Date
Monday, August 01, 2022
The Air District has awarded a loan guarantee to King Solarman, a provider of smart solar generators in California. Their products replace loud and aging diesel generators used for mobile light towers and surveillance stations.
King Solarman’s off-grid lights and generators provide solar-powered security monitoring through sound and video footage that is stored on the cloud and can be monitored in real time. The units enhance security by notifying property owners of movements and other activities captured on video. The units are often used on construction sites and other locations where there is not access to electricity and replace traditional generators that would otherwise be used when power is unavailable. This technology has successfully been deployed in the Bay Area.
This loan guarantee is the most recent project under the Air District’s Climate Tech Finance program. In partnership with the California Infrastructure and Economic Development Bank (IBank), and the Northern California Financial Development Corporation, the Climate Tech Finance team led a technology qualification, social equity impact, and greenhouse gas analysis that deemed King Solarman eligible for a multimillion-dollar loan guarantee. This loan guarantee supported King Solarman in securing a line of credit with Farmers & Merchants Bank, with financing arranged by Meridian Commercial Finance Consultants LLC.
The core value of the Climate Tech Finance program is to support innovative climate projects, and the Air District’s greenhouse gas analysis ensures that new technologies will reduce short- and long-term greenhouse gas emissions. The Climate Tech Finance loan guarantee provides a credit enhancement that supports King Solarman’s manufacturing of solar-powered products to meet growing demand from customers in need of a reliable power solution. King Solarman projects are estimated to reduce 688 metric tons of carbon dioxide equivalent emissions per year in California by eliminating the use of diesel generators and therefore reducing harmful emissions of particulate matter.
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Last Updated: 7/29/2022