Flux Power renews its credit facility with First Citizens Bank for $14 million

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Flux Power Holdings, Inc., a developer of advanced lithium-ion energy storage solutions for commercial and industrial equipment electrification, has renewed the available credit under its existing facility with Silicon Valley Bank, a division of First Citizens Bank (“SVB Facility”) for $14.0 million to support higher working capital requirements due to increased customer demand.

The Company’s other available financing resources include: (i) the previously disclosed $5 million Credit Facility Agreement, dated May 11, 2022, by and among the Registrant and Cleveland Capital, L.P., a Delaware limited partnership, Herndon Plant Oakley, Ltd., and other lenders, which remains unused; and (ii) the Company’s At-the-Market (ATM) facility.

Other available financing resources for the Company include: (i) the previously disclosed $5 million Credit Facility Agreement, dated May 11, 2022, between the Registrant and Cleveland Capital, L.P., a Delaware limited partnership, Herndon Plant Oakley, Ltd., and other lenders, which remains unused; and (ii) the Company’s ATM facility.

First Citizens Bank assists personal, business, commercial, and wealth clients in developing long-term financial strength.

First Citizens, founded in 1898 and located in Raleigh, North Carolina, has a unique tradition of strength, stability, and long-term thinking that has lasted generations.

First Citizens provides a wide range of general banking services, including a network of over 550 branches and offices in 23 states; commercial banking expertise that provides best-in-class lending, leasing, and other financial services coast to coast; and a nationwide direct bank.

First Citizens BancShares, Inc., the parent firm, is a top 20 U.S. financial institution with more than $219 billion in assets. FDIC-insured First Citizens Bank. The bank will be commemorating its 125th anniversary in 2023.

Flux Power  develops, manufactures, and sells sophisticated lithium-ion energy storage solutions for the electrification of a variety of industrial and commercial sectors, such as material handling, airport ground support equipment (GSE), and stationary energy storage.

Flux Power’s lithium-ion battery packs, which include the company’s proprietary battery management system (BMS) and telemetry, offer customers a better performing, lower cost of ownership, and more environmentally friendly alternative to traditional lead acid and propane-based solutions in many cases.

Lithium-ion battery packs assist fleets enhance their sustainability and ESG criteria by lowering CO2 emissions.

 

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