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Power systems company Satcon Technology Corp. has taken on $12 million in debt under a new subordinated debt facility with Compass Horizon Funding Company LLC, a division of Horizon Technology Finance. Officials at Boston-based Satcon said the company would use the proceeds to enhance its working capital.
In the accompanying documents filed with the U.S. Securities and Exchange Commission, Satcon (Nasdaq: SATC) also noted that it was going to be reducing an existing loan agreement with Silicon Valley Bank that would reduce its sub-limit from the current $5 million level to zero by the end of August.
According to Donald R. Peck, Satcon’s new chief financial officer, the company has a backlog as of early May of more than $80 million in orders for its power systems, driven largely by the growth in utility-scale solar installations around the world. Peck was named as the new CFO at Satcon in March, coming to the company with experience as CFO and treasurer at data center virtualization company Egenera Inc.
In June of 2009, Satcon raised $20.2 million in a follow-on stock offering, under a shelf registration statement filed with the U.S. Securities and Exchange Commission on May 6, 2009.
As of March, Satcon reported approximately 225 employees. The company has had down quarters for at least the last five, with a loss of $5.5 million in the first quarter of 2010 on revenue of $14.7 million. That cut the losses of the first quarter of 2009 nearly in half, however. Satcon lost $10.7 million in Q1 2009, on revenue of $13.4 million.
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