Akeena Solar, Inc. (NASDAQ: AKNS), a designer and installer of solar power systems, has received a commitment from Comerica Bank to increase its existing credit line from $7.5 million to $25 million.
the company says $17.5 million will be available for borrowing on a non-formula basis, with up to an additional $7.5 million for borrowing against accounts receivable and inventory levels.
"With this additional borrowing capacity, coupled with our recent $26.1 million equity raise, Akeena will have the financial flexibility and resources to fund our working capital needs and ambitious growth plans for the intermediate future," said Gary Effren, Akeena Solar chief financial officer. "We have a strong working relationship with Comerica and are pleased by their recognition of the growing strength of the company’s balance sheet and financial condition."
About Akeena Solar, Inc.
Founded in 2001, Akeena Solar’s philosophy is: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest installers of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania.
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