Honnold Foundation And Sunrun Launch Innovation Fund

Rhea-AI Summary

Sunrun has partnered with The Honnold Foundation to launch a new Innovation Fund, aiming to raise at least $1 million over the next 12 months for solar energy projects in underserved communities globally.

This initiative will support grassroots organizations addressing social and economic disparities through solar energy, with Sunrun contributing $50,000 as a match for other donations. Applications for funding will open in January 2022, extending opportunities from the earlier Community Fund established in September 2020.

Positive

• Launch of the Innovation Fund to support solar energy in underserved communities.
• Sunrun's financial commitment of $50,000 to the fund demonstrates its dedication to social equity.
• Expansion of previous initiatives like the Community Fund, which has installed nearly 60 kilowatts of solar capacity.

Negative

• None.

Fund to scale solar energy projects that disrupt disparities in marginalized communities across the U.S. and the Global South

SAN FRANCISCO--(BUSINESS WIRE)-- The Honnold Foundation, a solar energy access nonprofit founded in 2012 by prominent rock climber, Alex Honnold, and Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and energy services provider, have announced a new fundraising campaign to catalyze innovation in solar energy access in underserved communities around the world.

Launched today, the Innovation Fund will identify and fund grassroots organizations using solar energy to address social and economic disparities in frontline communities around the world.

Grantee Partners will be scalable and precedent setting, and show how solar can be an elegant, multifaceted solution to address global energy inequity. From the Indian Himalayas to the Ecuadorian Amazon, Memphis to the Navajo Nation, Partners’ solutions may power education, access to clean water, river transportation in the Amazon, and more.

With the goal of raising at least $1 million over the next 12 months, the Honnold Foundation will be responsible for administering the fund and selecting and supporting grantees. Sunrun is making a monetary contribution to the Innovation Fund of $50,000—as a match to other donations that will be received through fundraising efforts in December.

"Rooftop solar gives nonprofits the power to reduce their energy bills––while doing something good for the environment––so that they can continue focusing on the impactful work that they do,” said Alex Honnold, Founder of the Honnold Foundation. “We’re excited to be partnering again with Sunrun to expand our impact, help our existing grantee Partners scale, and help communities around the world switch to renewable energy."

In September 2020, Honnold Foundation and Sunrun launched the Community Fund, a program donating solar installations to potentially reduce carbon emissions and utility bills of BIPOC-led nonprofit organizations providing community services, including shelters, food banks and arts or education centers. The Community Fund has installed nearly 60 kilowatts of solar energy capacity on four projects in Memphis, Detroit, and Houston. An additional project in Petersburg, Virginia, is expected to be online by early-2022.

“We are so excited to partner again with the Honnold Foundation on such an important initiative to bring energy equity to everyone,” said Mary Powell, CEO of Sunrun. “Sunrun is committed to improving environmental equity and justice for all, and the Innovation Fund will help deliver the many benefits of clean, solar energy to hundreds of thousands of residents in historically disadvantaged communities.”

The Innovation Fund call for applications will open in January 2022, and will welcome applications from community-based organizations serving marginalized communities in the U.S. and around the world.

About The Honnold Foundation

The Honnold Foundation (HF) promotes solar energy for a more equitable world. Founded in 2012 by professional rock climber Alex Honnold, the Foundation believes that energy should be clean, affordable, and accessible for everyone. HF provides funding, project management, and a storytelling spotlight to nonprofit partners worldwide, who are using solar energy to create opportunity, increase social equity, and build more resilient communities. To learn more, visit www.honnoldfoundation.org.

About Sunrun

Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211201005441/en/

Media

Peter Walle

Communications Manager

press@honnoldfoundation.org

Wyatt Semanek

Public Relations Manager

press@sunrun.com

Source: Honnold Foundation

FAQ

What is the purpose of the Innovation Fund announced by Sunrun?

The Innovation Fund aims to support grassroots organizations using solar energy to address social and economic disparities in underserved communities worldwide.

How much funding is Sunrun contributing to the Innovation Fund?

Sunrun is contributing $50,000 as a match to other donations received for the Innovation Fund.

When will the call for applications for the Innovation Fund open?

The call for applications for the Innovation Fund will open in January 2022.

What was the goal of the Community Fund launched by Sunrun and the Honnold Foundation?

The Community Fund aimed to provide solar installations for BIPOC-led nonprofit organizations to reduce carbon emissions and utility bills.