San Francisco, United States [RenewableEnergyWorld.com] SunRun has closed a Series B round of funding for US $18 million. The round was led by Accel Partners and joined by existing investor, Foundation Capital. SunRun said that it plans to use the funding to meet strong demand for its popular 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.
The company has experienced rapid growth since its founding in early 2007, marked by expansions outside of its initial California market into Massachusetts and Arizona in early 2009, and has achieved 300 percent growth this calendar year alone.
“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. “Accel has helped build companies such as Facebook into global leaders, and we see that same potential in SunRun. We’re thrilled to be a part of SunRun’s bright future.”