Sunrun Inc. (NASDAQ: RUN) is a United States-based provider of residential solar electricity, headquartered in San Francisco, California. The company operates in twelve states: Arizona, California, Colorado, Hawaii, Massachusetts, Maryland, New Jersey, New York, Nevada, Pennsylvania, Oregon, and Connecticut. Sunrun was co-founded in January 2007 by Nat Kreamer, Ed Fenster and Lynn Jurich. Jurich serves as Chief Executive Officer and Fenster is the Chairman. Sunrun pioneered the use of solar leasing for residential customers and, depending on the applicable state law, offers customers either a lease or a Power Purchase Agreement (PPA) business model whereby homeowners pay for electricity usage but do not buy solar panels outright, reducing the initial capital outlay required by the homeowner. Sunrun is responsible for installation, maintenance, monitoring and repairs. The company raised $12 million in venture capital funding from a group of investors including Foundation Capital in June 2008. In 2009, Sunrun closed a Series B round of funding for $18 million led by Accel Partners and joined by Foundation Capital. The company also received an additional commitment of $90 million in tax equity from U.S. Bancorp in 2009, following the $105 million in project financing from the bank in 2008. In June 2010, Sunrun struck a deal with PG&E for $100 million. Following the deal, the company announced $55 million in fresh capital from Sequoia Capital.