Atlantic Energy Enters Into Combined $25 Million Capital Facility
March 12, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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Atlantic Energy announced that it has entered into a combined $25 million working capital facility
Atlantic Energy offers energy efficient and smart product bundles, "and is set up to service over 100,000 residential equivalents for this year," the company said. Atlantic Energy LLC is a licensed retail energy supplier focused on value added energy supply plans, residential smart home bundles and energy-efficient LED Lighting Program.
Atlantic Energy Co-CEOs James Uglow and Patrick Linden added, "We agree this financial facility gives us much more flexibility and liquidity to enhance our customer experience. Our focus is to continue delivering innovative value added offers to our customers. By the end of 2019 we will have shipped over 800,000 smart energy efficient products which will decrease our customers energy consumption as well as carbon emissions from the environment."
Since 2012, Atlantic Energy has continued to grow and now operates in 36 local utilities with an internal 250 staff salesforce.
The deal is composed of two parts with a $15 million senior revolving ABL facility with Signature Bank and a $10 million junior term loan facility by V3 Commodities Group Holding LLC.