In an increasingly competitive and consolidating market, Sunrun is no longer a startup.
Solar installer Sunrun on late Tuesday priced its IPO at $14 per share, the mid point of the price range itannounced two weeks ago. The company starts trading on the Nasdaq under the symbol RUN today.
The company is selling 17.9 million shares and will raise $251 million in the offering. The new funding will enable the company to continue to grow its solar sales and compete in an increasingly competitive marketplace.
Founded by entrepreneurs Ed Fenster and Lynn Jurich in San Francisco eight years ago, Sunrun installs and finances solar panels on the rooftops of homes. Like competitors SolarCity and Vivint Solar, Sunrun offers customers no and low money down deals, and customers pay a monthly electricity bill for the solar power over many years.
Sunrun is the rare venture capital-backed energy company that has made it to an IPO. Over the course of its lifetime Sunrun has raised around $265 million in funding from investors including Sequoia Capital,Foundation Capital, Accel Partners and Madrone Partners, a firm affiliated with the Walmart family.
The market for solar rooftops is exploding in the U.S. Last year about a third of all the new electricity generation that came online in the U.S. was from solar. This year 8,100 megawatts of new solar panels are expected to be installed in the U.S. by the end of the year (1,000 megawatts is the equivalent to a large gas, coal or nuclear power plant).
Sunrun has attracted 80,000 solar customers, and at least half of those are in California. Last year the company bought the residential division of REC Solar, as well as distributor AEE Solar and racking manufacturer SnapNrack.
No hay comentarios.:
Publicar un comentario