Telkonet, Inc., a developer of energy management technology and the EcoSmart energy management platform featuring Recovery Time™ technology, has been granted a $2.0 million traditional business credit line from San Jose, California-based Bridgebank.
“We are very pleased to have established this banking relationship with Bridgebank as it will provide Telkonet with the necessary flexibility and capital to secure additional revenue projects,” Jason Tienor, CEO of Telkonet, stated in the press release.
Telkonet noted that historically, many of its energy management projects have required aa clause in which the company was required to contribute cash toward a performance bond from its balance sheet to secure and begin a project. By securing the new line of credit, the company is armed with additional, non-dilutive working capital at a respectable cost and is given the ability to have multiple bonded projects open simultaneously by fulfilling the collateral requirements of the bonded projects.
“Twenty four months ago, we could not even consider the possibility of a traditional credit line to assist in the growth of our business model. However, we’ve been able to sanitize our balance sheet, introduce incredible technology and are now being recognized as a significant solution-provider in the rapidly expanding occupancy-based, energy management industry,” concluded Tienor.
For more information visit www.telkonet.com
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