TORONTO, ON, March 7, 2025 – Cortland‘s borrower, a leading innovator in lithium-ion battery design, development, and manufacturing for Materials Handling Electric Vehicles (MHEVs) and other electric transportation applications, has successfully paid out its CAD$22 million committed revolving credit facility with Cortland in full.
Since its initial engagement with Cortland in August 2019, the company transformed into a high-growth leader in the battery systems industry. Over the past five years, the company’s strong collateral base, operational improvements and growth enabled Cortland to extend and amend the facility multiple times, ultimately growing the commitment to CAD$22 million. The company’s focus on expansion had yielded impressive results, with revenues growing nearly 9x over the term of the facility. The company recently announced plans to construct a state-of-the-art manufacturing facility in North America, further solidifying its position in the electric vehicle battery market.
On the heels of this growth, the company has refinanced its Cortland facility with a new asset-based lending facility from a Canadian Schedule I Bank, marking a successful transition to traditional bank financing. “This transaction exemplifies Cortland’s ability to partner with high-growth companies, providing flexible financing solutions that support their evolution and pave the way for partnerships with leading financial institutions,” said Sean Rogister, CEO at Cortland. “Despite the longer-than-typical hold period, this payout underscores our thesis of fostering growth and enabling transitions to sustainable financing.”
