Satcon Technology Corp. has entered into a $12 million subordinated debt facility with Horizon Technology Finance, a privately held independent venture debt finance company. Satcon says it will utilize the proceeds of this transaction to further strengthen its working capital.
‘Over the past 12 months, the large-scale solar market has passed an inflection point, with extensive growth in the volume and scope of utility-grade solar installations worldwide,’ notes Donald R. Peck, chief financial officer at Satcon.
Details of the terms of this subordinated debt transaction have been filed with the Securities and Exchange Commission on Form 8-K.
SOURCE: Satcon Technology Corp.