Horizon Technology Leads $15 Million Facility for Aquion Energy
Horizon Technology Finance Corporation announced that Horizon and Silicon Valley Bank (SVB), a subsidiary of SVB Financial Group, have provided a $15 million venture loan facility to Aquion Energy, Inc., a developer and manufacturer of Aqueous Hybrid Ion (AHI) batteries and energy storage systems.
Under the terms of the venture loan facility, Horizon provided a commitment of up to $10 million to Aquion and SVB made a commitment of up to $5 million. The funds provided under the venture loan facility will be used to support Aquion’s continued growth.
“We are delighted to lead this venture debt facility for Aquion,” said Gerald A. Michaud, president of Horizon. “This is an exciting opportunity for Horizon to partner with this unique, pioneering clean-tech company entering global commercialization, and we look forward to playing a key role as Aquion moves into full scale manufacturing of its AHI batteries.”
Scott Pearson, CEO of Aquion, stated, “We appreciate the confidence Horizon and SVB have demonstrated in Aquion. This venture loan facility was the right financing solution for us to bolster our liquidity, providing the additional financial strength needed to further our innovative battery technology and continue to successfully execute our growth strategy.”
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.