VANCOUVER, BRITISH COLUMBIA—(October 30, 2014) Solegear Bioplastics Inc., a leading developer of high-performance plant-based plastics for packaging and durable product applications, recently closed a venture debt facility with Comerica Bank, the largest tech-focused bank in the United States.
“The closing of our first commercial debt facility is a key milestone that supports our accelerating growth,” said Toby Reid, Founder & CEO of Solegear. “Debt financing is a strategic complement to equity funding, and we are pleased to be working with a high quality lender in Comerica.”
The funds secured under this agreement are expected to support planned sales growth and deliveries of the Company’s proprietary bio-based and compostable plastics. The growth capital provided by Comerica also allows for the flexibility of additional debt financing in the future, as Solegear’s working capital needs expand.
“We are pleased to play such an important role in Solegear’s growth strategy,” said Robert Rosen, Comerica’s Technology & Life Sciences managing director. “The company’s profile and needs align perfectly with Comerica’s Technology & Life Sciences specialty practice”.
Earlier this summer, Solegear established its first non-commercial debt facility as it was selected to receive $1.6 million in innovation funding from the Government of Canada. These funds were awarded to support the Company’s product development and technology commercialization activities, now in the process of scaling up.
About Solegear Bioplastics Inc.
Solegear, based in Vancouver, British Columbia, is an innovator in the field of next-generation plastics. The Company is an advanced materials firm that engineers, produces and distributes high-performance bio-based and compostable plastics. Founded in 2007, Solegear has developed, and is commercializing, proprietary bioplastics technologies that utilize annually renewable plant-based ingredients formulated using Green Chemistry, to address the market opportunity in rigid packaging and durable plastics applications.
About Comerica Bank
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. With more than two decades of experience, the Comerica Technology and Life Sciences Division has a thorough understanding of the specific banking needs of technology, life sciences and cleantech companies.