SatCon and Silicon Valley Bank Enter into Secured Credit Facility Agreement
05 March 2008 - 12:30AM
Business Wire
SatCon Technology Corporation� (Nasdaq CM: SATC), a developer of
power management and system architecture solutions for the
alternative energy and distributed power markets, today announced
that it has entered into a new secured revolving credit facility
with Silicon Valley Bank. This line of credit enables the company
to borrow up to $10 million, subject to certain availability
criteria relating to accounts receivables and inventory. "We are
very pleased that we were able to continue our relationship with
Silicon Valley Bank and close on this line to support our continued
revenue growth," said David Eisenhaure, CEO of SatCon. "Silicon
Valley Bank has been our bank for over five years and we are
pleased to have them as a partner," continue Eisenhaure. "This line
of credit, along with our recent infusion of capital from Rockport
Capital Partners and NGP Energy Technology Partners, allows us to
focus on the growth of the business." About SatCon Technology
Corporation SatCon Technology Corporation is a developer and
manufacturer of electronics and generators/motors for the
Alternative Energy, Hybrid-Electric Vehicle, Grid Support, High
Reliability Electronics and Advanced Power Technology markets. For
further information, please visit the SatCon website at
www.satcon.com. (SATC-E) Statements made in this document that are
not historical facts or which apply prospectively are
forward-looking statements that involve risks and uncertainties.
These forward-looking statements are identified by the use of terms
and phrases such as �will,� �intends,� �believes,� �expects,�
�plans,� �anticipates� and similar expressions. Investors should
not rely on forward looking statements because they are subject to
a variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the Company�s
expectation. Additional information concerning risk factors is
contained from time to time in the Company�s SEC filings. The
Company expressly disclaims any obligation to update the
information contained in this release.
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