Horizon Technology Finance Corporation, a specialty finance company and Silicon Valley Bank have provided an $8 million venture loan facility to Semprius, a developer of high concentration photovoltaic solar modules. Under the terms of the facility, Horizon provided a commitment of $5 million to and SVB provided a commitment of $3 million.
Horizon Technology Finance Corporation HRZN +0.37% (“Horizon”), a leading 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, today announced that Horizon and Silicon Valley Bank (“SVB”), have provided an $8 million venture loan facility to Semprius, Inc. (“Semprius”), a developer of high concentration photovoltaic (HCPV) solar modules.
Under the terms of the venture loan facility, Horizon provided a commitment of $5 million to Semprius and SVB provided a commitment of $3 million. The funds provided under the venture loan facility will be used to support Semprius’s continued growth.
“Semprius is an excellent example of the types of innovative companies that Horizon supports with growth capital,” said Gerald A. Michaud, President of Horizon. “As Semprius continues to commercially develop its highly efficient solar modules to meet global demand, our customized and flexible venture loan facility enhances the company’s financial position and its ability to achieve key objectives. We look forward to working with the Semprius management team as it ramps up commercial production and global sales.”
Joe Carr, CEO of Semprius, said, “We are pleased to receive the support of two leading venture lending institutions, Horizon and SVB. This new loan facility, which complements our latest round of equity financing, will play an important role in advancing our mission for the sustainable and cost-efficient production of solar electricity on a global basis.”
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with a regional office in Walnut Creek, California, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol, “HRZN.” In addition, the Company’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit www.horizontechnologyfinancecorp.com .
Semprius Inc. designs and manufactures unique high concentration photovoltaic (HCPV) modules that deliver the highest efficiency solar energy in the world. Using patented micro-cell technology and state-of-the-art manufacturing processes, Semprius is leading the way to cost-competitive, sustainable generation of solar electricity. Semprius’ headquarters and production facilities are located in North Carolina. For more information, please visit www.semprius.com .
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. SIVB +3.07% www.svb.com .
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
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SOURCE: Horizon Technology Finance Corporation