Akeena to sell solar panels at retailer Lowe's

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Thu Dec 10, 2009 1:41pm EST

* All-in-one panels to sell at 21 Lowe's stores for $893

* Part of company's strategy to boost revenue

* Akeena shares up 43 cents, or about 43 pct

LOS ANGELES, Dec 10 (Reuters) - Akeena Solar Inc AKNS.O will start selling its all-in-one solar panels at Lowe's Cos Inc (LOW.N) retail stores in California, Akeena said on Thursday, as the company looks to boost revenue.

The Los Gatos, California company hopes to break even by selling panels at retail stores and to installers outside its home state, in addition to its traditional installation business. The move puts the company in competition with the likes of SunPower Corp SPWRA.O in selling panels.

Akeena's panels hit the shelves on Thursday at 21 Lowe's home-improvement stores in California. Each panel will sell for $893 and can plug into a regular electrical outlet, generating 175 watts or enough electricity to power a computer or 42-inch flat screen television.

In October, Akeena's chief executive Barry Cinnamon told Reuters the company was actively trying to sell its solar panels through big-box retailers. [ID:nN27259574]

The company says its panels -- branded Andalay and manufactured by Suntech Power Holdings Co Ltd (STP.N) -- have 80 percent fewer parts to install than comparable products, reducing inventory logistics.

Akeena has struggled to turn a profit and posted a narrower-then-expected quarterly loss in October. [ID:nBNG480161]

The news sent the shares of the solar company up about 43 percent, or 43 cents, to $1.42 each in afternon trading on the Nasdaq. (Reporting by Laura Isensee; editing by Andre Grenon)

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