SunRun Honored by GE as Top Home Energy Innovator

 

SAN FRANCISCO, June 23, 2011 /PRNewswire/ -- SunRun, the nation's leading home solar company, today announced it has been named an innovative home energy company by "GE ecomagination Challenge."  This phase of the Challenge, "Powering Your Home," was launched in January as part of a GE (NYSE: GE) commitment to improve household energy efficiency through new technologies.  

"GE has a track record of working with strong and enduring companies, and we are honored to be among them," said SunRun CEO and Co-founder Edward Fenster.  "We invented a way for homeowners to get clean power without having to pay big upfront costs, and this recognition acknowledges our leadership in solar finance, service, and customer care."

"After one year and $134 million committed to new partners, we delivered on our goal to scale and commercialize the best new ideas through open innovation," said Beth Comstock, senior vice president and chief marketing officer, GE.  "The power of networked ideas, collaboration and partnerships to accelerate innovation represents a gathering force whose impact will be a significant driver in the future of business."

The Challenge has produced nearly 5,000 submissions from a community of 74,000 innovators since its phase one launch in July 2010.  Through phase two's "Powering Your Home," GE and its venture capital partners will invest $63 million in and develop commercial partnerships with ten innovative home energy technology companies.  SunRun is the only organization among these companies that focuses on photovoltaic home solar.

SunRun owns, installs, and maintains home solar panels so families don't have to pay $30,000 or more for them. Homeowners also lock in low solar electricity rates for 20 years, protected from unpredictable utility rate increases.  The company installs more than $1 million in solar every day.  For more information on "Powering Your Home" see http://challenge.ecomagination.com/home.

About SunRun

SunRun is the nation's leading residential solar company and its mission is to become the nation's largest energy provider. The company's Total Solar product is the smart and affordable choice for homeowners who want a clean alternative to their utility.  SunRun offers solar power service, similar to a lease, allowing homeowners to upgrade their home to solar for as little as $0 upfront and simply pay monthly for solar electricity. More than 10,000 homeowners have chosen SunRun across Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, Oregon, and Pennsylvania.  SunRun partners with over 25 leading local solar installers, who together employ more than 3,000 green-collar workers. SunRun has raised financing for more than $600 million in solar systems from PG&E Corporation and U.S. Bancorp and $85 million in venture capital from Accel Partners, Foundation Capital and Sequoia Capital. For more information, please visit: www.sunrunhome.com.

About GE's ecomagination Challenge

Since launching in July 2010, GE has reviewed 5,000 business plans and ideas, acquired one company, made 22 investments and commercial partnerships, and provided additional seed funding to 10 start-ups and innovators. GE's venture capital partners include Emerald Technology Ventures, Foundation Capital, Kleiner Perkins Caufield & Byers (KPCB) and RockPort Capital and Carbon Trust. The Challenge, which is believed to be the largest open innovation challenge of its kind, has produced nearly 5,000 submissions from a community of 74,000 innovators since July 2010 launch.  For more information, visit our website at http://challenge.ecomagination.com/home.

SOURCE SunRun