for other uses see sun run . sunrun inc. type public traded as nasdaq run founded 2007 headquarters san francisco california u.s. key people lynn jurich ceo 1 edward fenster chairman 1 tom holland president 2 bob komin cfo 2 products brightpath software services solar system leasing website sunrun.com sunrun inc. nasdaq run 3 is a united states based provider of residential solar electricity and operates the second largest fleet of residential solar energy systems in the united states . 4 headquartered in san francisco california and founded in 2007 with a focus on home solar power installation financing and leasing 5 sunrun pioneered the use of solar as a service for residential customers and in some states offers customers either a lease or a power purchase agreement 6 ppa business model whereby homeowners pay for electricity that their solar panels produce but do not have to buy solar panels outright . 3 sunrun has a number of service packages . the brightsave option lets a customer lease a solar system for their residence while the brightbuy option allows a customer to directly purchase a system from sunrun . brightadvantage allows a customer to finance their system through a loan . 7 sunrun acquired the residential solar division of rec solar a subsidiary of mainstream energy in early 2014 1 which allowed the company to directly install systems and become more of a full service home solar supplier . they also acquired snapnrack and aee solar . 8 in october 2014 the company officially debuted its sunrun partner program to develop its network of installation and sales partners . 9 in 2015 sunrun acquired the consumer demand generation company clean energy experts cee with cee billed at the time as the largest lead generation company in the solar industry . 10 11 sunrun completed their ipo in 2015 4 raising 251 million in august . 12 sunrun currently has approximately 100 000 solar customers 13 in fifteen states . 14 contents 1 history 1.1 background and founding 2007 1.2 initial financing and growth 2008 2010 1.3 growth into new states 2011 2014 1.4 acquisitions and new technologies 2014 1.5 recent developments 2015 2016 2 overview and business model 3 products 3.1 service packages 3.2 brightpath and mysunrun software 3.3 brightbox solar energy storage 4 headquarters and subsidiaries 5 management 6 marketing 7 awards and grants 8 further reading 9 see also 10 references 11 external links history edit background and founding 2007 edit sunrun was co founded in 2007 in san francisco california . 15 co founders ed fenster 2 and lynn jurich 16 17 had met as students at stanford business school and had also both worked in finance and investments fenster with the blackstone group and jurich with summit partners . 18 together they came up with the idea of forming a startup company in san francisco 17 and in 2007 fenster jurich and fellow co founder nat kreamer became intrigued with sunedison a renewable energy company which delivered solar power to commercial and industries customers but had faced little competition in the u.s. market . according to venturebeat the three decided to do sunedison one better . they pioneered the idea of leasing solar panels to residential homes starting with houses where electricity prices are the highest . 18 kreamer was appointed president and chief operating officer 6 while fenster took the role of ceo . 2 19 fenster also proved to be sunrun s first customer installing panels on his san francisco home where sunrun also had its first office . 17 the founders established a business model wherein sunrun hired local contractors and installation companies to handle putting in the solar panels as well as maintenance . 18 initial financing and growth 2008 2010 edit by the summer of 2008 sunrun was selling services only in its native california . 15 the company secured venture capital funding in june 2008 from a group of investors including foundation capital 15 18 20 and by october sunrun had raised a total of 85 million from foundation accel partners and sequoia capital . in october sunrun also secured project financing from pg & e corporation and 300 million in funding from u.s. bancorp. 18 sunrun secured an additional 40 million in financing from us bank in november 17 and u.s. bancorp then invested 100 million in sunrun in december 2008 . 18 in 2009 sunrun closed a series b round of funding for 18 million led by accel partners and joined by foundation capital 21 resulting in a total of 30 million new funds . 16 the company also received an additional commitment of 90 million in tax equity from u.s. bancorp in 2009 . 16 21 kreamer left the company in 2009 with jurich taking on the role of president . 18 22 fenster retained his role as ceo . 22 that year jurich was named one of the ten most powerful women entrepreneurs by fortune . 16 according to the california solar initiative sunrun held over half of the residential solar market share for california by 2010 . despite its dominance in the california solar market at the time sunrun remained largely limited to states with incentives friendly to solar power in particular arizona california hawaii and massachusetts . however sunrun was also reaching customers in colorado new jersey and pennsylvania through an alliance with home depot . 18 by then sunrun was helping 23 companies such as toll brothers to build new houses with pre installed sunrun systems . 18 in june 2010 sunrun struck a deal with pg & e for 100 million in financing afterwards announcing 55 million in fresh capital from sequoia capital . 21 sunrun was given the green power leadership award from the u.s. department of energy that october . at that point the company was providing solar to around 6 000 residences in seven states 24 and was growing by 300 percent a year . 5 states included california arizona colorado hawaii massachusetts new jersey and pennsylvania . 22 inc.com wrote in december 2010 that fenster and jurich had overall raised 85 million in venture capital and an additional 400 million in project financing to purchase the solar systems which are installed by regional contractors . 5 growth into new states 2011 2014 edit sunrun published a white paper in january 2011 which claimed that the u.s. permit process added an average of 2 500 in costs to each installation and that streamlining that process could over the next five years provide a 1 billion stimulus to the residential and commercial solar power market . the analysis which urged the federal government to push for common permit processes across states was shared with the white house and the us energy department . 25 in march 2011 jurich and fenster were both given the leadership award in finance at the excellence in renewable energy awards for their important work in creating solar services that have dramatically expanded the u.s. solar market . 22 by early 2011 the company had expanded to nine states with sunrun controlling 10 percent of the residential solar market in the united states by july 2011 . at the time the company was installing approximately 1 million worth of solar equipment per day and 12 000 american homes were using their services . 26 in cooperation from the long island power authority lipa in december 2012 sunrun expanded into long island in new york . 27 in 2012 the sunrun subsidiary clean energy experts was given a grant of 495 040 28 from the department of energy as part of the sunshot incubator program . the money was intended to help clean energy experts complete a cloud based software toolkit to reduce customer acquisition and sales costs for u.s. solar companies . at the time clean energy experts was the nation s largest solar lead generation provider . 29 in 2013 jurich and fenster began serving as co ceos 30 and the following year fenster took the role of executive chairman . 2 in february 2014 sunrun acquired part of san luis obispo california based company mainstream energy in particular the residential installation and racking units of its rec solar division . mainstream energy s ceo paul winnowski joined sunrun as chief operating officer 1 and in april 2014 the companies announced that rec solar would be rebranded as sunrun . 31 sunrun continued to hire local contractors to build its solar projects on homes though the acquisition of mainstream energy allowed sunrun to expand its direct to consumer sales business while continuing to invest in its group of certified partners . 8 acquisitions and new technologies 2014 edit the company closed a 150 million equity round in may 2014 . 8 lynn jurich announced that among other projects 32 some of the funds would be devoted to reaching the highest numbers of customers with the lowest cost structure and customer services processes as well as software tools to price out new contracts more quickly optimize solar panel designs for individual homes build appropriate financing options arrange for truck rollouts and so on . 32 in august 2014 sunrun debuted its brightpath software which among other functions is intended to aid in solar system customization and design . brightpath s development had been partially funded by the u.s. department of energy in 2013 particularly the doe s sunshot initiative 8 . 33 also in august 2014 sunrun agreed to buy as much as 100 megawatts of panels from rec solar asa which bloomberg businessweek wrote would ensure sunrun s panel supply in 2015 amid concerns of a looming shortage . 34 by may 2014 sunrun had services in eleven states including arizona california colorado connecticut hawaii massachusetts maryland new jersey new york oregon and pennsylvania . 32 as of july 2014 sunrun had approximately 60 000 customers 17 and sunrun was dubbed by the boston globe as one of the most successful installers of residential solar power systems in massachusetts . 17 in august 2014 sunrun claimed to be the largest dedicated residential solar company in the united states 33 and announced it was expanding into nevada 35 bringing up the number of states sunrun was based in to twelve . 33 sunrun announced in september it would hire 800 more employees and expand on offices in arizona california nevada and hawaii by 2015 . 36 sunrun was included on a list of the top 100 companies at the 2014 global cleantech awards . 37 recent developments 2015 2016 edit in february 2015 sunrun opened a new solar design engineering center in irvine california employing their brightpath automated software platform for hardware selection scheduling permitting and installation services . 11 38 sunrun announced that its aee solar subsidiary would put the battery in its line of energy storage offerings for use in homes . 39 sunrun acquired the consumer demand generation company clean energy experts cee in april 2015 with cee billed at the time as the largest lead generation company in the solar industry . sunrun and cee had been collaborating since 2010 and it was announced that cee would continue to operate under its original name as a sunrun subsidiary . 10 as of june 2015 sunrun was predominantly owned by foundation capital accel partners canyon partners sequoia madrone partners and co founders jurich and fenster . 4 on july 16 2015 it was announced that itron inc. a large technology and services company had expanded on a pre existing partnership to further provide sunrun with solar production monitoring . 40 also that day it was announced sunrun had signed a deal with south korean company hanwha q cells for hanwha to supply 50mw modules to sunrun . 41 sunrun currently has approximately 100 000 13 solar customers with around half in california and claims to have the united states second largest fleet of residential solar solar energy systems . 4 the company raised