ForceField Energy Inc. ("ForceField"), an international manufacturer, seller and distributor of energy products and solutions, announced it has secured commitments from two "Top 10" US banks for project financing. These commitments will support the Company's LED lighting and ORC waste heat conversion client projects by providing clients with immediate access for up to 100 percent of project costs at competitive interest rates. Allstate Capital, a leading U.S. commercial equipment leasing and equipment financing company, acted as the Company's financial advisor and lead arranger.
The specific terms and conditions of each bank commitment will be determined by the lending banks based upon the credit worthiness and financial profile of the projects' customers. A commitment could potentially finance up to 100 percent of a project's cost. Further, the arrangement will be the sole obligation of the customer, and not that of ForceField. The banks are highly committed to the renewable and energy efficient marketplace and have made multi-billion lending commitments in these specific areas and the energy market as a whole.
David Natan, ForceField's Chief Executive Officer, commented, "Lenders continue to embrace environmental finance given it represents a significant opportunity to stimulate growth, drive operating efficiency for global business, and address some of the world's more pressing problems. We are proud that we were able to attract two of the 'Top 10' banking institutions in the United States to work with us and our customers to support existing and future projects using our LED and ORC technology, products and services. This underscores our commitment to work collaboratively with our customers to support their project needs. With the strength of our distribution network and our growing visibility, this financing capability now enables us to offer turn-key solutions to our potential customers further supporting our ability to increase our revenue rapidly."
Jason Williams, ForceField's Chief Financial Officer, stated, "We believe this commitment represents a strong vote of confidence in our products and technology, as well as our target markets and customer base. The arrangement eliminates a significant project development and implementation hurdle for our customers, thereby accelerating their ability to move forward on projects. We are confident that the combination of access to bank funding for up to 100% of project costs irrespective of size, the benefits of the lower and more efficient operating costs associated with our LED and ORC products and technologies, and current government incentive programs will further enhance the return-on-investment and payback of each project."
Mike Ramazio, EVP of Allstate Capital based at the corporate office in Pompano Beach, Florida, stated, "After completing our due diligence it was clear that ForceField has the technology, products and solutions to meet the growing needs of the marketplace. We are pleased that we were able to secure premier lending partners to support and accelerate the Company's growth potential. Allstate Capital remains committed to providing our clients with financing solutions to address the unique needs of their business or industry."