Monday, July 2, 2012
Semprius secures $8M in loans
Durham-based CED Member Semprius has secured $8 million in credit. Horizon Technology Finance Corporation and Silicon Valley Bank said Monday they have agreed to provide an $8 million venture loan to the company.
Horizon will provide $5 million and Silicon Valley Bank the remaining $3 million. The funds will be used to further develop a facility to house 256 new employees in Henderson, NC.
“Semprius is an excellent example of the types of innovative companies that Horizon supports with growth capital,” said Gerald Michaud, President of Horizon. “As Semprius continues to commercially develop its highly efficient solar modules to meet global demand, our customized and flexible venture loan facility enhances the company’s financial position and its ability to achieve key objectives. We look forward to working with the Semprius management team as it ramps up commercial production and global sales.”
Semprius is in the process of scaling up their business in order to maximize production.
“We are pleased to receive the support of two leading venture lending institutions, Horizon and SVB," Semprius Chief Executive Officer Joe Carr said. "This new loan facility, which complements our latest round of equity financing, will play an important role in advancing our mission for the sustainable and cost-efficient production of solar electricity on a global basis," he added.
Semprius was named a 2010 North Carolina Companies to Watch Award Recipient by CED and the Edward Lowe Foundation just two months before securing a $20.6 million funding round.