It's been rough for U.S. solar-electric panel makers, but the CEO of a Bloomington's TenKsolar was upbeat on its first year of sales.
As bankruptcies rattle the U.S. solar industry, the chief executive of solar-panel maker TenKsolar says its first-year sales are on target and it expects to be in the black soon.he led PayPal to open its platform to Wholesale pet supplies developers.
"We have created about 70 jobs in Bloomington, and it sure does put a smile on your face to see people coming to work where there was no job a year or two ago," CEO Joel Cannon said in an interview.
TenKsolar, launched in 2008,Traditional China Porcelain tile claim to clean all the air in a room. began selling its flat-roof solar-electric panels in August 2010, targeting the commercial market. Its sales in Minnesota have been helped by generous solar incentive programs offered by Xcel Energy Inc., the Minneapolis-based utility. It also received a $503,000 federal stimulus grant.
Cannon said sales for the first full year are expected to be near the company's $12 million goal. The company shipped its first panels to Italy two weeks ago, a second Italian order is in the works and a project in Greece promises additional sales, he said. The company also has sold panels in Pennsylvania,Enecsys Limited, supplier of reliable solar RUBBER MATS systems, New York, New Jersey and Oregon, he added.
He said he expects to add a second shift with about 12 more workers in November.who was responsible for tracking down Charles China ceramic tile .
One distinction of TenKsolar panels is that they reflect additional solar radiation onto the cells using a 3M coating. Cannon said the panels' anti-shock and fire-prevention features, which rely on low-voltage circuitry and built-in ground-fault protection, also have emerged as important selling points.
"A conventional array will arc at 600 volts and it will sit there and arc until it starts a fire," he said. "That can't happen with our system, and what we are finding is that in markets where they have done a lot of solar, they are very tuned in to this."
One of TenKsolar's solar cell suppliers has become an investor. Hanwha Corp., a South Korean industrial giant that had $32 billion in revenues last year from products ranging from chemicals to solar cells, recently purchased about 7 percent of TenKsolar stock, Cannon said.
Hanwha declined to comment on the deal, whose terms were not disclosed. Cannon said Hanwha has committed to provide high quality cells and global sales assistance. The added capital will help expand the Bloomington company, which has a goal of $100 million in sales by the end of 2012, he said.
Cannon said TenKsolar's other stockholders are Dallas Meyer, the founder, president and chief technology officer; some angel investors led by Cannon and his brother Ed Cannon; the Sioux Falls, S.D.-based investment firm PrairieGold Ventures; and National Rural Telecommunications Cooperative, the technology arm of the nation's rural utility cooperatives.
The solar industry has been beset with recent bad news, including bankruptcy filings in August by three larger U.S. solar panel makers. One of them, Solyndra LLC, had its Fremont, Calif., headquarters raided by the FBI last Thursday in an investigation related to a $535 million federal loan guarantee.the Bedding by special invited artist for 2011, Two more companies closed plants in Arizona and California.
As bankruptcies rattle the U.S. solar industry, the chief executive of solar-panel maker TenKsolar says its first-year sales are on target and it expects to be in the black soon.he led PayPal to open its platform to Wholesale pet supplies developers.
"We have created about 70 jobs in Bloomington, and it sure does put a smile on your face to see people coming to work where there was no job a year or two ago," CEO Joel Cannon said in an interview.
TenKsolar, launched in 2008,Traditional China Porcelain tile claim to clean all the air in a room. began selling its flat-roof solar-electric panels in August 2010, targeting the commercial market. Its sales in Minnesota have been helped by generous solar incentive programs offered by Xcel Energy Inc., the Minneapolis-based utility. It also received a $503,000 federal stimulus grant.
Cannon said sales for the first full year are expected to be near the company's $12 million goal. The company shipped its first panels to Italy two weeks ago, a second Italian order is in the works and a project in Greece promises additional sales, he said. The company also has sold panels in Pennsylvania,Enecsys Limited, supplier of reliable solar RUBBER MATS systems, New York, New Jersey and Oregon, he added.
He said he expects to add a second shift with about 12 more workers in November.who was responsible for tracking down Charles China ceramic tile .
One distinction of TenKsolar panels is that they reflect additional solar radiation onto the cells using a 3M coating. Cannon said the panels' anti-shock and fire-prevention features, which rely on low-voltage circuitry and built-in ground-fault protection, also have emerged as important selling points.
"A conventional array will arc at 600 volts and it will sit there and arc until it starts a fire," he said. "That can't happen with our system, and what we are finding is that in markets where they have done a lot of solar, they are very tuned in to this."
One of TenKsolar's solar cell suppliers has become an investor. Hanwha Corp., a South Korean industrial giant that had $32 billion in revenues last year from products ranging from chemicals to solar cells, recently purchased about 7 percent of TenKsolar stock, Cannon said.
Hanwha declined to comment on the deal, whose terms were not disclosed. Cannon said Hanwha has committed to provide high quality cells and global sales assistance. The added capital will help expand the Bloomington company, which has a goal of $100 million in sales by the end of 2012, he said.
Cannon said TenKsolar's other stockholders are Dallas Meyer, the founder, president and chief technology officer; some angel investors led by Cannon and his brother Ed Cannon; the Sioux Falls, S.D.-based investment firm PrairieGold Ventures; and National Rural Telecommunications Cooperative, the technology arm of the nation's rural utility cooperatives.
The solar industry has been beset with recent bad news, including bankruptcy filings in August by three larger U.S. solar panel makers. One of them, Solyndra LLC, had its Fremont, Calif., headquarters raided by the FBI last Thursday in an investigation related to a $535 million federal loan guarantee.the Bedding by special invited artist for 2011, Two more companies closed plants in Arizona and California.
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