Future Energy Solutions (FES) has announced it has entered into a new credit facility for US$5 million with Stonegate Bank. The agreement increases Stonegate's commitment with FES to US$10 million. FES plans to use the proceeds from the new credit facility to fund the Company's short-term sales goals.
The FES Gold Initiative for businesses is unique. It uses a customised financial model to create an income stream for customers.
According to Future Energy Solutions Chief Executive Officer Daniel Gold, Stonegate Bank has been a strong partner since the inception of the Gold Initiative and supported FES from start up to award-winning company with more than 37 000 fixtures under management as of March 2016.
"This senior credit facility enhances our ability to install more energy efficient fixtures at zero capital cost to our customers and provides us with strong financial footing needed to achieve our goals during the next three years," Gold said. "We're pleased to continue working with the Stonegate Bank team and appreciate their continued confidence and support of our business."
"The bank has seen the success of the Gold Initiative first-hand. We have a clear understanding of its benefits, potential and positive impact for our environment and businesses' cash flow. Gold's vision coupled with the Company's strong management team have allowed a relatively young company to achieve marked success," said Erin Knight, Stonegate's Executive Vice President and Market President Miami-Dade County.
Edited from press release by Angharad Lock
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