Stock Market Today, June 24: Sunrun Jumps After Announcing Deal With Tesla and Renew Home for 16 Gigawatts of Flexible Power
Sunrun (NASDAQ:RUN), a residential solar and battery subscription services provider, closed at $14.41, up 12.53%. Sunrun rose after announcing a framework agreement with Tesla and Renew Home to aggregate more than 16 gigawatts of flexible residential energy capacity for data centers and utilities. Investors are watching to see whether that power deal translates into measurable revenue and contract growth. Trading volume reached 52.6M shares, coming in about 482% above its three-month average of 9.0M shares. Sunrun IPO'd in 2015 and has grown 34% since going public.
How the markets moved today
The S&P 500 fell 0.08% to 7,360, while the Nasdaq Composite declined 0.43% to 25,477. Among residential solar energy and home battery storage services rivals, Enphase Energy rose 1.26% to $47.81, while SolarEdge Technologies fell 4.79% to $49.85, underscoring a mixed session for the group.
What this means for investors
Sunrun shares popped 13% today thanks to a promising deal between it, Tesla, and Renew Home to potentially deliver 16 Gigawatts of flexible power to data center customers already facing a power supply shortage. The deal would aggregate power from millions of companies’ solar, battery, and thermostat devices across the U.S. and deliver it as “capacity-as-a-solution” to hyperscaler customers -- all without requiring additional products or upgrades for homeowners.
Over time, this partnership could create “the largest distributed power plant in the country,” adding capacity, flexibility, and resilience to an already-stressed, largely outdated power grid. With 25% of Sunrun’s shares held short, I think it will be an interesting, albeit highly volatile, stock to watch going forward following this deal.
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Josh Kohn-Lindquist has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends Enphase Energy. The Motley Fool has a disclosure policy.
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