Akeena Solar says it will be the exclusive solar panel supplier for two years to MS Solar Solutions Corp. (MSSS), a subsidiary of Morgan Stanley's Commodities group, for projects resulting from MSSS' efforts to outfit low-income households nationwide with Akeena's proprietary Andalay AC solar panels.
MSSS will also have the option to purchase Andalay AC panels for its sales efforts to large-tract home builders. As part of the agreement, Akeena Solar has granted a royalty-bearing limited U.S. license to MSSS for the manufacture and sale of Andalay AC panels.
Akeena Solar will provide its Andalay AC panels to MSSS for the low-income market, and in turn, MSSS will buy all of its solar panel requirements for projects related to low-income housing from Akeena. MSSS will partner with governmental and local community groups to install the Andalay AC panels on low-income properties to provide solar-generated electricity to low-income families.
The agreement terms also provide MSSS with the option to purchase Andalay AC panels from Akeena or from Akeena's manufacturers, with Akeena Solar receiving a royalty payment. Their first project is scheduled to begin construction in California in April.
SOURCES: Akeena Solar, Morgan Stanley