tenKsolar announces global strategic partnership with Hanwha

MINNEAPOLIS, USA: tenKsolar, a photovoltaics (PV) solutions leader, announced the completion of its $15.5 million financing round led by Hanwha of South Korea together with ESB Novusmodus of the United Kingdom, creating a global footprint for tenKsolar as a next generation solar company.

Hanwha owns a controlling stake in Hanwha SolarOne, a fully vertically integrated global provider of total solar energy solutions and a leading manufacturer of high-quality photovoltaic materials, cells and modules. ESB Novusmodus is a major European cleantech fund backed by Irish state utility, ESB.

Dallas Meyer, founder, president and CTO of tenKsolar, said: "We are pleased to have Hanwha as our global partner. Their worldwide presence together with the European partnership of ESB Novusmodus provides tenKsolar a truly strategic investor base as we fundamentally improve solar."

Chris Eberspacher, global CTO of Hanwha Solar, said: "Hanwha is clearly committed to applying its expertise and resources across the broad PV value chain by actively investing in fundamentally differentiated, high-impact technologies. And as part of this endeavor, we highly value our partnership with tenKsolar in our combined efforts to develop and provide industry-leading products to our customers."

Robert Schrimpff, partner of Novusmodus, said: "We're very impressed with tenKsolar's innovative and holistic approach to achieving solar PV efficiency. It allows them to provide PV at the lowest possible cost. At a time when the majority of the market is seeing negative gross margins, tenKsolar is able to be both highly cost competitive and profitable. We look forward to helping them grow."

According to tenKsolar CEO Joel Cannon: "We design solar PV to be a utility-grade generation asset and we are out to revolutionize the delivery of solar energy. Highest reliability, lowest energy cost, complete safety, and built-in storage compatibility define tenKsolar systems."