Envision Solar secures $4.5M in working capital credit and term debt to fund growth
Written By: Katherine Demetre
September 26, 2017
On September 26, 2017, Envision Solar announced that they secured $1.5 million in term debt to refinance an existing line of credit and $3 million in working capital credit to fund the execution of the company’s record backlog of orders for their EV product.
Per the company, the financing was provided by a new investor. The $3 million of working capital credit would increase the company’s efficiency in executing orders for notable customers such as New York City and the State of California, currently Envision’s two largest customers.
Desmond Wheatley, President and CEO of Envision Solar, commented:
This financing will provide us with the fuel we need to continue our growth, but it’s also a very strong endorsement of our Company and business plan by a group of highly experienced investment analysts who have elected to make this commitment to our Company after very extensive due diligence.