Wednesday 21st December 2011
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Energy Mad, the energy-efficient light bulb company that raised $5 million in an initial pubic offering in October, has secured a $2 million banking facility with Hongkong and Shanghai Banking Corp, giving it access to funds to meet large orders.
The HSBC facility will provide “significant cost savings for Energy Mad through eliminating the need for different foreign bank accounts, and through being able to borrow in the different foreign currencies through the HSBC network,” said chief financial officer Paul Ravlich, in a statement.
Energy Mad sold shares at $1 apiece in its IPO. The stock last traded at 80 cents, having shed about 24 percent of their value since listing.
Earlier this month the company said it had gained $220,000 in government funding to develop a new downlight that would replace less efficient halogen and incandescent.
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