Envision Solar Closes One Million Dollar Line of Credit With Silicon Valley Bank
SAN DIEGO, CA, Nov 06, 2015 (Marketwired via COMTEX) — Envision Solar International, Inc., (otcqb:EVSI) (“Envision Solar,” or the “Company”), the leading renewable energy, media and branding and EV charging product company, announced today that it has successfully closed a revolving Line of Credit with Silicon Valley Bank. The funds will be used to execute on the Company’s existing and future orders for EV ARC(TM) and Solar Tree® products.
“Closing this line of credit is important to us, because it gives us access to inexpensive, non-dilutive capital to cover our operating capital requirements for customers like Caltrans, who pay us after they receive products,” said Desmond Wheatley, CEO of Envision Solar. “It is also an important step in our continued efforts to strengthen our financial condition and reduce our costs of capital. Silicon Valley Bank is a great partner and we look forward to growing with them.”
“Silicon Valley Bank is pleased to partner with Envision Solar,” said Eric Otterson, Managing Director of Silicon Valley Bank in San Diego. “Envision’s solar-powered transportation and energy storage products are new and important technologies. We look forward to helping them move their business forward quickly with the right financing, connections and global services.”