Sunrun Stock Is Rising Monday: What's Driving The Action?

Sunrun Inc (NASDAQ:RUN) shares are trading higher Monday following reports the company is in talks to supply solar power to data centers.

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

CEO Mary Powell reportedly said at the Dervos 2024 conference on Friday that Sunrun is looking at a couple of different approaches including working with electric utility companies to provide solar systems for new data centers or using the company’s existing systems in nearby areas.

The report indicates that the Sunrun chief declined to provide further details on 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 jumped about 5% late Friday and have continued to move higher Monday morning.

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

The potential collaboration between Sunrun and data center companies comes as big tech companies increasingly look for solutions to meet the rising energy demands related to the AI boom.

Nuclear companies have been the biggest beneficiary in recent weeks after Google announced a deal to purchase 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 close 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 were up 5.14% at $15.11 at the time of publication, according to Benzinga Pro.

Photo: Pixabay.