Horizon Technology Finance Closes $7 Million Venture Loan to SolarBridge
FARMINGTON, Conn. and AUSTIN, Texas, Sept. 17, 2012 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, today announced that it has closed a $7 million venture loan to SolarBridge Technologies, Inc. ("SolarBridge"), a leading provider of integrated photovoltaic microinverter solutions. The proceeds of the venture loan will be used to support the company's growth and expansion.
Gerald A. Michaud, President of Horizon, stated, "We are delighted to support SolarBridge's continued growth with a $7 million venture loan. SolarBridge is an exciting company whose products are helping pave the way for the widespread adoption of solar power in the residential and commercial markets. With our growth capital and SolarBridge's recent equity financing, SolarBridge will be able to ramp production of its innovative microinverters and advance its development of new products."
Ron Van Dell, President and CEO of SolarBridge, stated, "We value our new partnership with Horizon and appreciate its confidence in our advanced technology and growth prospects. Horizon's experienced team of professionals provided an efficient and timely closing of our debt financing. With this boost to our liquidity, we can continue to address the need for cost-effective renewable energy and expand our business."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California
and Reston, Virginia, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol, "HRZN." In addition, the Company's 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol "HTF." To learn more, please visit www.horizontechnologyfinancecorp.com.
About SolarBridge Technologies
SolarBridge Technologies, a leader in integrated microinverter technologies for the solar industry, is accelerating the adoption of rooftop solar energy in residential and commercial applications. SolarBridge's patented Pantheon microinverter mounts directly onto solar panels, greatly increasing system efficiency and reliability, while reducing the cost of solar installation and maintenance. The Pantheon microinverter is designed to match the lifetime of solar panels, enabling manufacturers to provide a 25-year warranty on their AC modules. The company is headquartered in Austin, Texas. For more information, visit
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
CONTACT: Horizon Technology Finance Corporation
Christopher M. Mathieu
Chief Financial Officer
Investor Relations and Media Contacts:
The IGB Group
Leon Berman / Michael Cimini
(212) 477-8438 / (212) 477-8261
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Source: Horizon Technology Finance Corporation
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