Goldman Sachs Invests $25M In Ten K Solar
Ten K Solar said on Wednesday that Goldman Sachs made a $25 million equity investment in the company.
The Bloomington-based solar panel manufacturer—the state’s first back in 2010—said it planned to use to the money to accommodate its domestic and international production. The company has experienced triple-digit revenue growth for the past three years.
Ten K credits it growth to high-quality solar panels that they say optimize performance. While some panels have their photovoltaic cells linked in a serial manner (like a string of Christmas lights, where one failure point can affect other points down the line), the company’s panels are connected in a matrix, which provides redundancy if a cell ends up in the shade or is otherwise affected.
“Ten K’s ability to deliver significantly more energy from available roof space … is driving a shift to Ten K,” CEO Joel Cannon said in a statement. “We are looking forward to working with Goldman Sachs to further grow our company.”