Active Power Secures $12.5 Million
August 12th, 2010 By: John Rath
Critical Power solutions provider Active Power (ACPW) announced Wednesday that it has secured a new multi-year credit facility through Silicon Valley Bank. The new $12.5 million line of credit replaces a $6 million credit facility that was set to expire later this year. The new line of credit will allow Active Power to better respond to large customer orders, and give the company more flexibility with its working capital requirements.
Active Power’s UPS and power systems are installed in over 40 countries around the world. Thus far 2010 has been a good year for the company, which has announced several orders and installations:
- March 25, 2010: Active Power reports $6 million in orders, representing 4.5 megawatts of mission critical backup power.
- May 19, 2010: Active Power announces $8 million order for its PowerHouse container solution.
- June 3, 2010: Activer Power delivers flywheel UPS to Shanghai company.
- June 23, 2010: Active Power receives follow-on multimillion dollar order for its CleanSource UPS, totaling 13 megawatts of total rated UPS capacity.
- August 3, 2010: Active Power launches Chinese Operations
- August 6, 2010: Active Power reports growth in Italy.
“Silicon Valley Bank was able to structure a flexible and unique working capital facility for Active Power,” said John Penver, Active Power’s chief financial officer. “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.”
On Tuesday Active Power introduced a simple, online energy efficiency calculator to help organizations understand their opportunity to reduce electricity consumption and energy costs by utilizing their flywheel based UPS system.