Energy-efficient critical power solutions provider Active Power (www.activepower.com) announced on Wednesday that it has secured a new multi-year line of credit for $12.5 million through Silicon Valley Bank.
The credit line replaces the company’s previous $6 million credit that was scheduled to expire later this year.
The new line of credit will allow Active Power to more effectively handle large customer orders, as well as give the company greater flexibility with its working capital requirements.
Active Power manufactures and sells UPS and power systems to over 40 countries around the world.
The company has already had a strong year so far with several orders and installations, as well as launching operations in China.
“Silicon Valley Bank was able to structure a flexible and unique working capital facility for Active Power,” says John Penver, chief financial officer at Active Power. “This new facility, in tandem with our recent equity raise, has materially improved our capital position to meet the growing demand of our solutions and services and the needs of our expanding distribution channels. It also enables us to grow our revenues without the need for additional financial resources.”
Austin, Texas-based Focus-Strategies Investment Banking served as a financial advisor to Active Power in this transaction.