Square 1 Bank announced that it has provided a $4 million credit facility to new client Varentec, a company that builds power management and monitoring solutions for the electric grid. Proceeds of the credit facility will provide working capital to support the company’s future growth.
Through an innovative solution design, Varentec’s Edge of Network Grid Optimization™ provides a high performance, versatile system that allows utility customers to modernize the power grids. The company’s grid optimization solutions and smart power delivery not only enable a more sustainable source of energy, but also a more secure system with intelligent controls.
“Varentec is excited to be working with a financial partner who understands our quest to bring sustainable and reliable energy to our customers,” said Dr. Deepak Divan, president, chief technology officer and co-founder of Varentec. “Square 1’s tailored approach and customizable solutions provided the flexibility for the company to continue to grow and explore affordable smart power delivery methods.”
Ron Kundich, founder and senior vice president in Square 1 Bank’s technology practice, added, “We are excited to launch this relationship with Varentec and partner with a company that is taking a new approach to grid optimization. With support from blue-chip investors such as Khosla Ventures and Bill Gates, and from the United States Department of Energy, Varentec is prepared to deliver its smart power delivery solutions to customers across the globe. We look forward to supporting these efforts for years to come.”