Quantum Technologies Enters Into Loan Agreement With Bridge Bank
Quantum Fuel Systems Technologies Worldwide, Inc. announced that it has entered into a credit arrangement with Bridge Bank, providing the company a working capital line of credit of up to $10 million. The revolving line of credit accrues interest at Bridge Bank’s prime rate plus 2% (subject to a floor of 5.25%), is available for immediate drawdown, subject to a current asset borrowing base, financial covenants and other restrictions. Quantum was advised by Advanced Equities in this transaction.
Alan P. Niedzwiecki, the company’s president and CEO stated, “We are pleased to begin our commercial banking relationship with Bridge Bank, and we look forward to Bridge Bank’s continued support as we focus on growing our business.”
Kevin McBride, vice president of Bridge Bank’s Technology Banking Division added, “We’re thrilled to have been selected by Quantum Technologies as their preferred credit provider, and we look forward to being their financial partner as they continue to expand and grow their operations.”
Quantum Fuel Systems Technologies Worldwide, Inc., a fully integrated alternative energy company, is a provider in the development and production of advanced propulsion systems, natural gas vehicle storage technologies, and alternative fuel vehicles.
Bridge Bank is a full-service professional business bank headquartered in Silicon Valley, and with offices located nationwide. The bank is dedicated to meeting the financial needs of small, middle-market and emerging technology businesses.