Hanwha-backed solar module maker Ten K Solar has now raised more than $77m in financing after securing $25m from a Goldman Sachs alternative energy fund.
Investment banking firm Goldman Sachs’ Alternative Energy Investing Group subsidiary has invested $25m in Ten K Solar, the US-based solar module producer that counts Korea-based conglomerate Hanwha as a shareholder.
Founded in 2008, Ten K manufactures low-voltage, cell independent solar photovoltaic modules for use in commercial rooftop, carport and ground-mount solar systems. Its modules have been installed in over 500 systems across 19 countries.
Ten K, which has just recorded triple-digit growth for the third consecutive year, will use the funding to expand, both in the US and internationally.
The company has now raised more than $77m in debt and equity from an investor base that also includes asset management firm Oaktree Capital and cleantech investment firm Greencoat Capital.
Hanwha, which owns solar cell and module manufacturer Hanwha Solar, combined with ESB Novusmodus, the investment firm that manages funds for Ireland-based state electric utility ESB, to provide $15.5m in series B funding for Ten K in 2012.
“Joel Cannon, chief executive of Ten K Solar, said: “Ten K’s ability to deliver significantly more energy from available roof space combined with the elegant simplicity, reliability and inherent safety of our design is driving a shift to Ten K. We are looking forward to working with Goldman Sachs to further grow our company.”
Ten K was advised on the transaction by Piper Jaffray.
– Image courtesy of Ten K Solar
