Flux Power secures $2m credit facility with Cleveland Capital

November 8, 2023

California-based lithium-ion energy storage system developer Flux Power has secured a new $2 million credit facility with Cleveland Capital.

The subordinated credit facility, which will run to 15 August 2025,  complements a $15 million credit facility agreed with Gibraltar Business Capital earlier this year, which has a term to July 28, 2025, with no warrants, and which can be expanded to $20 million.

Ron Dutt, CEO of Flux Power said: “Throughout the year we have continued to manage our business growth and margin expansion with careful priorities as part of our strategy to enhance shareholder value. We migrated from our Silicon Valley Bank facility to a new $15 million credit facility with Gibraltar, which provides lower interest rates. This facility, along with our improvement in operating cash performance, supports our current business growth.

“Moreover, the announcement of a new $2 million subordinated line of credit with Cleveland Capital provides greater working capital optionality and continued confidence in our growth strategy from a long-term investor in Flux Power.”


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