BOSTON--(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. Clark
Horizon Technology Finance Management
greg@horizontechfinance.com
Or 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.
Contacts
Satcon Technology Corporation
Michael Levi, 949-201-5955
Senior Director of Worldwide Marketing
Michael.Levi@satcon.com