PowerSecure International, which recently moved its headquarters to Wake Forest and took on a new name, has secured a $25 million credit facility from Citibank.
PowerSecure (Nasdaq: POWR) changed its name from Metretek Technologies. The company provides backup energy supply solutions and services.
The funds will be used to refinance and expand an earlier credit facility with another bank and to finance growth, the company said.
"The facility, which functions essentially as a $25 million revolving line of credit, will be used primarily to fund the growth of the Company in a way that is expected to benefit both our customers and our shareholders," said Chief Executive Officer Sidney Hinton. "In particular, it gives us the capital and the flexibility to pursue new opportunities to bring the benefits of Interactive Distributed Generation and energy efficiency to an ever wider audience."