|By Business Wire||
|January 27, 2014 08:31 AM EST||
tenKsolar (“tenK”), a rapidly growing producer of commercial rooftop solar solutions, today announced that it has received an initial investment from funds managed by Oaktree Capital Management, L.P.’s GFI Energy Group. Oaktree’s investment will support tenK’s rapid growth by expanding production capacity and sales and marketing efforts to increase its customer base and accelerate market penetration. Terms of the investment were not disclosed.
Dallas Meyer, Founder, President and CTO of tenK, said, “Oaktree is a highly respected, thoughtful investor with a long and successful track record in energy investing. Their endorsement is affirmation of our proven solution and the clear differentiation it brings our customers in an increasingly competitive and cost-focused market. Oaktree’s commitment gives our customers confidence that tenK has a long-term financial partner behind us to support our growth.”
tenK’s proprietary and differentiated low-voltage technology generates up to 40% more kWh per square foot of roof space at a lower cost than conventional solar offerings. Overall, the system outperforms conventional solar power across all key metrics, including density of energy, cost, reliability and safety.
Joel Cannon, Chief Executive Officer of tenK, added, “The commercial rooftop solar market is rapidly growing and tenK is gaining market share as a result of our unique PV solution. Our low-cost, high energy-density system enables our customers to be cost-competitive in more markets. Oaktree’s investment provides us the capital necessary to quickly and efficiently expand to meet the growing demand for our products.”
Ian Schapiro, Managing Director and head of Oaktree’s GFI Energy Group, commented, “We targeted the commercial rooftop solar segment for our investment capital given its strong growth potential. tenK’s innovative solution is an ideal platform for us, as they have created a low-cost, high-density PV system well-suited to this market. We are pleased to be working with Dallas, Joel and their team to bring additional resources and capital to support tenK’s growth and help strengthen its capacity to serve current and future customers.”
Oaktree’s GFI Energy Group strategically invests in the electric and natural gas sectors, with a long history of investments in the renewable energy segment. The group partners with the management teams of leading companies well-positioned to capitalize on growth opportunities in their target markets. The group brings deep capital resources, clear strategic focus and long-standing industry relationships to its portfolio investments.
tenKsolar designs, manufactures and markets high efficiency and highly reliable photovoltaic solutions based on its proprietary RAIS module technology. The company offers complete, turnkey commercial rooftop solar PV arrays providing the solar industry's lowest energy costs, low-voltage safety and low installation cost. Founded in 2008, tenKsolar is headquartered in Minneapolis, Minnesota. For additional information, please visit tenKsolar’s website at http://tenksolar.com/.
Oaktree is a leader among global investment managers specializing in alternative investments, with $79.8 billion in assets under management as of September 30, 2013. The firm emphasizes a value-oriented and risk-controlled approach to investments in a variety of asset classes. Since its inception in 1995, Oaktree’s GFI Energy Group has focused exclusively on providing capital to leading companies that provide equipment, services, software and infrastructure used in the electric power and natural gas industries. Headquartered in Los Angeles, Oaktree has over 750 employees and offices in 15 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
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