Square 1 Bank Announces Credit Facility to Global Cooling, Inc.
16 Mai 2018 - 3:00PM
Square 1 Bank, a division of Pacific Western Bank, today announced
that it has provided a $3.5 million credit facility to new client
Global Cooling, Inc., a leading manufacturer of ultra-low
temperature (ULT) freezers. Proceeds from the facility will support
growth initiatives domestically and abroad.
Based in Athens, Ohio, Global Cooling manufactures Stirling
Ultracold, environmentally friendly freezers that operate at -20
degrees Celsius to -86 degrees Celsius. Originally developed for
energy, industrial and aerospace applications, Global Cooling’s
innovative free-piston Stirling engine is a field-proven ULT
cooling technology that delivers unprecedented energy efficiency
and temperature stability.
“We are very pleased to begin a new financial services
partnership with Square 1," said Neill Lane, chief executive
officer of Global Cooling. "As a technology innovator and
manufacturer of sustainable ultra-low storage solutions for life
science research, Square 1 offers flexible banking solutions to
support a growth-stage business like ours."
“Global Cooling is another example of the growing number of
Square 1 portfolio companies originating from Ohio,” added Jeff
Lampe, managing director of Square 1’s technology banking practice
in the Midwest. “Under the leadership of Neill Lane, the company
has rapidly grown to become a global leader of ultra-low cooling
technologies. We look forward to growing this relationship with
Global Cooling and expanding Square 1’s footprint in Ohio and
across the Midwest.”
About Square 1 BankSquare 1 Bank is a division
of Pacific Western Bank, a Los Angeles-based commercial bank with
over $24 billion in assets. A full service financial services
partner to entrepreneurs and their investors, Square 1 provides
clients flexible resources and attentive service to help their
companies grow. Square 1 offers a broad range of venture debt,
treasury and cash management solutions through offices in top
innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago,
Denver, Durham, Los Angeles, Minneapolis, New York, San Diego,
Seattle and Washington, DC. Pacific Western Bank is a wholly-owned
subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information,
visit www.square1bank.com.
About Global Cooling, Inc.Global Cooling, Inc.
manufactures and sells Stirling Ultracold ultra-low temperature
(ULT) freezers, featuring the industry’s first reliable ULT cooling
technology using the free-piston Stirling engine. This innovation
has allowed the company to provide a new generation of
environmentally-friendly ULT freezers that achieve stable storage
conditions over a wide temperature range. Using less than one third
the electric power of standard compressor-based ULT freezers, as
validated by independent testing and first ENERGY STAR® partnership
for ULT freezers, Stirling Ultracold freezers were also the first
in the U.S. to use 100 percent natural refrigerants.
In addition to its flagship SU780XLE upright ultra-low freezer,
Stirling Ultracold offers the compact undercounter SU105UE freezer
for small-volume storage, and the easily transportable Shuttle™
Model ULT-25NE, which is the only portable ULT solution for remote
clinical trials and biologic drug delivery. For more information
about Stirling Ultracold or Global Cooling, Inc., please call
740-274-7900 or visit the company’s website at
www.StirlingUltracold.com.
Media Contact:Square 1 Bank, a division of Pacific Western
BankLaura Piggott919.597.7466lpiggott@square1bank.com
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