ING Vysya Bank Provides Imergy Facility
Imergy Power Systems announced a $7.5 million working capital credit facility for its wholly-owned Imergy India. The new facility, provided by ING Vysya Bank, affords Imergy the ability to fund its growing business for both telecommunications and commercial and industrial applications in emerging markets.
“This secured line of credit further enhances Imergy’s financial strength and flexibility by providing more lending capacity for a rapidly growing customer base across a more diverse set of markets,” said Imergy Chief Financial Officer Jack Stark. “We appreciate the confidence that ING has in our company and we look forward to continuing to transform the energy industry with our game-changing storage technology.”
“Energy storage is one of the fastest growing markets in the energy innovation sector, and we are always seeking opportunities to fuel the growth objectives of promising companies,” said Amit Bagri, country head, Corporate & Global Clients, ING Vysya Bank. “We look forward to working closely with Imergy, providing compelling financial solutions that will help the company facilitate continued market expansion and more rapidly address the growing global demand for energy storage.”
Fremont, CA-based Imergy Power Systems uses flow battery technology for stationary energy storage.