Power Knot LLC and Power Knot Ocean Confirm Strong Financial Position, Unaffected by Silicon Valley Bank Collapse

FREMONT, Calif., March 12, 2023 /PRNewswire/ -- Power Knot LLC and Power Knot Ocean, leading providers of sustainable onsite waste management solutions, today announced that they do not bank with Silicon Valley Bank (SVB) and their financial positions remain strong and unaffected by the collapse of SVB.

Silicon Valley Bank (SVB) is a commercial bank that provides a range of financial services to technology and life science companies, as well as venture capital and private equity firms. SVB faced a sudden bank run and capital crisis, collapsed Friday morning, and was seized by federal regulators.

"We want to assure our customers, partners, and investors that our financial positions remain robust, and we have not been impacted by the situation at SVB," said Iain Milnes, President of Power Knot. "Our financial positions are strong, and we continue to invest in research and development, customer support, and global expansion to better serve our clients and contribute to a sustainable future. Our sympathies go out to all who are affected by this calamity."

About Power Knot

Power Knot provides safe and economically sound solutions for commercial, industrial, and military customers globally seeking to reduce their carbon footprint. Our technologies are proven, available today, have been in reliable use for many years, and offer a payback period typically of less than two years. We design, develop, and manufacture our products in our headquarters in Silicon Valley, California.

About Power Knot Ocean

Power Knot Ocean provides safe and economically sound solutions for managers of cruise ships, cargo ships, and yachts globally seeking to reduce their carbon footprint and comply with DOJ and MARPOL regulations. Our technologies are proven, available today, have been in reliable use for many years, and offer a payback period typically of less than two years.

SOURCE Power Knot LLC