BOSTON, MA (PRWEB)
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 Solar Technologies, Inc., headquartered in White River Junction, Vermont. The funding enables Norwich to create jobs and expand its proprietary EZ-PV MetaModule System™ 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 Solar 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 System™ 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 Solar Technologies. “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.