Press Release

Firsthand Technology Value Fund portfolio company Sunrun files for IPO

Firsthand Technology Value Fund, a publicly traded venture capital fund that invests in technology and cleantech companies, announced today that Sunrun, a Fund holding since 2013, has filed its plans to go public through an initial public offering (“IPO”). The number of shares and the price range for the offering have not yet been determined. Sunrun applied for listing on the NASDAQ under the ticker symbol “RUN”.
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Credit Suisse Securities (USA) LLC; Goldman, Sachs & Co.; and Morgan Stanley & Co. LLC will act as lead book-running managers for the proposed offering.
The Fund holds 674,820 shares of Sunrun common stock as of March 31, 2015, at an approximate average cost of $9.51 per share. The Fund’s shares are subject to a customary 180-day lockup provision.
Sunrun offers “solar-as-a-service” to residential customers. The company enables homeowners to benefit from the lower cost of solar electricity without the upfront expense of purchasing and installing the solar hardware.
Kevin Landis, CEO of Firsthand Technology Value Fund, says: “We have long been big believers in the tremendous potential of the solar industry. We are confident that Sunrun, like SolarCity before it, will continue to validate our strategy of investing in pre-IPO tech companies.”
http://www.firsthandtvf.com/