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Sunrun (RUN) Joins Ford to Supply Reliable Backup Energy

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Sunrun RUN enters into a partnership agreement with Ford Motor Company F to provide Intelligent Backup Power solutions to its customers. The alliance will provide a seamless installation of an 80-amp Ford Charge Station Pro and Home Integration System for the All-Electric Ford F-150 Lightning. Ford is launching its all-electric F-150 Lightning, which will serve as a reliable home backup energy source by dispatching power during power outage.

With this deal, both companies will provide customers with a chance to install a solar and battery system at home and charge up their household with clean and affordable energy along with charging their F-150 Lightning with solar power. Reservations for the F-150 Lightning are open and deliveries will begin in mid-2022.

Growing U.S. Solar Demand

Per Solar Energy Industries Association (SEIA) and Wood Mackenzie, despite a challenging year, the solar industry installed a 19.2-gigawatt (GW) capacity in 2020, up 43% increase from the 2019 level. In the fourth quarter of 2020, the industry added 8 GW of solar capacity. Per Wood Mackenzie, the industry will install a 324-GW capacity, thus bringing the total to 419 GW by 2030.

Peer Moves

The reviving solar market is encouraging major solar industry players to engage in strategic transactions. In March, ReneSola Ltd SOL completed the sale of the two ground-mounted solar parks in Romania with a 15.4-megawatt (MW) capacity generation to Alternus Energy Group for approximately $28 million. In the same month, Canadian Solar CSIQ closed the divestment of its two operational projects totaling 61 megawatt-peak (MWp) to the Canadian Solar Infrastructure Fund (CSIF) for $283 million.

Zacks Rank & Price Performance

In the past year, shares of this currently Zacks Rank #4 (Sell) company have gained 181.8%, outperforming the industry’s rise of 59.7%.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Ford Motor Company (F) : Free Stock Analysis Report

Renesola Ltd. (SOL) : Free Stock Analysis Report

Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report

Sunrun Inc. (RUN) : Free Stock Analysis Report

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