Flux Power Holdings, Inc. Announces Expansion of $14 Million Credit Facility with Silicon Valley Bank
January 13, 2023 at 07:01 pm IST
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Flux Power Holdings, Inc. has expanded the available credit under its existing facility with Silicon Valley Bank. The amended agreement increases the available capacity of the facility from $8 million to $14.0 million to support higher working capital requirements related to increased customer demand. The Fourth Amendment includes but is not limited to increasing the amount of the revolving line of credit from $8.0 million to $14.0 million, removing the liquidity ratio financial covenant of the Company, amending the definition of Borrowing Base, which includes a new defined term for Net Orderly Liquidation Value, and removing certain defined liquidity terms.
Flux Power Holdings, Inc. design, develop, manufacture, and sell a portfolio of advanced lithium-ion energy storage solutions for electrification of a range of industrial commercial sectors which include material handling, airport ground support equipment (GSE), and other commercial and industrial applications. The Companyâs modular and scalable design allows different configurations of lithium-ion battery packs to be paired with the Companyâs proprietary wireless battery management system to provide the level of energy storage required. The Company offers energy storage packs for use in a variety of industrial motive applications. The Companyâs has leveraged its Class 3 Walkie Pallet Pack design to develop energy storage packs for larger forklifts, GSE Packs, and other industrial equipment applications. Natural product extensions, based on its modular, scalable designs, include solar backup power for electric vehicle mobile charging stations and robotic warehouse equipment.
FLUX POWER HOLDINGS, INC. 
