lease or aPower Purchase Agreement(PPA)business modelwhereby homeowners paid for electricity usage but did not buysolar panelsoutright, 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 inventure capitalfunding from a group of investors includingFoundation Capitalin June 2008.[3]In 2009, Sunrun closed a Series B round of funding for $18 million led byAccel Partnersand joined by Foundation Capital. The company also received an additional commitment of $90 million in tax equity fromU.S. Bancorpin 2009, following the $105 million in project financing from the bank in 2008. In June 2010, Sunrun struck a deal withPG&Efor $100 million. Following the deal, the company announced $55 million in fresh capital fromSequoia Capital.[7]In May 2014, the company raised $150 million.[8]

In 2015 Sunrun went public on theNasdaqstock exchange at $14 per share, with an initial market capitalization of $1.36 billion[9]and launched its BrightBox battery energy storage product in the state of Hawaii.[8]The next year it started selling BrightBox in California.[8]

In January 2017, Sunrun announced a strategic partnership withNational Grid plc.[10]TheWall Street Journalreported in May 2017 that theSecurities and Exchange Commission(SEC) was investigating Sunrun andSolarCity,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.[11][12]In 2017, cancellations of contracts with Sunrun reached 40%.[13]

In July 2018, Sunrun expanded their solar and battery service to the island of Puerto Rico.[14]With operations in 23 states, the District of Columbia, and Puerto Rico, Sunrun became the largest solar, storage and energy services company in America, surpassingSolarCity(nowTesla Energy).[15]

In July 2020, Sunrun announced that it would acquireVivint Solarfor $3.2 billion.[16]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.[17]

In February 2022, Ford announced a partnership making Sunrun the official installer of bidirectional charging stations for theF-150 Lightning,allowing customers to charge their truck at home, but also use the vehicle battery for backup power during a grid outage.[18]

References

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  1. ^ab"Sunrun 2022 Annual Report"(PDF).February 22, 2023.
  2. ^Savchuk, Katia."The Woman-Led Company That Reinvented Solar For Homeowners".Forbes.RetrievedMay 24,2017.
  3. ^abDas, Anupreeta (June 24, 2008)."US residential solar start-up raises $12 million".Reuters.RetrievedAugust 13,2008.
  4. ^Nauman, Matt (August 22, 2008)."Power-purchase agreements reduce cost of solar panels".Mercury News.RetrievedAugust 23,2008.
  5. ^LaMonica, Martin (June 24, 2008)."Solar financier Sunrun pulls in money".CNET.
  6. ^Davidson, Paul (March 30, 2008)."Companies Give Folks Help to Go Green".USA Today.RetrievedAugust 14,2008.
  7. ^Ricketts, Camille (June 29, 2010)."Sequoia leads $55M for SunRun, bringing solar to a roof near you".VentureBeat.
  8. ^abcDoom, Justin (May 15, 2014)."Sunrun Closes $150 Million Funding Round to Expand Rooftop Solar".Bloomberg L.P.
  9. ^Pyper, Julia (August 5, 2015)."Sunrun Hits Its Target Price, Raises $251 Million in Solar Installer IPO".Greentech Media.
  10. ^"Sunrun and National Grid, a Leading Global Utility, Form Multifaceted Strategic Partnership"(Press release). Nasdaq GlobeNewswire. January 10, 2017.
  11. ^Grind, Kirsten (May 3, 2017)."SEC Probes Solar Companies Over Disclosure of Customer Cancellations".The Wall Street Journal.ISSN0099-9660.RetrievedMay 5,2017.
  12. ^Grind, Kirsten (May 22, 2017)."Solar Company Sunrun Was Manipulating Sales Data, Say Former Managers".The Wall Street Journal.
  13. ^Walton, Robert (May 24, 2017)."Report: Former managers say Sunrun manipulated sales data in leadup to 2015 IPO".Utility Dive.RetrievedJune 13,2017.
  14. ^"Home Solar Leader Sunrun Brings Batteries And Solar To Puerto Rico"(Press release). Sunrun. June 29, 2018.RetrievedNovember 28,2022.
  15. ^Mond, Allison (November 15, 2017)."SolarCity Is No Longer the Top Residential Solar Lease Provider in the US".Greentech Media.
  16. ^Penn, Ivan (July 10, 2020)."Solar Deal Would Create a New Industry Giant".The New York Times.RetrievedJuly 10,2020.
  17. ^"Sunrun Acquires Vivint Solar Creating a Valuation of $22B".Yahoo! Finance. Zacks Equity Research. October 13, 2020.RetrievedOctober 13,2020.
  18. ^"F-150 Lightning Power Play: First Electric Truck to Enhance Your Home Energy Independence"(Press release). Ford. February 2, 2022.RetrievedJune 26,2022.
[edit]
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  • Business data for Sunrun Inc.:
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