SAN FRANCISCO, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a credit facility to new client, Renovo Motors, an automotive engineering company specializing in electric vehicle systems (EV). Proceeds will be used to provide additional working capital and drive company growth.
Founded in Silicon Valley in 2010, Renovo Motors is led by a team of seasoned industry experts, including chief executive officer Christopher Heiser, who has extensive experience in product management, and chief technology officer Jason Stinson, an 18-year veteran of Intel. With a mission dedicated to personalization, performance, control and excitement, the company's innovative approach to the rapidly evolving electric vehicle sector has earned the support of institutional investor True Ventures.
"Renovo is very proud to partner with the Square 1 Bank team in our mission to disrupt the massively valuable automotive market with our revolutionary products," said Christopher Heiser, CEO of Renovo Motors. "The next generation of venture-backed companies has diverse needs to achieve scale. Square 1 offers both the backing and the flexibility to give our company a competitive edge."
Andy Weyer, senior vice president in Square 1 Bank's Bay Area technology practice, added, "We knew that Christopher and Jason had the right blend of creativity, technical knowledge and passion to run a successful startup, but at first glance, taking on the automotive sector as an early-stage capital partner sounded a bit daunting. However, after literally and figuratively kicking the tires in our confirmatory diligence process, it became clear that Renovo turned potential into reality. We are very excited to be a part of this opportunity."
About Renovo Motors
Renovo Motors, a Silicon Valley Car Company, is driven to create the world's most exciting vehicles. By harnessing the power of the latest electrical, mechanical, and software systems the Renovo team creates cars that redefine the driving experience. Their debut offering, the Renovo Coupe, sets multiple benchmarks in the EV supercar segment and demonstrates the performance, control, and excitement that is made possible by Renovo's patent-pending technology. For more information, please contact: media@renovomotors.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, and Washington, DC. For more information, visit www.square1bank.com.