FORT LAUDERDALE, Fla., April 21, 2016 /PRNewswire/ -- Fort Lauderdale based Future Energy Solutions (FES) today announced it has entered into a new credit facility for $5 million with Stonegate Bank (Nasdaq: SGBK). The agreement increases Stonegate's commitment with FES to $10 million. FES plans to use the proceeds from the new credit facility to fund the Company's short term sales goals. The business continues to recruit additional full time staff alongside doubling the Company's warehouse and assembly operations. FES is focused on expansion to target upgrading at least 240,000 lighting fixtures at more than 3,500 customer sites in the United States during the next 36 months.
The FES Gold Initiative ("the Program") for businesses is unique. FES supplies and installs new energy-efficient lighting fixtures for customers at no capital cost to them, and maintains the bulb, ballast and fixture at no cost to the customer for the lifetime of the agreement.
The Program utilizes an unparalleled, customized financial model to create an income stream for customers that would be otherwise impossible, releasing them from their maintenance costs and turning an operating expense into an asset.
According to Future Energy Solutions Chief Executive Officer Daniel Gold, Stonegate Bank has been a strong partner since the inception of the Gold Initiative and supported FES from start up to award-winning company with more than 37,000 fixtures under management as of March 2016.
"This senior credit facility enhances our ability to install more energy efficient fixtures at zero capital cost to our customers and provides us with strong financial footing needed to achieve our goals during the next three years," Gold said. "We're pleased to continue working with the Stonegate Bank team and appreciate their continued confidence and support of our business."
"The bank has seen the success of the Gold Initiative first-hand. We have a clear understanding of its benefits, potential and positive impact for our environment and businesses' cash flow. Gold's vision coupled with the Company's strong management team have allowed a relatively young company to achieve marked success," said Erin Knight, Stonegate's Executive Vice President and Market President Miami-Dade County.
About Future Energy Solutions
Future Energy Solutions (FES) is a privately owned business split into separate geographical groups focusing on funding scaled re-lamping solutions throughout North America, Europe and Australia. FES has experienced extraordinary growth due to wide acceptance of its Gold Initiative Program. The Program is based in providing a turnkey energy efficient lighting solution from design, supply, installation and funding. In addition assume responsibility for the maintenance to customers who partner with the Company using the Program. The Company specializes in targeting customers who are currently operating inefficient high intensity discharge ("HID"), high pressure sodium ("HPS") and fluorescent lighting systems in which lighting forms an essential part of the businesses' operations and cost base. Visit us at www.feslighting.com for more information.
SOURCE Future Energy Solutions