tenKsolar closes $15.5m finance deal

US-based tenKsolar, a manufacturer of photovoltaic solutions has secured $15.5m loan from South Korea’s Hanwha Corp, ESB Novusmodus and existing tenKsolar investors.

The loan will create a strategic partnership between tenKsolar and Hanwha Corp subsidiary Hanwha Solar, a silicon manufacturer.

tenKsolar founder, president and CTO Dallas Meyer said, "We are very pleased to have Hanwha as our global partner. Their worldwide presence together with the presence of ESB Novusmodus in London gives tenKsolar the momentum we need to fundamentally change solar for the better."

tenKsolar chief executive officer Joel Cannon said, "We are out to revolutionize the delivery of solar energy. Highest reliability, lowest energy cost, complete safety and off-the-shelf storage compatibility define tenKsolar systems."

Novusmodus partner Robert Schrimpff said, "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."

The company said the loan will also aid it in increasing its business portfolio across the globe.

tenKsolar photovoltaic solutions employ reflectors and racking of panels which will yield high energy density output for flat roof or ground mount systems.

The company said it uses multiple levels of redundancy to ensure highest lifetime energy output, and increased safety.

ESB Novusmodus is a European cleantech fund which is backed by Irish state utility.