Satcon and Horizon Technology Finance Enter Into $12 Million Subordinated Debt Facility Agreement
18 June 2010 - 6:05AM
Business Wire
Satcon Technology Corporation® (NASDAQ CM: SATC), a leading
provider of utility scale power solutions for the renewable energy
market, today announced that it has entered into a $12 million
subordinated debt facility with Horizon Technology Finance. The
Company will utilize the proceeds of this transaction to further
strengthen its working capital as it plans for continued worldwide
growth.
“We are pleased to close this subordinated debt financing with
Horizon,” said Donald R. Peck, Satcon’s Chief Financial
Officer. “Over the past twelve months, the large scale solar market
has passed an inflection point with extensive growth in the volume
and scope of utility grade solar installations worldwide. This
resulting increase in demand for our best in class utility ready
solutions has positioned Satcon as the leader in large scale solar
power conditioning solutions, as evidenced by our recently
announced project wins in China, North America and Europe and our
announcement of over $80 million in backlog as of early May.”
Peck continued, “By bolstering our ongoing cash position with
the proceeds of this debt offering, we are strengthening our
balance sheet and can assure our customers and our investors that
we have the financial resources available to satisfy the increasing
demand for our solutions, to continue to develop and deliver the
world’s most advanced and efficient power conditioning solutions,
and to successfully execute on our growth plans.”
Details of the terms of this subordinated debt transaction have
been filed today with the Securities and Exchange Commission on
Form 8-K.
About Satcon
Satcon Technology Corporation is the leading provider of utility
scale power solutions for the renewable energy market, enabling the
industry’s most advanced reliable and proven clean energy
alternatives. For over 24 years, Satcon™ has designed and delivered
the next generation of efficient energy systems for solar
photovoltaic, stationary fuel cells, and energy storage systems. To
learn more about Satcon, please visit www.Satcon.com
About Horizon
Horizon Technology Finance Management LLC is a privately-held
independent venture debt finance company that provides senior and
subordinated venture debt financing solutions to venture
capital-backed technology and life science companies through its
affiliated investment finance company Compass Horizon Funding
Company LLC. The Horizon team has provided over $2 billion in
financing to more than 750 venture capital-backed technology and
life science companies over a span of 20 years. Horizon has offices
in Farmington, CT and the San Francisco, CA area. For more
information, please visit www.horizontechfinance.com
Companies interested in learning more about financing
opportunities should contact:
Gregory E. ClarkHorizon Technology Finance
Managementgreg@horizontechfinance.comOr call 860-676-8651
Safe Harbor
Statements made in this press release 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, including its Annual Report on Form
10-K and other periodic reports filed with the SEC. Forward-looking
statements contained in this press release speak only as of the
date of this release. Subsequent events or circumstances occurring
after such date may render these statements incomplete or out of
date. The Company expressly disclaims any obligation to update the
information contained in this release.
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