Horizon Technology Finance Corporation, a specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, announced that it has closed a $7 million venture loan to SolarBridge Technologies, Inc., a provider of integrated photovoltaic microinverter solutions. The proceeds of the venture loan will be used to support the company’s growth and expansion.
Gerald A. Michaud, president of Horizon, stated, “We are delighted to support SolarBridge’s continued growth with a $7 million venture loan. SolarBridge is an exciting company whose products are helping pave the way for the widespread adoption of solar power in the residential and commercial markets. With our growth capital and SolarBridge’s recent equity financing, SolarBridge will be able to ramp production of its innovative microinverters and advance its development of new products.”
Ron Van Dell, president and CEO of SolarBridge, stated, “We value our new partnership with Horizon and appreciate its confidence in our advanced technology and growth prospects. Horizon’s experienced team of professionals provided an efficient and timely closing of our debt financing. With this boost to our liquidity, we can continue to address the need for cost-effective renewable energy and expand our business.”