Spire Secures Expanded $8 Million Revolving Credit Facility with Silicon Valley Bank

BEDFORD, Mass.--(BUSINESS WIRE)--Spire Corporation (Nasdaq: SPIR), a global solar company providing turnkey solar factories and capital equipment to manufacture photovoltaic (PV) modules and solar systems worldwide, today announced that it has amended its current Revolving Credit Facility. In addition to the amended $3 million facility, the Company has added an additional $5 million revolver under an Export-Import Credit Facility which is backed by a guarantee from the Export-Import Bank of the United States (the “Ex-Im Bank”). The existing Equipment Credit Facility will be retained with no additional funds available under that line. In the aggregate, the Company will have availability of up to $8 million over the next year.

Roger G. Little, Chairman and CEO of Spire Corporation, commented, \"We are pleased to receive these credit facilities, which improve our liquidity to support our growth. Silicon Valley Bank has been a good financial partner. Even with the tough banking environment, we were also able to increase the loan availability with the assistance of the guarantee offered by Ex-Im Bank.\"

“Spire is well positioned in the growing PV solar renewable market,” said Jay T. Tracy of Silicon Valley Bank’s Boston office. “We are glad we are able to renew our commitment to the Company and help it meet its growth objectives, particularly in such a challenging economy.”