Envision Solar Closes One Million Dollar Line of Credit with Silicon Valley Bank
SAN DIEGO, CALIF. (Nov. 6, 2015) – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewable energy, media and branding and EV charging product company, announced today that it has successfully closed a revolving Line of Credit with Silicon Valley Bank. The funds will be used to execute on the Company’s existing and future orders for EV ARC™ and Solar Tree® products.
“Closing this line of credit is important to us, because it gives us access to inexpensive, non-dilutive capital to cover our operating capital requirements for customers like Caltrans, who pay us after they receive products,” said Desmond Wheatley, CEO of Envision Solar. “It is also an important step in our continued efforts to strengthen our financial condition and reduce our costs of capital. Silicon Valley Bank is a great partner and we look forward to growing with them.”
“Silicon Valley Bank is pleased to partner with Envision Solar,” said Eric Otterson, Managing Director of Silicon Valley Bank in San Diego. “Envision’s solar-powered transportation and energy storage products are new and important technologies. We look forward to helping them move their business forward quickly with the right financing, connections and global services.”
Envision Solar invents, engineers and manufactures its products in its San Diego facility, which is staffed by combat veterans, disabled workers, minorities and other highly motivated experts.
About Envision Solar International, Inc.
Envision Solar designs, manufactures and deploys unique and renewably energized electric vehicle (EV) charging and media and branding systems. The company’s products include the patented EV ARC™ and Solar Tree® product lines. All of Envision Solar’s products can be enhanced with EnvisionTrak™ patented solar tracking, ARC Technology™ energy storage, SunCharge™ Electric Vehicle Charging Stations and digital advertising packages.
Based in San Diego, the company integrates the highest quality components into its Made in America products. Envision Solar is listed on the OTC Bulletin Board under the symbol [EVSI]. For more information, visit www.envisionsolar.com or call 866-746-0514.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.
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