Comerica Bank Provides Endurance Wind Revolver
Endurance Wind Power recently closed a $10 million senior revolving credit facility with Comerica Bank, and supported by Export Development Canada under its Export Guarantee Program. The new facility more than triples the previous credit available to Endurance through Comerica and will be used to provide working capital support to the company as it continues its growth internationally.
Endurance announced the appointment of Bradley Bardua, CA as CFO at Endurance Wind Power in June 2014. Bardua has held a number of senior financial positions in companies in a variety of industries, ranging from resources to entertainment to technology, and brings a wealth of financial expertise to Endurance. Over his 20 plus year career he has been responsible for raising significant amounts of debt and equity capital, in both public and private markets, to support company growth and he is well-respected in financial markets. Most recently, Bardua was CFO for Avigilon, a designer and manufacturer of high-definition surveillance systems, where he was part of the team that grew the company from a market capitalization of approximately $125 million at IPO to over $1 billion within 2 years.
“This is a big win for Endurance and for distributed wind energy,” says Endurance CEO Glenn Johnson. “To our knowledge, this new line of credit is the largest lending commitment of its type to date within the distributed wind industry. It demonstrates a tremendous level of confidence in distributed wind energy generally, and in Endurance specifically. We are very pleased with the support that we have received over the years from both Comerica and EDC. We consider them to be partners in our growth.”
“Endurance is a great success story. They have a strong vision to guide them and strong management that’s getting things done. We are very pleased to create this new facility and be part of their success,” says J.P. Michael, SVP and regional managing director for the Technology and Life Sciences Division at Comerica.
“For Export Development Canada, our partnership with Endurance goes back to the beginning when it was acquiring technology and opening factories. We see this as the beginning of another exciting chapter in a Endurance’s clean tech success story,” says Rod Lever, Strategic Accounts, Cleantech Lead at Export Development Canada.
“I am excited to be part of Endurance. The team has done an excellent job building a great business with high levels of momentum, scale and success,” says Bradley Bardua. “This is a great time for Endurance and I’m really looking forward to moving us to the next level of financial growth.”
Endurance Wind Power is a provider of distributed wind energy solutions.