FARMINGTON, Conn., May 10, 2021 /PRNewswire/ -- Horizon Technology
Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty
finance company that provides capital in the form of secured loans
to venture capital backed companies in the technology, life
science, healthcare information and services, and sustainability
industries, announced today it led a $30
million venture loan facility to TemperPack Technologies,
Inc. ("TemperPack"), of which Horizon funded $7.5 million of the intial $15 million draw and an investment vehicle
managed by Horizon Technology Finance Management LLC, Horizon's
advisor, funded $7.5
million.
TemperPack manufactures sustainable insulated packaging for
perishable last mile deliveries. Its customers include leading meal
kit, frozen foods, and life science companies. TemperPack's
flagship product is the ClimaCell® thermal liner, which
provides a curbside recyclable alternative to expanded polystyrene
foam, often known as Styrofoam®. Prominent investors in
TemperPack include Revolution Growth, Wheatsheaf Group, SJF
Ventures, Arborview Capital, and Harbert Growth Partners.
TemperPack will use the loan proceeds for growth and general
working capital purposes.
"With the rapid acceleration of e-commerce in food, beverage and
pharmaceutical product delivery, TemperPack's economical,
environmentally-friendly insulation solutions offer companies a
sustainable and optimal alternative to cold chain packaging," said
Gerald A. Michaud, President of
Horizon. "We are excited to support TemperPack as it continues to
manufacture sustainable and fully recycleable cold chain packaging
for an increasingly growing market."
"We appreciate Horizon's confidence in our ability to offer a
high-value packaging solution to the rapidly growing perishable
e-commerce market," said Brian
Powers, Chief Executive Officer of TemperPack. "Our patented
ClimaCell liners allow food and life science companies to protect
their products without unnecessary plastic waste. They offer
performance on par with plastic foam and are curbside recyclable.
Horizon's investment will enable us to accelerate our growth and
serve more customers. We're excited and ready to get to work."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a
leading specialty finance company that provides capital in the form
of secured loans to venture capital backed companies in the
technology, life science, healthcare information and services, and
sustainability industries. The investment objective of Horizon is
to maximize its investment portfolio's return by generating current
income from the debt investments it makes and capital appreciation
from the warrants it receives when making such debt investments.
Horizon is headquartered in Farmington,
Connecticut, with a regional office in Pleasanton, California, and investment
professionals located in Portland,
Maine, Austin, Texas, and
Reston, Virginia. To learn more, please visit
www.horizontechfinance.com.
About TemperPack
TemperPack® makes packaging that works for businesses, people,
and the planet. The company was borne out of a desire to reduce the
amount of unsustainable packaging caused by the rise of e-commerce
and perishable delivery. Incorporating environmental responsibility
into product design, the company specializes in bringing the
highest quality packaging solutions to scale. Operating an ISTA®
certified Thermal Transport Lab and state-of-the-art production
facilities in Richmond, VA and
Las Vegas, NV, TemperPack is
rapidly expanding its reach in the perishable food and life
sciences industries with recyclable and compostable packaging
solutions. Our mission is simple: protect products with packaging
that protects the planet. For more information visit
www.temperpack.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements other than statements of historical
facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance, condition
or results and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in the Company's filings with the
Securities and Exchange Commission. Horizon undertakes no duty to
update any forward-looking statement made herein. All
forward-looking statements speak only as of the date of this press
release.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation