OPEL secures financial backing from Silicon Valley Bank

SHELTON, USA & TORONTO, CANADA: OPEL Technologies Inc., a leading supplier of high concentration photovoltaic (HCPV) solar panels and solar tracker systems and a semiconductor device and process developer, has secured a line of credit for $5 million from Silicon Valley Bank (SVB) in Massachusetts.

"We are pleased to add this line of credit to our financial options," said Michael McCoy, CFO of OPEL Technologies. "The credit line will be utilized to fund US and qualified foreign receivables of the company."

Leon M. Pierhal, CEO of OPEL, added: "With OPEL's accelerating and ever-increasing sales pipeline, we are fortunate to have this capability available as needed to assist us with operating capital. Silicon Valley Bank is a long established cornerstone institution within the high tech industry which over the years has demonstrated its capability of recognizing firms with growth potential."

"Opel's products are facilitating market adoption of solar energy solutions," said Dave Rodriguez, senior relationship manager for Silicon Valley Bank's Cleantech Practice. "SVB works with hundreds of innovative companies across North America and we look forward to supporting Opel's global sales expansion."