Akeena Solar, Inc. (NASDAQ: AKNS) designs, integrates, installs, markets and sells solar power systems for residential and small commercial customers across the United States. The solar panel industry is booming, despite the elimination of new solar tax incentives for 2009. The company recently announced an increased credit line to $25 million, a new licensing agreement with Suntech Power (NYSE: STP) for Akeena’s Andalay panels, and more distribution agreements in the works.
According to a recent Jesup & Lamont Alternative Energy Report, Akeena’s proven ability to raise equity capital and secure a licensing agreement with one of the largest solar manufacturers in the world increases confidence company management has the ability to execute its growth plan.
Though Akeena has given STP exclusivity for a short while, it is already pursuing other avenues for additional licensing agreements. Akeena estimates the STP agreement will produce about $1 million in additional revenue, backed by the anticipation for demand of more than 10 Megawatts of Andalay panels (Original estimates for 2008 were approximately 9 Megawatts of installation). With the goal of 10 Megawatt installations, expected to result in $1 million, the research report calls for Akeena to garner a $0.10/watt licensing fee.
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