Silicon Valley Bank , a wholly owned subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB - news), announced it has provided Envenergy, Inc., with $1 million in equipment financing and a $2 million working capital line of credit. Envenergy will use the equipment financing to acquire the equipment and software necessary to support the company's growth while the line of credit will support sales.
Envenergy provides next-generation infrastructure to integrate different technologies into an intelligent and manageable network. Envenergy's solutions connect energy systems, building systems, equipment, and devices to create a secure, scalable, and high performance environment.
"The growth of our company depends on establishing strong relationships with partners like Silicon Valley Bank," said Ed Richards, president and CEO of Envenergy. "We are pleased with the expertise of the Bank in the high tech industry and their enthusiastic support for Envenergy's technology and management team."
"Envenergy's integrated hardware and software platforms offer unique energy management solutions for a variety of applications and industries," said Mark Turk, Senior Relationship Manager in the bank's Santa Barbara office. "We are pleased to provide Envenergy with credit, investment, and cash management products and services specifically tailored to the company's needs."
About Envenergy, Inc.Envenergy, located in Santa Barbara, is the developer of the Mediator technology -integrated software and hardware for energy and facility management. Envenergy's Mediator provides the infrastructure needed to bring information from disparate facility systems (building automation, energy, lighting, access control, metering, etc.) into an enterprise Information Technology (IT) environment. The Mediator meets the needs of Energy Service companies (ESCOs), Facility Management providers, equipment and Building Automation System manufacturers, and utilities. It allows users to improve their bottom line through improved equipment performance, reduced energy costs, and greater operational efficiency. Envenergy's early customers include Fortune 500 level companies and industry leaders. Envenergy is back by premier investment partners including Nth Power, OPG Ventures, Rustic Canyon Ventures, Summit Energy Group, SP Capital and Santa Barbara Technology Group. For more information on Envenergy, visit
www.envenergy.com.
About Silicon Valley BankSilicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
Silicon Valley Bank operates throughout the Silicon Valley: Fremont, Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com.
Contacts:Envenergy, Marti Ogram, Director of Marketing, 805.745.5200