SOURCE: Imergy Power Systems, Inc.

Imergy Power Systems, Inc.

September 03, 2014 06:00 ET

Imergy Power Systems Announces Working Capital Credit Facility for Its Wholly-Owned Subsidiary

FREMONT, CA--(Marketwired - Sep 3, 2014) - Imergy Power Systems, a pioneer in advanced energy storage, today announced a $7.5 million working capital credit facility for its wholly-owned, Imergy India Pvt. Ltd. (Imergy India). The new facility, provided by ING Vysya Bank Limited, affords Imergy an even greater ability to fund its rapidly growing business for both telecommunications and commercial and industrial applications in emerging markets.

"This secured line of credit further enhances Imergy's financial strength and flexibility by providing more lending capacity for a rapidly growing customer base across a more diverse set of markets," said Imergy Chief Financial Officer, Jack Stark. "We appreciate the confidence that ING has in our company and we look forward to continuing to transform the energy industry with our game-changing storage technology."

"Energy storage is one of the fastest growing markets in the energy innovation sector, and we are always seeking opportunities to fuel the growth objectives of promising companies," said Amit Bagri, Country Head, Corporate & Global Clients, ING Vysya Bank. "We look forward to working closely with Imergy, providing compelling financial solutions that will help the company facilitate continued market expansion and more rapidly address the growing global demand for energy storage."

About Imergy Power Systems
Imergy Power Systems is a leader in stationary energy storage using innovative flow battery technology. Its proven Energy Storage Platform (ESP) provides a total solution to reduce energy cost and optimize renewable power generation while improving overall power reliability. Imergy Power Systems is headquartered in Fremont, California, USA, with additional operations in Europe, Asia, and the Americas. The Company's investors include venture capital firms NEA, Technology Partners, and Blue Run. For more information about the company, please visit www.imergypower.com or follow us on Twitter

Contact Information

  • Contact:
    Julie Still
    Imergy Power Systems, Inc.
    Phone: 831-332-1025
    Email: Email Contact