Flux Power renews $14m Silicon Valley Bank credit facility

May 2, 2023

Lithium-ion energy storage system developer Flux Power Holdings has renewed its $14 million credit facility with Silicon Valley Bank, a division of First Citizens Bank, to “support higher working capital requirements related to increased customer demand”.

In March this year, the Federal Deposit Insurance Corporation (FDIC) announced that Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation, which appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First Citizens Bank & Trust Company, Raleigh, North Carolina. As a result, the 17 legacy Silicon Valley Bridge Bank, N.A. branches began operating as Silicon Valley Bank, a division of First Citizens Bank.

Flux Power’s other available financing resources include: a $5 million Credit Facility Agreement with Cleveland Capital, Herndon Plant Oakley, and “other lenders”, which remains unused; and the company’s At-the-Market (ATM) facility.