Daily News: November 5, 2014

Square 1 Provides Renovo Motors Facility

Square 1 Bank announced it provided a credit facility to Renovo Motors. Proceeds will be used to provide additional working capital and drive company growth.

“Renovo is very proud to partner with the Square 1 Bank team in our mission to disrupt the massively valuable automotive market with our revolutionary products,” said Christopher Heiser, CEO of Renovo Motors. “The next generation of venture-backed companies has diverse needs to achieve scale. Square 1 offers both the backing and the flexibility to give our company a competitive edge.”

Andy Weyer, SVP in Square 1 Bank’s Bay Area technology practice, added, “We knew that Christopher and Jason had the right blend of creativity, technical knowledge and passion to run a successful startup, but at first glance, taking on the automotive sector as an early-stage capital partner sounded a bit daunting. However, after literally and figuratively kicking the tires in our confirmatory diligence process, it became clear that Renovo turned potential into reality. We are very excited to be a part of this opportunity.”

Renovo Motors is led by a team of seasoned industry experts, including chief executive officer Christopher Heiser, who has extensive experience in product management, and chief technology officer Jason Stinson, an 18-year veteran of Intel. With a mission dedicated to personalization, performance, control and excitement, the company’s innovative approach to the rapidly evolving electric vehicle sector has earned the support of institutional investor True Ventures.