AmberWave, Inc. was formed in 2010 by Dr. Anthony Lochtefeld in Salem, N.H. to manufacture the lightweight, high-efficiency, and cost-effective solar panels that he and his team had invented. The panels are flexible enough to be rolled up. Potential uses include installations on flat commercial rooftops and a power source on long-range drones.
In 2015, AmberWave won two military contracts to further develop its technology. Previously, the company had been funded by equity partners; now it needed debt capital to finance the research and development related to these contracts.
Why the Community Loan Fund made the loan
Although AmberWave was still in an early stage of testing its technology, it had more than enough collateral to secure a commercial loan. The management team comprises industry experts, and we believed in their ability to successfully execute the two contracts.
Our term loan enabled the company to hire two additional part-time employees. AmberWave successfully completed the contracts in 2016 and more recently raised $500,000 in a strategic investment from a leading global independent power producer, Sky Solar.