Bloomington-based startup tenKsolar, designer of photovoltaic solar panels, announced on Wednesday that it successfully raised $15.5 million in financing from South Korea-based Hanwha Corporation and European investment firm ESB Novusmodus in its Series B round.
With the support of these two financial entities, tenKsolar now has a global financial base. The company has only been manufacturing its panels for two years, and this marks a huge step forward. In those two years, tenKsolar has filed 40 patents around solar PV packaging solutions.
Tim Johnson, director of tenKsolar’s product marketing, told the Pioneer Press the funding will be used to expand tenKsolar’s sales force and add capacity along with working capital.
TenKsolar offers the RAIS PV module, which runs at 92 percent efficiency as opposed to the typical 80 percent. This module also allows for a more balanced approach for harvesting the suns energy, using reflection to efficiently distribute power.