Business
Sunrun Reports Second Quarter 2020 Financial Results
309,000 Customers, an increase of 21% year-over-year Net Earning Assets of $1.6 billion, an increase of 14% year-over-year SAN FRANCISCO, Aug. 10, 2020 (GLOBE
About this update from Sunrun Inc.
[{"type":"text","content":"309,000 Customers, an increase of 21% year-over-year\n Net Earning Assets of $1.6 billion, an increase of 14% year-over-year SAN FRANCISCO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the second quarter ended June 30, 2020. “Consumer interest in clean, affordable, and resilient power is stronger than ever with increased outages and more time spent at home. Sunrun is responding quickly to meet this need,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “In the quarter, we moved to a digital sales and streamlined operating model, improving our cost structure trajectory. In July we reached an agreement to acquire Vivint Solar to expand our customer reach and improve scale efficiencies. We have increased our customer value proposition with new virtual power plant contracts, increased battery adoption and launched a new venture for further home electrification.” Recent Business Developments On July 6, 2020, Sunrun announced that it has entered into a definitive agreement to acquire Vivint Solar. This is a transformational opportunity to generate consumer and shareholder value, realize annual cost synergies and bring cleaner, affordable energy to more homes. It establishes Sunrun as a leading home solar and energy services company across the United States, with a combined customer base of more than 500,000, while bringing greater opportunities for consumers to save money on their electric bills and decrease dependence on fossil fuels. The acquisition of Vivint Solar is expected to be completed during the fourth quarter of 2020, subject to approval by Vivint Solar and Sunrun stockholders, regulatory approvals and other customary closing conditions.Sunrun, SK E&S and other affiliated companies, a top global energy and technology company, announced on July 29, 2020 they have co-invested in a new venture with plans to electrify the home. The initial investments from Sunrun and SK E&S and other affiliated companies will go toward forming a new company that will conduct research and development activities to accelerate the adoption of renewables, the electrification of homes, and the transition to a connected and distributed energy system. On July 30, 2020 Sunrun announced exclusive partnershi...