Arctaris’ funding will help expand our sales force as well as increase manufacturing
Boston, MA (PRWEB) July 28, 2016
Arctaris Income Fund, LP, a mezzanine debt fund that utilizes an innovative security structure with a royalty-like security, announces today that it has closed a loan to Norwich Technologies, Inc., headquartered in White River Junction, Vermont. The funding enables Norwich to create jobs and expand its proprietary EZ-PV MetaModule SystemTM designed to speed the installation of solar panel arrays while reducing installation cost by up to 20%.
“Arctaris’ investment in Norwich supports our initiative of funding companies in underserved markets that have high growth potential and can create jobs,” says Andrew Clapp, Managing Partner with Arctaris.
“Arctaris’ funding will help expand our sales force as well as increase manufacturing, thereby adding local jobs in Vermont and New Hampshire,” says Joel Stettenheim, President of Norwich Technologies. “Arctaris’ novel security structure allows us to fund sales growth and continue R&D with minimal dilution to our ownership, which is important to our current investors as well as the entire team.”
“The EZ-PV MetaModule SystemTM transfers the assembly of solar systems from the rooftop or field installation to an indoor production and assembly area,” says John Langhus, Vice President of Norwich Technologies (“Company”). “Under cover we can pre-rack and pre-wire four to nine panels, with or without inverters, and pre-test them before shipping them to the jobsite for installation. That provides a more reliable system, while decreasing the installation time and cost significantly.”
Last year the Company deployed approximately 500 kilowatts of EZ-PV MetaModule SystemsTM to their own developed project sites in Vermont and New Hampshire and has outstanding contracts for installations totaling more than four megawatts. It expects to begin selling EZ-PV MetaModule SystemsTM to other solar installers and developers in the Northeast and the Midwest starting this summer.
“Arctaris takes a holistic approach to achieve a more flexible and affordable funding solution,” says Clapp. “Norwich is rapidly growing and management uses forecasting tools which dovetail quite nicely with our own financial models, enabling Arctaris to optimize the mix of equity, low-cost debt, and the innovative use of royalty-like securities that can lower the average cost of capital, minimize dilution, and not burden the firm’s cash flow.”
Norwich has received approximately $2.0 million in research grants from the Department of Energy’s Sun Shot program. According to Troy McBride, Chief Technology Officer and Co-founder of Norwich, “The technology developed from this research could be used to manufacture higher efficiency concentrating solar power receivers and mirror collectors which are a significant redesign of existing technology for use in the commercial, industrial and utility markets.”
About Norwich Technologies
Founded in 2013, Norwich Technologies is a manufacturer of the EZ-PV MetaModule SystemTM, a modular pre-assembly solution that improves the quality and time of install while reducing balance of system costs for commercial and residential scale photovoltaic installations. In addition, Norwich Technologies assembles and installs solar installations for commercial, municipal hospital and educational facilities using its MetaModule system. Norwich is headquartered in White River Junction, Vermont and conducts its production at the Company’s manufacturing facility in West Lebanon, New Hampshire. For further information, please visit http://norwichtech.com/ , call (802) 281 3213 or email: sales(at)norwichtech(dot)com.
About Arctaris Income Fund, LP
Arctaris Income Fund, LP provides an innovative debt financing utilizing royalty-like securities to middle market companies. Founded in 2009, Arctaris is based in Boston, Massachusetts and provides funding to private and public companies throughout the United States. For more information, please visit http://arctaris.com or call (617) 535-9928 or email: info(at)arctaris(dot)com.
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