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AKNS $7.19 Shares Outstanding 27.9 M Float: 19.80 M 2/19/2008 |
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Akeena Solar, Inc. engages in the design, integration, installation, marketing, and sale of solar power systems for residential and small commercial customers in the United States. It principally focuses on the design and integration of grid-tied solar power systems, which are electrically connected to the utility grid so that excess energy produced during the day flows backwards through the utility's electric meter. The company also works on solar thermal or solar pool systems. It serves commercial customers, including schools, and housing and owner occupied businesses consisting of wineries and small commercial offices, as well as residential customers, including high-income professionals. |
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| Akeena Solar sells its products through print, Web, and radio advertisements, as well as through participation in industry trade shows, individual consultations with prospective customers, and sales force. The company was founded in 2001 and is headquartered in Los Gatos, California. |
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Solar Power Systems Solar power systems turn sunlight into electricity. Silicon wafers capture photons from sunlight, turn them into DC power which is then transformed into 120 volt AC power and connected to your existing electrical system -- as well as the local electrical grid. When the sun shines, you can generate more power than you consume (your meter will really spin backwards). At night you'll draw on utility company power, essentially using the electrical grid as a giant storage battery. |
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Grid-Tied Solar Power System Change to Time Of Use billing and save an additional 15 to 40%: Where utility power is available, a grid-tied solar power system can supply some of the energy needed and use the power from the utility in place of batteries. Because these grid-connected systems are much less expensive to purchase and operate than battery backup systems - and because the owners can effectively sell power back to the utilities - these systems are becoming very popular. Note that inverters used with grid-connected solar electric systems do not have battery backup capability, and this backup capability cannot be added at a later date unless the inverter is changed. The owner of a grid-connected solar energy system may not only buy, but may also sell, electricity each month. This is because electricity generated by the solar energy system can be used on-site or fed through a meter into the utility grid. California's net metering law provides that all utilities must allow customers with solar electric systems rated up to 1.5 MW to interconnect with the local utility grid and receiving retail value for the electricity produced. When a home or business requires more electricity than the solar (photovoltaic) array is generating (for example, in the evening), the need is automatically met by power from the utility grid. When the home or business requires less electricity than the solar power array is generating, the excess is fed (or sold) back to the utility -- and your electric meter actually spins backwards. Used this way, the utility serves as a backup to the solar power system similar to the way in which batteries do in stand-alone (off-grid) systems. Utilities are required to buy power from owners of solar energy systems (and other independent producers of electricity) under the Public Utilities Regulatory Policy Act of 1978 (PURPA). An approved, utility-grade inverter converts the DC power from PV modules into AC power that exactly matches the voltage and frequency of the electricity flowing in the utility line, and also meets the utility's safety and power-quality requirements. Safety switches in the inverter automatically disconnect the solar energy system from the line if utility power fails. This safety disconnect protects utility repair personnel from being shocked by electricity flowing from the solar power electric array into what they would expect to be a "dead" utility line. |
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| Earnings | |
| February 19th 2008 Akeena Solar Announces Preliminary 2007 Revenue of $32.2 Million Akeena Solar Boost 2007 Sales Estimate, Expects 2008 Revenue to Double on New Technology The company expects to report record revenue for fiscal 2007 of $32.2 million, representing a 141% increase over fiscal 2006 revenue of $13.4 million. As part of its third quarter release, management had indicated it expected 2007 revenue growth of 135% over 2006. “Our goal is to double revenue in 2008, building on 2007’s stellar revenue growth and propelled by the transition to Andalay, our proprietary solar panel installation technology. By building the racking, wiring and grounding into the solar panel itself, Andalay provides customers with a better looking and more reliable solar power system. And from Akeena’s standpoint, the lower installation costs and faster installation times with Andalay yield greater operational efficiencies,” said Barry Cinnamon, president and chief executive officer of Akeena Solar. “Since 2001 we have been investing in establishing our brand and reputation, expanding our footprint and building the infrastructure to scale our business. The leverage that these infrastructure and technology investments provide allow us to place a greater emphasis on profitable growth.” “Our 2008 business plan calls for us to achieve EBITDA breakeven by year-end, adjusted for non-cash stock based compensation expense. We expect to make substantial progress toward reaching GAAP profitability by the end of 2009,” added Cinnamon. “As our industry benefits from declines in solar panel prices in the coming years, the infrastructure we have built will allow us to continue to strengthen our market position.” |
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| Management | |
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Barry Cinnamon, CEO
Our founder, Barry Cinnamon, is a widely recognized expert and long-time advocate of solar power. He began his career in solar energy at the Massachusetts Institute of Technology (MIT). During the late 1970s and early 1980s, he designed and installed active solar, passive solar and ground coupled heat pump systems. He served as CEO of Software Publishing Corporation, and founded Allegro New Media. Mr. Cinnamon earned a BS Degree in Mechanical Engineering from MIT and an MBA degree in Marketing from Wharton. He is a NABCEP Certified Solar Installer, a licensed California C-46 Solar Contractor, an active member of the Silicon Valley Leadership Group and a member of the Board of Directors of the national Solar Energy Industries Association and California Solar Energy Industry Association. |
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Jim Curran, Chief
Operating Officer Mr. Curran brings over twenty five years of worldwide experience in business planning, operations, marketing and sales with Fortune 500 enterprises, Internet technology firms and start-up companies. Most recently, he was the founder and a managing partner of Shamrock Partners, L.L.P., a business management consulting firm. Mr. Curran also worked at Exodus Communications as General Manager, Visa International as Executive Vice President and IBM as a senior executive. Mr. Curran holds a B.A. in Philosophy from Cathedral College Seminary |
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Gary Effren , CFO Mr. Effren joined Akeena Solar as Chief Financial Officer in September, 2007. Prior to his current role with Akeena, from 1980 to 2006, he held various executive financial positions including vice president of finance and chief financial officer at Knight Ridder, Inc. a Fortune 500 media company and the second largest newspaper company in the United States. Mr. Effren has been a member of the Board of Directors of United Way Silicon Valley since 2001, is a member of its Executive Committee and is Chairman of the Audit Committee.He is a CPA and received his MBA from the University of Miami as well as a B.S. in Commerce from Rider College. |
| Contact | |
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Akeena Solar, Inc. 16005 Los Gatos Boulevard Los Gatos, CA 95032 United States - Map Phone: 408-402-9400 Fax: 408-395-7979 Web Site: http://www.akeena.net |
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