In 2009, tenKsolar formed a strategic partnership with Minneapolis-based thin-film manufacturer 3M, which supplies tenKsolar with reflective film to boost light concentration onto the solar panels.This helps the company’s RAIS® (Redundant Array of Integrated Solar) Wave produce up to 50 percent more energy per square foot than a standard solar array.
In September 2010, tenKsolar shipped its first panels and generated about $3 million in revenue. Throughout the year, the company raised about $5.64 million in investments and launched a Series B round of solar panels to boost its sales. Its primary shareholders include PrairieGold Venture Partners and the National Rural Telecommunications Cooperative.
Although tenKsolar primarily services the Midwest United States, it plans on using its financing for a larger production capacity and a wider distribution network, with sales in California, Minnesota, Missouri, New York and Wisconsin. According to CEO Joel Cannon, the company expects to exceed $100 million in revenue by 2012.
Latest news: South Korea-based Hanwha Chemical recently bought a 7 percent stake in TenKsolar. Hanwha also owns SolarOne, one of the world’s largest solar-electric companies. TenKsolar is on pace to bring in $12 million in revenue during its first full year of sales.
It plans to add a second production shift this fall, and next year it hopes to find a larger home. “I’d have to say given our limited resources and the very difficult market, we’re very pleased with our progress,” Cannon said. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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