Akeena Solar said Tuesday that it had signed a contract with a Morgan Stanley subsidiary to supply solar panels for low-income homes.
Los Gatos-based Akeena will be the exclusive solar-panel supplier for two years to MS Solar Solutions, part of the global financial services company.
No financial terms of the deal were released. Akeena CEO Barry Cinnamon said he anticipated selling panels for "at least 200 installations."
The deal represents an expansion of Akeena's business strategy. Primarily an installer of solar systems on residential and commercial rooftops, Akeena will now put more emphasis on selling its proprietary panels.
"We see tremendous growth potential for that part of the business," Cinnamon said.
MS Solar Solutions will use Akeena's Andalay AC panels on projects. The company also has the option of selling Akeena panels to large-tract homebuilders. Akeena also granted a royalty-bearing license to MS Solar that allows it to manufacture Andalay panels.
Unlike most solar panels that produce DC power that must be transformed to AC in a wall-mounted inverter, the Andalay AC panels contain an integrated inverter, "turning them into plug-and-play AC appliances," Cinnamon said. "Put a bunch together, and you can easily power a house."
As a result, they can be installed by workers who can be trained quickly.
The first shipments of Andalay AC panels to MS Solar Solutions will take place this week, with the first job starting in an unidentified location in California in April.
Akeena's shares were up 17 percent to $1.12 in Tuesday's trading.
In testifying before Colorado legislators earlier this year, Martin Mobley, MS Solar Solutions' vice president, said the company intends to buy panels, install them and monitor and maintain them afterward for low-income citizens. The company's business plan, he said, includes taking advantage of solar rebates and tax credits, participating in government contracts as well as selling renewable energy credits, known as RECs.
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