Signature Bank and V3 Commodities committed to a combined $25 million working capital facility for Atlantic Energy. The deal includes a $15 million senior revolving ABL facility with Signature and a $10 million junior term loan facility with V3 Commodities Group Holding.
Founded in 2011, Atlantic Energy offers energy efficient and smart product bundles and is set up to service over 100,000 residential equivalents for this year. It now operates in 36 local utilities with an internal 250 staff salesforce.
Paul Hamilton of V3 Commodities commented, “We look forward to our new partnership with Atlantic Energy and see them as a leader in retail energy distribution.”
Atlantic Energy Co-CEOs James Uglow and Patrick Linden added, “We agree this financial facility gives us much more flexibility and liquidity to enhance our customer experience. Our focus is to continue delivering innovative, value-added offers to our customers. By the end of 2019, we will have shipped over 800,000 smart energy efficient products which will decrease our customers energy consumption as well as carbon emissions from the environment.”
Atlantic Energy intends to utilize this facility to continue its mission of becoming a preferred, value-added retail energy provider.
