Ten K Solar, Inc., a company doing some innovative things in commercial rooftop solar, completed a $25 million equity investment led by Goldman Sachs & Co’s Alternative Energy Investing Group. The company will use the investment to support its rapidly expanding U.S. and international operations. Ten K just completed its third consecutive year of triple digit growth and is rapidly establishing a new standard for safety, reliability and energy density on large-scale rooftop solar projects.
The investment acknowledges Ten K’s increasing customer traction in the multibillion-dollar solar industry. Ten K’s low-voltage, cell independent technology eliminates a host of safety and reliability problems associated with legacy solar.
“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,” said Joel Cannon, CEO of Ten K.
Goldman Sachs joins the company’s already strong investment backing from funds managed by Oaktree Capital Management, L.P., a leading private equity investor in the US and Greencoat Capital, one of the largest private equity investors in the renewable energy space in Europe. Piper Jaffray & Co. served as Ten K’s financial advisor for this transaction.
Ten K produces advanced photovoltaic modules designed for maximum performance. Based on its proprietary technology, Ten K offers high efficiency and highly reliable photovoltaic solutions for commercial rooftop, carports and ground-mount applications. With over 500 installations in the US and 18 other countries, Ten K is one of the fastest growing solar providers in the world.
— Solar Builder magazine