Horizon Technology Finance Leads $8 Million Facility for Semprius
Horizon Technology Finance Corporation announced that it and Silicon Valley Bank (SVB) have provided an $8 million venture loan facility to Semprius, Inc., a developer of high concentration photovoltaic (HCPV) solar modules.
Under the terms of the venture loan facility, Horizon provided a commitment of $5 million to Semprius and SVB provided a commitment of $3 million. The funds provided under the venture loan facility will be used to support Semprius’s continued growth.
“Semprius is an excellent example of the types of innovative companies that Horizon supports with growth capital,” said Gerald A. Michaud, president of Horizon. “As Semprius continues to commercially develop its highly efficient solar modules to meet global demand, our customized and flexible venture loan facility enhances the company’s financial position and its ability to achieve key objectives. We look forward to working with the Semprius management team as it ramps up commercial production and global sales.”
Joe Carr, CEO of Semprius, said, “We are pleased to receive the support of two leading venture lending institutions, Horizon and SVB. This new loan facility, which complements our latest round of equity financing, will play an important role in advancing our mission for the sustainable and cost-efficient production of solar electricity on a global basis.”
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries.
Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.