Bridgebank Provides Telkonet $2 Million Credit Line
Telkonet, a developer of the EcoSmart energy management platform, announced that it closed a $2 million traditional business credit line from San Jose, California-based Bridgebank.
“We are very pleased to have established this banking relationship with Bridgebank as it will provide Telkonet with the necessary flexibility and capital to secure additional revenue projects,” stated Jason Tienor, CEO of Telkonet.
Historically, many of Telkonet’s energy management projects have required a bonding element wherein the company has been required to contribute cash towards a performance bond from its balance sheet to secure and begin a project. The addition of this credit line not only provides additional, non-dilutive working capital at a respectable cost, but also affords Telkonet the ability to have multiple bonded projects open simultaneously by fulfilling the collateral requirements of the bonded projects.
“Twenty-four months ago, we could not even consider the possibility of a traditional credit line to assist in the growth of our business model. However, we’ve been able to sanitize our balance sheet, introduce incredible technology and are now being recognized as a significant solution-provider in the rapidly expanding occupancy-based, energy management industry”, stated Tienor.
Telkonet, a U.S.-based energy management technology provider, offers hardware, software and services to commercial customers worldwide.