Company type | Public |
---|---|
Industry | Renewable energy |
Founded | 2007 |
Headquarters | 225 Bush Street, San Francisco, California , U.S. |
Key people |
|
Production output | 990 megawatts solar (2022) |
Revenue | US$2.32 billion (2022) |
US$−662 million (2022) | |
US$173 million (2022) | |
Total assets | US$19.27 billion (2022) |
Total equity | US$7.57 billion (2022) |
Number of employees | 12,408 (2022) |
Website | www |
Footnotes /references Financials as of December 31,2022 [update] . References: [1] |
Sunrun Inc. is an American provider of photovoltaic systems and battery energy storage products, 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 a power 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 as tax breaks) or some risks that come with being the owner of the system. The company has a sizable network of partners, including Costco and Lowe's, who allow Sunrun to market to customers inside their stores.
In 2023, the company installed solar systems capable of generating 990 megawatts of power, and in the history of the company, had installed a total of 5.7 gigawatts of power for nearly 800,000 customers. [1]
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 on the Nasdaq stock 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 with National Grid plc. [10] 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. [11] [12] In 2017, cancellations of contracts with Sunrun reached 40%. [13]
In July 2020, Sunrun announced that it would acquire Vivint Solar for $3.2 billion. [14] 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. [15]
In February 2022, Ford announced a partnership making Sunrun the official installer of bidirectional charging stations for the F-150 Lightning, allowing customers to charge their trucks at home, but also use the vehicle battery for backup power during a grid outage. [16]
NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail customers in 24 US states including Texas, Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Ohio; the District of Columbia, and eight provinces in Canada.
SunPower Corporation is an American provider of photovoltaic solar energy generation systems and battery energy storage products, primarily for residential customers. The company, headquartered in San Jose, California, was founded in 1985 by Richard Swanson, an electrical engineering professor from Stanford University. Cypress Semiconductor bought a majority interest in the company in 2002, growing it quickly until SunPower went public in 2005. TotalEnergies, a French energy and oil company purchased a controlling interest in SunPower for US$1.37 billion in 2011 but disengaged progressively until reaching 32.5%.
A power purchase agreement (PPA), or electricity power agreement, is a long-term contract between an electricity generator and a customer, usually an utility, government or company. PPAs may last anywhere between 5 and 20 years, during which time the power purchaser buys energy at a pre-negotiated price. Such agreements play a key role in the financing of independently owned electricity generators, especially producers of renewable energy like solar farms or wind farms.
SunEdison, Inc. is a renewable energy company headquartered in the U.S. In addition to developing, building, owning, and operating solar power plants and wind energy plants, it also manufactures high-purity polysilicon, monocrystalline silicon ingots, silicon wafers, solar modules, solar energy systems, and solar module racking systems. Originally a silicon-wafer manufacturer established in 1959 as the Monsanto Electronic Materials Company, the company was sold by Monsanto in 1989.
SolarCity Corporation was a publicly traded company headquartered in Fremont, California, that sold and installed solar energy generation systems as well as other related products and services to residential, commercial, and industrial customers. The company was founded on July 4, 2006, by Peter and Lyndon Rive, the cousins of SpaceX and Tesla CEO Elon Musk. Tesla acquired SolarCity in 2016, at a cost of approximately US$2.6 billion and reorganized its solar business into Tesla Energy.
Solar power has been growing rapidly in the U.S. state of California because of high insolation, community support, declining solar costs, and a renewable portfolio standard which requires that 60% of California's electricity come from renewable resources by 2030, with 100% by 2045. Much of this is expected to come from solar power via photovoltaic facilities or concentrated solar power facilities.
Qualtrics is an American experience management company, with co-headquarters in Seattle, Washington, and Provo, Utah, in the United States. The company was founded in 2002 by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill.
Riverstone Holdings is a multinational private equity firm based in New York City focused on leveraged buyout, growth capital, and credit investments in the energy industry and electrical power industry sectors. The firm focuses on oil and gas exploration, midstream pipelines, electricity generation, energy and power services, energy and power technology, and renewable energy infrastructure and technology. Riverstone has raised approximately $41 billion since the firm's inception in 2000.
SolarEdge Technologies, Inc. is an Israeli company that developed a DC optimized inverter system.
The energy sector in Hawaii has rapidly adopted solar power due to the high costs of electricity, and good solar resources, and has one of the highest per capita rates of solar power in the United States. Hawaii's imported energy costs, mostly for imported petroleum and coal, are three to four times higher than the mainland, so Hawaii has motivation to become one of the highest users of solar energy. Hawaii was the first state in the United States to reach grid parity for photovoltaics. Its tropical location provides abundant ambient energy.
Husk Power Systems, founded in 2008, is a company based in Fort Collins, Colorado, US, that provides clean energy services to off-grid or weak grid rural communities in East Africa, West Africa and South Asia, primarily by building renewable energy mini-grids/micro-grids. Its original technology generated electricity using a biomass gasifier that created fuel from rice husks, a waste product of rice hullers that separate the husks as chaff from the rice, a staple food in both Asia and Africa. In the mid-2010s, with the rapid decline in the price of solar PV and batteries, Husk pivoted its business model to focus more on solar-plus-storage mini-grids, while continuing to use biomass in combination with solar to serve communities with larger electricity demand. In 2021, Husk Power was recognized in the REN21 Renewables Global Status Report as the first mini-grid company to achieve significant scale, by surpassing 100 solar hybrid community mini-grids, and 5,000 small business customers. In 2022, Husk signed an Energy Compact with the United Nations, in which it set a target of building 5,000 mini-grids and connecting at least 1 million customers by 2030.
Vivint Smart Home, Inc. an NRG company, is United States-based smart home and security provider delivering an integrated smart home system with in-home consultation, installation and support, and monitoring. Vivint offers a range of integrated smart home and security products, including cameras, locks, safety sensors, thermostats, lighting, managed through the Vivint Smart Hub and mobile app.
Vivint Solar was an American provider of photovoltaic solar energy generation systems, primarily for residential customers. The company was established in 2011 as an offshoot of home automation and security company Vivint and was headquartered in Lehi, Utah. The company primarily used a power purchase agreement (PPA) business model where Vivint Solar installed and maintained a solar system on a customer's home, then sold power to the customer at an agreed upon rate for a set term. In 2020, the company was purchased by Sunrun, another solar company primarily focused on the PPA business model for $3.2 billion.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize the solar micro-inverter, which converts the direct current (DC) power generated by a solar panel into grid-compatible alternating current (AC) for use or export. The company has shipped more than 48 million microinverters to 2.5 million solar systems in more than 140 countries.
Heliopower, Inc. is a United States–based company founded in 2001. HelioPower develops proprietary projects with third-party off-takers and currently owns and operates more than 100 energy systems at facilities such as the Tech Museum of Innovation in San Jose and Ronald McDonald House in San Diego.
Real Goods Trading Corporation is a retail and wholesale e-commerce business located in Ukiah, California, that sells renewable energy systems and resources for people interested in living off the grid or with a low environmental impact.
Tesla Energy Operations, Inc. is the clean energy division of Tesla, Incorporated that develops, manufactures, sells and installs photovoltaic solar energy generation systems, battery energy storage products and other related products and services to residential, commercial and industrial customers.
Neoen is a French producer of exclusively renewable energy headquartered in Paris, France. Founded in 2008, it develops, finances, builds and operates solar power plants, onshore wind farms and energy storage solutions. As at 31 December 2023, the company's total capacity was 8 GW, made up of 50% solar, 30% wind and 20% battery storage. Neoen aims to attain 10 GW in operation or under construction by 2025.
WindForce PLC is the largest renewable energy private sector company in Sri Lanka. The company was incorporated in 2010 and in 2021 was listed on the Colombo Stock Exchange. The company commission, construct and operate power plants and generate power through wind, solar and hydropower.