Tecogen entered into an agreement with Webster Business Credit for a secured revolving line of credit for up to $10 million, with a term of three years.
The availability of funds is based on the company’s accounts receivable, raw materials and finished goods. The company plans to use the line of credit to repay existing debt, for working capital and for expansion and growth.
“Access to these funds allows the company to focus on growth, including research and development efforts, commercialization of our Ultera emissions control technology in both forktrucks and automobiles and expansion into new markets for our products,” said Benjamin Locke, Tecogen’s CEO.
Tecogen designs, manufactures, sells, installs and maintains high efficiency, ultra-clean, cogeneration products, including natural gas engine-driven combined heat and power and air conditioning systems.
