Sunrun Shares Rise Monday: What’s Driving the Action? – Sunrun (NASDAQ:RUN)

Sunrun Inc RUN shares traded higher on Monday after reports that the company is in talks to supply solar power to data centers.

What happened: Sunrun is in discussions with data center companies to provide distributed solar generation for data facilities, according to Bloomberg.

managing director Mary Powell Sunrun reportedly said at the Dervos 2024 conference on Friday that Sunrun is looking at a few different approaches, including partnering with electric utilities to provide solar systems for new data centers or using the company’s existing systems in nearby areas.

The report indicates that the Sunrun executive declined to provide further details about the company’s plans due to non-disclosure agreements with developers.

“It’s just a radical collaboration that has incredible benefits for everyone,” Powell reportedly said at the conference.

Sunrun shares rose about 5% late Friday and continued to move higher Monday morning.

Check This Out: These Nuclear Energy Stocks Are Exploding Because Big Tech Thinks They Can Meet AI’s Power Needs

The potential collaboration between Sunrun and data center companies comes as major technology companies increasingly look for solutions to meet the increasing energy needs related to the AI ​​boom.

Nuclear companies have been the biggest gainer in recent weeks after Google announced a deal to buy power from a fleet of small modular reactors (SMRs) and Amazon announced plans to invest over $500 million in nuclear power.

Sunrun is due to report third-quarter financial results after the market closes on Nov. 7. Investors will be watching for any updates on potential data center power supply deals. The company is expected to report a loss of 14 cents per share and revenue of $564.862 million, according to estimates from Benzinga Pro.

RUN Price Action: Sunrun shares rose 5.14% to $15.11 at the time of publication, according to Benzinga Pro.

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