Solar technology startup Semprius has secured $8 million in credit.
Horizon Technology Finance Corporation and Silicon Valley Bank said Monday they have agreed to provide an $8 million venture loan “facility” to the Durham-based company.
Horizon will provide $5 million and Silicon Valley Bank the remaining $3 million.
“Semprius is an excellent example of the types of innovative companies that Horizon supports with growth capital,” said Gerald 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.”
Semprius is in the process of scaling up for production.
“We are pleased to receive the support of two leading venture lending institutions, Horizon and SVB,” Semprius Chief Executive Officer Joe Carr saud.
“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,” he added.