Traded as NASDAQ: RUN Website www.sunrun.com Founded January 2007 | Industry Solar Energy | |
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Stock price RUN (NASDAQ) US$ 5.37 +0.15 (+2.87%)31 Mar, 12:16 PM GMT-4 - Disclaimer Headquarters San Francisco, California, United States Subsidiaries REC Solar, Aee Solar, Inc. Profiles | ||
Sunrun inc president and co founder lynn jurich
Sunrun Inc. (NASDAQ: RUN) is a United States-based provider of residential solar electricity, headquartered in San Francisco, California. The company operates in twelve states: Arizona, California, Colorado, Hawaii, Massachusetts, Maryland, New Jersey, New York, Nevada, Pennsylvania, Oregon, and Connecticut. Sunrun was co-founded in January 2007 by Nat Kreamer, Ed Fenster and Lynn Jurich. Jurich serves as Chief Executive Officer and Fenster is the Chairman.
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Sunrun pioneered the use of solar leasing for residential customers and, depending on the applicable state law, offers customers either a lease or a Power Purchase Agreement (PPA) business model whereby homeowners pay for electricity usage but do not buy solar panels outright, reducing the initial capital outlay required by the homeowner. Sunrun is responsible for installation, maintenance, monitoring and repairs.
Location
Headquartered in San Francisco, California, the company operates in 17 states: Arizona, California, Colorado, Connecticut, Delaware, Hawaii, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Nevada, Oregon, Pennsylvania, South Carolina, Utah, Wisconsin, as well as the District of Columbia.
Financing
The company raised $12 million in venture capital funding from a group of investors including Foundation Capital in June 2008. 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.
In May 2014, the company closed a $150 million equity round that will be used to improve its technology in the U.S. solar industry.
Sunrun went public on the NASDAQ on August 5, 2015, under the symbol (NASDAQ: RUN) at a price of $14 per share, for an initial market capitalization of $1.36 billion.