Westinghouse Solar, Inc. (NASDAQ: WEST), also called Akeena Solar, is getting a major boost this morning due to a supply contract for Lennar Corporation (NYSE: LEN). The designer and manufacturer of solar power systems has been awarded a supply pact to deliver solar power systems to new home buyers.
Westinghouse Solar will deliver solar power systems to new Lennar home buyers for certain new home communities. This is going to be a part of the “Everything’s Included” program in certain communities in Texas.
What is interesting about Westinghouse Solar is that it recently received a delisting notice due to an average market and stockholder equity after prior notifications. The company was given 180 days from the May 11 date to gain compliance. Westinghouse shares also carried out a 1-for-4 reverse stock split in April.
Solar panels are not quite as common in most of Texas if you compare it to other states. Still, this is not exactly a saturated market and there is still demand for the installation. The other standout feature is the price reaction. Westinghouse Solar shares are up 32% at $1.65 versus a 52-week range of $1.00 to $3.64 after about 30 minutes of trading this Monday.
There is a change in the theme song from an old musical… “Texas Has a Solarhouse in It!”
JON C. OGG