The Interface Financial Group (IFG) closed an AUD$10 million ($7.19 million) open ledger invoice finance facility for South Australia-based ZEN Energy, which will use the proceeds to assist with its demerger from SIMEC ZEN Energy Group and to finance further growth.
ZEN Energy offers renewable energy solutions to businesses and residents in Australia. ZEN is now working toward combining its renewable generation assets with battery and pumped hydro storage. SRG Partners Transaction Advisory advised ZEN Energy.
“Congratulations all — this is a great milestone to receive the first funding under the new open ledger receivables facility with IFG,” Glenn Garnaut, CFO of ZEN Energy, said. “Thanks also to everyone on the IFG side who have been very professional and very focused on helping us to set up the facility in such a manner that we have successfully drawn down less than two business days after issuing our first batch of August invoices.”
The Interface Financial Group is a digital supply chain finance and digital invoice finance marketplace platform.
