Loan to Support Taronis Fuels’ Expansion Into New Markets
Tech Capital, LLC, the asset-based finance company and wholly owned subsidiary of Tech CU, announced today it has provided a $10 million asset-based revolving line of credit to Taronis Fuels, Inc., a publicly traded company based in Peoria, Arizona and a global producer of renewable and socially responsible fuels. The loan will support Taronis Fuels’ expansion and development.
The loan represents Tech Capital’s continued focus on providing innovative, customer-centered solutions to growing companies across the United States and is one of Tech Capital’s largest loans to date.
“We believe in partnering with our clients and providing flexible lending solutions so they can pursue opportunities for growth. I’m pleased we were able to do just that for Taronis Fuels,” said Joe Anzalone, Managing Director of Tech Capital, LLC. “This loan arrangement with Taronis Fuels is an excellent example of how we work to design a structure that uniquely fits the needs of our clients.”
“This loan allows us to accelerate growth by providing working capital to support our acquisition and expansion strategies,” said Scott Mahoney, CEO of Taronis Fuels. “As an innovation leader in clean-fuel alternatives, it made sense to partner with an innovation leader in the financial industry. Tech Capital understands our mindset and our needs, and they have tailored a credit facility that will grow with us.”
Tech Capital provides asset-based loans in fast-growing, cutting-edge industries including IT, software, and cleantech. The company is known for its flexibility and creativity in setting up loan structures in collaboration with clients. It is a wholly owned subsidiary of Tech CU, a top-performing credit union and industry-leader now nearing $2 billion in funding for sustainable energy in the form of home residential solar systems.
About Tech CU
Founded in the heart of the Silicon Valley, Tech CU has nearly $3.5 billion in assets and is one of the 20 largest credit unions in California. As a federally insured not-for-profit organization, Tech CU has invested its resources to deliver lower rates, outstanding service and member benefits for more than 60 years. It serves more than 130,000 members throughout California including Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz, San Francisco, Sacramento, San Joaquin, Solano, Marin, Napa, Sonoma, Los Angeles, Orange and San Diego counties. Tech CU provides financial products for all stages of its members’ lives, including personal banking, financial management, private banking, commercial lending and business banking. Since 2017, S&P Global Market Intelligence named Tech CU as one of the top three best-performing credit unions with assets of $500 million or more in California and one of the top 10 nationally. To learn more, please visit: www.techcu.com.
About Tech Capital
Founded in 2015, Tech Capital, LLC is a nationwide finance company specializing in asset-based lending solutions for middle market sized companies and businesses. Tech Capital is a wholly owned subsidiary of Technology Credit Union. For more information on Tech Capital, visit: https://www.techcu.com/Business/Tech-Capital-LLC/.
About Taronis Fuels, Inc.
Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Our goal is to deliver environmentally sustainable, technology driven alternatives to traditional fossil fuel and carbon-based economy products. We believe our products offer a vastly cleaner solution to legacy acetylene and propane alternatives. Taronis is also dedicated to providing fundamentally safer solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. Our products have been rigorously tested and independently validated by global gas authorities as vastly safer than acetylene, the most dangerous industrial gas in use today. Lastly, we strive to deliver products that offer significant functional superiority at a reduced cost to the end consumer. Through these efforts, we support 9 of the 17 United Nations Sustainable Development Goals. For more information, please visit our website at www.taronisfuels.com/.