As per the terms of the venture loan facility, Horizon will provide $10m to Aquion with SVB, a subsidiary of SVB Financial Group bring in an additional $5m.
"This is an exciting opportunity for Horizon to partner with this unique, pioneering clean-tech company entering global commercialization, and we look forward to playing a key role as Aquion moves into full scale manufacturing of its AHI batteries," said Horizon President Gerald A. Michaud.
Aquion CEO Scott Pearson added that the venture loan facility secured from Horizon and SVB was the right financing solution for the company to further its liquidity position.
Manufacturer of AHI batteries Aquion Energy is hopeful that with the infusion of funds its financial position will be strengthened as it looks to expand the manufacturing scale of its AHI battery technology.
