Envision Solar Secures $4.5M in Working Capital Credit and Term Debt to Fund Growth
SAN DIEGO, CALIF. – September 26th, 2017 – Envision Solar International, Inc., (OTCQB: EVSI) (“Envision Solar,” or the “Company”), the leading renewably energized EV charging, outdoor media and energy security products company, announced that it has secured $1.5M in term debt to refinance an existing line of credit and $3M in working capital credit to fund the execution of the Company’s record backlog of orders for its EV ARC™ product. The financing is being provided by a new investor which is the family office of a large, well-known and respected institution.
The $3M of working capital credit will increase the Company’s efficiency in executing orders for notable customers such as New York City and the State of California, currently Envision’s two largest customers.
“This financing will provide us with the fuel we need to continue our growth,” said Desmond Wheatley, President and CEO of Envision Solar, “but it’s also a very strong endorsement of our Company and business plan by a group of highly experienced investment analysts who have elected to make this commitment to our Company after very extensive due diligence.”
Full details of the financing were published in a Form 8K released on Friday, September 22nd, 2017 and can be found on the Company’s website or on any other financial reporting site.
Invented and manufactured in California, the EV ARC™ fits inside a parking space and generates enough clean, solar electricity to power up to 225 miles of EV driving in a day. The system’s solar electrical generation is enhanced by EnvisionTrak™ which causes the array to follow the sun, generating up to 25% more electricity than a fixed array. The energy is stored in the EV ARC™ product’s energy storage for charging day or night and to provide emergency power during a grid failure. Because the EV ARC™ product requires no trenching, foundations or installation work of any kind, it is deployed in minutes and can be moved to a new location with ease. EV ARC™ products are manufactured in the Company’s San Diego facility by combat veterans, the disabled, minorities and other highly talented, mission-driven team members.
About Envision Solar International, Inc.
Envision Solar, www.envisionsolar.com, is a sustainable technology innovation company whose unique and patented products include the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage and EnvisionMedia solar advertising displays.
Based in San Diego the company produces 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.
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