Ensync, Inc. Enters into a Loan and Security Agreement
March 04, 2019 at 05:15 pm EST
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EnSync, Inc. announced that it has entered into a Loan and Security Agreement with Analytics Plus, LLC, a Wisconsin limited liability company. The Agreement provides that the Secured Lender will make loans, to the Company in an aggregate amount up to $500,000. On February 26, 2019, the Secured Lender made a Loan to the Company in the full amount of the Loan Commitment, secured by a continuing security interest in substantially all of the Company’s assets. Additionally, the Secured Loan is guaranteed by certain of the Company’s subsidiaries. The Secured Loan bears interest at an annual interest rate of 8%. The Secured Loan matures on March 13, 2019. The Company will use the proceeds of the Secured Loan for working capital and other business purposes.
EnSync, Inc., doing business as EnSync Energy Systems (EnSync Energy), is focused on distributed energy resource (DER) systems and Internet of energy (IOE) control platforms. EnSync Energy ensures electricity, delivered from an electrical infrastructure that prioritizes the use of all available resources, such as renewables, energy storage and the utility grid. As a project developer, EnSync Energy's distinctive engagement methodology encompasses load analysis, system design consulting, and technical and financial modeling to ensure energy systems are sized and optimized. Its direct current (DC) power control hardware, energy management software, and experience with energy storage technologies positions EnSync Energy to deliver fully integrated systems that provide for design, procurement, commissioning and ongoing operation. In addition to direct system sales, EnSync Energy includes power purchase agreements (PPAs). The Company is on the verge of initiating insolvency proceedings.
ENSYNC, INC. 
