Revolving and Short-Term Loan for Battery Manufacturer
A pioneering leader in the global energy transformation focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power.
Loan Type: Senior-Secured Revolver & Short Term Loan
Location: Ontario, Canada
Loan Amount: $16,000,000 CAD
Date: August 2019 - Present
When trying to get debt financing from traditional sources, the borrower came across banks unwilling to fund the borrower's growth plans.
Within 60 days, Cortland provided a $1.5 million initial credit facility to support inventory purchases for order fulfillment.
Within 9 months after initial funding, the total credit facility grew to a total of $16 million.
Borrower's revenue has grown 200%+ year-over-year since the initial funding, and the borrower continues to make the impact in global energy transformation.
Share price since the initial advance under the credit facility has grown 700%.