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Print Edition StoriesFriday, June 26, 2009
Spire lands expanded $8M loan
By Mass High Tech staff
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Spire Corp., the Bedford-based solar panel equipment maker, has expanded its existing line of credit to $8 million with Silicon Valley Bank. The revolving credit facility adds $5 million of export-import credit facility to the company’s existing $3 million credit.
Officials at the solar equipment manufacturer said the loan will be used to add liquidity and grow the company.
Silicon Valley Bank is a California commercial bank that focuses on technology, life science and venture capital industries, as well as premium wine markets.
Spire (Nasdaq: SPIR) is shifting its focus away from global operations and toward the U.S. solar panel market. The company dissolved its two-year-old joint venture with Taiwanese PV module maker Gloria Solar Co. Ltd. last week and shifted its efforts into a new, wholly owned business, Spire Solar Systems. The unit will assume Gloria Spire’s strategy of marketing Spire’s PV systems integration services within the United States.
Spire chairman and CEO Roger Little said in a statement that the new direction is expected to free the company to develop new opportunities in the U.S. systems market, which is being stimulated by federal funding.
In 2008, Spire reported $68 million in revenue and turned a net income of $4.7 million, the first yearly profit for the company in more than three years.
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