Daily News: October 6, 2014

Heritage Provides Telkonet Revolving Credit Line

Telkonet announced it closed on a $2 million revolving credit line established with Heritage Bank of Commerce.

“We’re extremely pleased to enter into this banking relationship with Heritage Bank of Commerce as it provides Telkonet with the necessary flexibility and capital to rapidly expand our top line growth and accelerate channel activity,” stated Jason Tienor, CEO of Telkonet. “With our backlog of signed contracts reaching new record levels, it’s important that we have the necessary capital to meet the needs of our project funnel and rapid increase in project size.”

“We’re excited about the opportunity to work with Telkonet. They are a growing leader in their target markets and we look forward to being a part of their long-term success,” said Mike Hansen, SVP and manager of the Corporate Finance Group. “We believe Telkonet has a fundamentally strong business and our capital line will enable the company to pursue greater market penetration.”

Telkonet is an energy management technology provider offering hardware, software and services to commercial customers throughout the world.