Wednesday, August 11, 2010

Active Power Gets $12.5M In Credit Facility

Austin-based Active Power, a developer of flywheel based uninterruptible power supplies, announced this morning that it has secured $12.5M in a credit facility from Silicon Valley Bank. According to Active Power, the new line of credit replaces an existing, $6M credit facility from SVB which is expiring in Q4. The firm said borrowing against the credit facility is based on its accounts receivable. Active Power said it was advised by Focus-Strategies Investment Banking, an Austin firm, in the transaction.