Yesterday (July 22) Sunrun and the New York Yankees announced a new partnership under which Yankees fans will have greater access to solar energy at lower than utility rates. The new deal comes even as the company plans its initial public offering of up to $309 million in stock. Maybe it’s fitting that the company is partnering with the Yankees, after all it will trade on the NASDAQ in the Big Apple under the ticker RUN.
"The New York Yankees are one of the most well known sports franchises in the world and we are incredibly excited to team up with them to show homeowners in New York and across the country that switching to solar with Sunrun is easy and affordable," said Michael Grasso, Sunrun's chief marketing officer. "We look forward to bringing the Sunrun experience to more consumers at Yankee Stadium and beyond.”
The company said it will serve as the Yankees solar partner and will use signage, an on-site kiosk, competitions and more to educate homeowners about solar opportunities for their home and offer Yankees fans savings of up to 20 percent over their electric bill. It’s an ideal time for Sunrun to boost its marketing efforts in a well-attended venue, after all it’s planning to make it’s biggest new foray yet by going public.
In its amended Form S-1 filing with Securities and Exchange Commission (SEC) on July 22, the company said it plans to offer 20.6 million shares at a range of $13 to $15 each. At the high end that would equal $308.8 million and at the low end it would equal $267.8 million. The company previously filed a limited S-1 with the SEC in June.
That figure includes 2.3 million shares offered to the underwriters, and 417,732 shares being offered to underwriters from current shareholders. It also includes 350,000 more shares from current shareholders. Excluding those shares Sunrun could raise roughly $251 million in the offering, according to Fortune.
Fortune observed: “Sunrun’s revenues have been growing quickly, more than tripling to $198.6 million in 2014, up from $54.7 million in 2013. But the solar service business has become cash-hungry, and Sunrun posted a loss of $162.6 million in 2014, up from a $68.6 million loss in 2013.”
Still, Sunrun’s pending IPO might be overshadowed this week now that SunEdison announced plans to purchase Vivint Solar for $2.2 billion.Tweet