Flux Power announces $14M credit facility
Increased credit capacity provides resources to meet growth plans
Flux Power Holdings, developer of lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has expanded the available credit under its existing facility with Silicon Valley Bank. The amended agreement increases the available capacity of the facility from $8 million to $14.0 million to support higher working capital requirements related to increased customer demand.
“We are pleased to have entered into this amended credit facility providing $6.0 million in increased availability on our asset-based lending line, providing the additional cash to fund the inventory and receivables needed to meet our targeted growth goals,” said Ron Dutt, Flux Power CEO. “Silicon Valley Bank is a trusted banking advisor that has been part of our continued growth through the years as we’ve scaled our company. The additional availability also provides Flux with a core lending base to meet our anticipated capital resources to fund planned operations to achieve our fiscal 2023 growth and profitability objectives. Having now surpassed our 17th consecutive quarter of year-over-year revenue growth, it is reassuring to have this strong lending relationship to help support our working capital requirements.”
“Silicon Valley Bank is excited to further our support of Flux with this increased capacity under the working capital line of credit. We look forward to Flux’s continued progress in deploying clean, safe, and innovative battery technology solutions,” said Jordan Kanis, managing director of climate technology and sustainability at Silicon Valley Bank.