SAN FRANCISCO, Sept. 24, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $4 million credit facility to new client Varentec, a company that builds power management and monitoring solutions for the electric grid. Proceeds of the credit facility will provide working capital to support the company's future growth.
Through an innovative solution design, Varentec's Edge of Network Grid Optimization™ provides a high performance, versatile system that allows utility customers to modernize the power grids. The company's grid optimization solutions and smart power delivery not only enable a more sustainable source of energy, but also a more secure system with intelligent controls.
"Varentec is excited to be working with a financial partner who understands our quest to bring sustainable and reliable energy to our customers," said Dr. Deepak Divan, president, chief technology officer and co-founder of Varentec. "Square 1's tailored approach and customizable solutions provided the flexibility for the company to continue to grow and explore affordable smart power delivery methods."
Ron Kundich, founder and senior vice president in Square 1 Bank's technology practice, added, "We are excited to launch this relationship with Varentec and partner with a company that is taking a new approach to grid optimization. With support from blue-chip investors such as Khosla Ventures and Bill Gates, and from the United States Department of Energy, Varentec is prepared to deliver its smart power delivery solutions to customers across the globe. We look forward to supporting these efforts for years to come."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, and Washington, DC. For more information, visit www.square1bank.com.
Varentec's innovative Grid Edge Control solutions help utilities monitor and directly control the grid edge to deliver unprecedented levels of energy savings, PV integration, voltage and VAR control, demand management, improved asset utilization, and visibility and analytics for utilities. Varentec investors include Khosla Ventures and Bill Gates. Varentec, the recipient of various research grants from the Department of Energy and ARPA-E, is located in San Jose, California. For more information, please visit: www.varentec.com.
CONTACT: Media Contact: Square 1 Bank Dee McDougal 919.597.7479 email@example.com
Source:Square 1 Financial