Smart grid firm Comverge secures USD25m

Wed Nov 12 2008, 11:32 AM

New Jersey-based smart grid firm Comverge has secured USD25m of credit from Silicon Valley Bank to provide working capital and pay off debts relating to two acquisitions. Comverge owes USD19.8m following the acquisitions of energy efficiency companies Enerwise Global Technologies and Public Energy Solutions last year. Company CEO Robert Chiste says Comverge now has access to USD85m, comprising cash, credit and financing from GE Capital.

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