South Korean energy solution provider and PV manufacturer, Hanwha SolarOne has announced it has led a financing round to expand US manufacturer tenKsolar. It is believed the financing initiative will be in the region of US$15.5 million and will also involve British cleantech investor ESB Novusmodus.
“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,” commented Hanwha Solar’s global CTO, Chris Eberspacher.
Novusmodus partner Robert Schrimpff, concluded, “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.”