Akeena Solar, Inc. (NASDAQ:AKNS), a leading designer and installer of solar power systems, has entered into securities purchase agreements with accredited, institutional investors, to raise approximately $26.1 million by issuing 3.7 shares of stock and warrants.
Akeena plans to use the proceeds for general corporate purposes, including growth initiatives and working capital. “The financing raised from this PIPE transaction occurs at an ideal time – as we roll out our proprietary Andalay solar module technology and work to keep pace with the rapidly-growing demand for solar power in our target markets within the United States,” said Barry Cinnamon, CEO.
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar has grown to become one of the largest national installers of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania.
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