This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Orion Energy Systems And J.P. Morgan Chase Complete A $10 Million OTA Financing Facility

Orion Energy Systems Inc. (NYSE Amex: OESX), a leading power technology enterprise that designs, manufacturers and deploys energy management solutions for the commercial and industrial sectors, announced today that it has completed a $10 million credit agreement with J.P. Morgan Chase Bank, N.A. (Chase) for the purpose of financing Orion’s Throughput Agreement (OTA) projects.

The credit agreement provides Orion with $5 million of immediately available funding and up to a potential additional $5 million of funding upon Orion’s achievement of certain financial targets. The funding commitment expires September 30, 2012. The financing provides funding to support Orion’s equipment purchases underlying specific OTA contracts involving the installation of Orion’s energy management systems. This OTA-related debt financing is the fourth separate OTA-related debt agreement that Orion has completed over the preceding 12 months, with total potential availability of up to $10 million. Approximately $1.8 million of the facility has been utilized by Orion to date to help fund the ongoing growth of its OTA program.

Scott Jensen, Chief Financial Officer of Orion commented, “Chase has been a terrific financial partner for Orion and we are pleased that we have been able to secure this funding to help support our growing OTA program. Over the last two years, we have completed over $25 million of OTA contracts with our customers. Chase’s commitment allows us to continue to support and promote revenue growth through the use of our OTA contracts.”

Neal Verfuerth, Chief Executive Officer of Orion also said, “This agreement is further validation of my previous comments that financed energy efficiency projects continue to gain interest and momentum in the marketplace. The combination of a quick return on investment for our customers, a competitive cost of capital and a solid return for our financing partner’s investment makes the Orion technology offered through our OTAs a winning proposition for everyone involved.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs