DesignLine Corp., the maker of hybrid and electric mass transit vehicles, has secured financing from Guggenheim Venture Partners, which doubled its investment in the bus development company, as well as Orix Venture Finance, which provided a new debt facility. Darren Wallis and Jeff Bede worked on the deal for Guggenheim Venture Partners and Orix, respectively.
DesignLine Corporation, the developer and producer of the world’s most-advanced hybrid bus (the ECO-Saver) and all-electric bus (the ECO-Smart) for mass transit, announced today that is has secured a substantial financing from a consortium of major financial institutions. The financing was led by Guggenheim Venture Partners, which doubled their initial investment in the Company, and Orix Venture Finance, which provided a new debt facility. “Guggenheim Venture Partners and Orix Venture Finance both independently focus on long-term, strategic investments in companies that are the industry leader in their particular market segment,” noted Darren C. Wallis of Guggenheim Venture Partners and Jeff Bede of Orix Venture Finance in a joint statement. “DesignLine is such a company. With hybrid and electric drive technology being deployed in the United States, New Zealand, Australia and the Middle East, DesignLine is truly changing the face of global transit. We are excited to be partners with them.”
DesignLine Corporation is leading the way to cleaner urban skies and quieter cities with its patented and proprietary designs for hybrid and all-electric buses which not only significantly reduce emissions but also provide lower total life-cycle operational costs. “This capital infusion allows DesignLine to meet the ever-increasing global demand for our products,” said DesignLine CEO Brad Glosson. “We truly appreciate the support of our original shareholders, new investors, vendors and customers over the last few months as we completed this financing. DesignLine is now positioned to take full advantage of the technical superiority of its products and aggressively complete production on our over $300 million in current contracts.”
Further information on DesignLine and its successful set of products can be found on the company’s website, www.designlinecorporation.com.
About Guggenheim Venture Partners – Guggenheim Venture Partners, LLC (GVP) is a private equity and venture capital firm that is focused on early stage ventures, technology spin-outs, growth equity and active value investing for well-positioned private and public technology companies in a wide-range of industries from enabling technologies to semiconductors to wireless. Guggenheim Venture Partners is an affiliate of Guggenheim Partners, LLC, a diversified firm with over $100 billion in assets under supervision. Further information can be found at www.gpvp.com
About Orix – ORIX USA Corporation is a diversified corporate lender, finance company, and advisory service provider with more than $5 billion in assets and an extensive portfolio of credit products and advisory services. Headquartered in Dallas, Texas, Orix has approximately 1,200 employees in its worldwide offices.
About DesignLine – DesignLine is a 25-year old product development and manufacturing business headquartered in Charlotte, North Carolina with manufacturing facilities in Charlotte and Christchurch, New Zealand, and an operations office Amman, Jordan. DesignLine is finalizing plans to open an office in China.