Korea-based conglomerate Hanwha Group and Ireland-based utility ESB’s corporate venturing unit backed US-based roof top solar business TenKsolar with a $15.5m investment on Wednesday last week.
Hanwha led the series B round, and was joined in the investment by ESB Novusmodus, a clean tech fund backed by ESB. Hanwha is also a backer of US solar company OneRoof Energy.
Robert Schrimpff, partner of Novusmodus said: "We are very impressed with tenKsolar’s innovative and holistic approach to achieving solar PV efficiency. It allows them to provide PV [photovoltaic material] 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."
Chris Eberspacher, global chief technology officer of Hanwha Solar, said, "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 industryleading products to our customers."
TenKsolar has raised an estimated $18.5m before the present round. Last year the company raised $1.5m through the sale of debt and another security, according to a filing with the Securities and Exchange Commission and also raised $8.7m in equity, another filing said.
The company also raised $2.7m in 2010 through a sale of options as well as raising $5.6m in equity,, two additional filings said.