SunRun, provider of home solar power, has announced the closing of a Series B round of funding for $18 million led by Accel Partners and joined by existing investor, Foundation Capital. SunRun plans to use this funding to meet the demand for its residential solar service and expand into new markets.
This funding round follows U.S. Bancorp’s commitment in November 2008 for project financing for up to $105 million in solar facilities and a $12 million Series A financing round led by Foundation Capital in June 2008. This year, the company has experienced a dramatic increase in the demand for residential solar equipment, achieving 300% growth for 2009.
Edward Fenster, CEO of SunRun said, “SunRun makes solar a reality for people who wouldn’t otherwise have considered it, and we’re finally at the point where it makes financial sense as well as environmental sense for a majority of homes.”
“SunRun has emerged as the leading residential solar player by removing the largest obstacles to adoption, expanding affordability to the masses and reducing complexity for the consumer,” said Rich Wong, Accel Partners board member and lead investor.
Rich Wong will join SunRun’s Edward Fenster and Lynn Jurich, Charles Moldow from Foundation Capital and David Buzby, also Chairman of SunEdison, on the Company’s Board of Directors.