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Ex-Im Bank Financing for Massachusetts Green firm, Spire Solar Inc., Boosts Bank's Authorizations to Historic High

Company To Be Recognized Tuesday, Oct. 6, at Trade Event in Boston

FOR IMMEDIATE RELEASE October 5, 2009

Media Contact Name/Phone: 

Stephanie M. O'Keefe, Senior Vice President, Communications, Phil Cogan, Vice President, Public Affairs, 888-966-2009 (office), 202-746-1676 (cell)

BOSTON, MASS.: Spire Solar Inc., a solar-energy firm in Bedford, Mass., is the company that received the working capital financing from the Export-Import Bank of the United States (Ex-Im Bank) that boosted Ex-Im Bank's authorizations to a historically high level above $15.1 billion.

Spire Solar will be recognized today in Boston at Exports Live! Real Deals - Real Profits, a federal interagency trade seminar to be held at the Seaport World Trade Center Boston. Massachusetts Governor Deval Patrick and U.S. Senator Jeanne Shaheen of New Hampshire are among the speakers that will address New England companies on the importance of exporting and federal programs available to assist them.

In fiscal year 2009, which ended on September 30, Ex-Im Bank's authorizations are estimated to be more than $20 billion in support of U.S. exports. The Bank significantly increased authorizations across its product lines, including a more than 30 percent increase in working capital guarantees.

Ex-Im Bank delegated-authority lender, Silicon Valley Bank in Santa Clara, Calif., approved the Ex-Im Bank-guaranteed $5 million revolving working capital loan for Spire Solar that boosted Ex-Im Bank's fiscal year 2009 authorizations above $15.1 billion, the previous record authorization level set in 1993.

We are delighted to recognize Spire Solar as the company that put us over our previous all-time record. The success of this global leader in clean-energy solutions demonstrates the message that Ex-Im Bank and its sister agencies want to send - U.S. companies must look beyond our borders for customers in order to prosper in today's economy, said Ex-Im Bank Chairman Fred P. Hochberg.

Our customers are spread throughout the world in diverse business climates that require secure financing for our sales to succeed. Ex-Im Bank creates a stable platform for access to the capital that our customers require to make decisions quickly. This is a key aspect of our global strategy that has helped to fuel our rapid growth, said Spire Corp. Chairman Roger G. Little.

Spire Solar Inc., a division of the Spire Corp., is a global solar company providing turnkey solutions for module and cell factories as well as individual equipment to feed the rapid expansion in the solar market worldwide. For more than 35 years, Spire has enabled new and experienced customers to quickly enter and expand to full production. Spire Corp. has approximately 230 employees at its headquarters in Bedford, Mass.

The Boston Exports Live! Seminar will be held at the Seaport World Trade Center Boston at 1 Seaport Lane on Tuesday, October 6, from 8 a.m. to 3:30 p.m. The cost of the seminar is $49 with the discount (type EXIM as the discount code). To register online, go to www.export.gov. On-site registration is also available. For more information, call 1-888-966-2009.

The half-day seminar, sponsored by six federal government agencies, will feature presentations and Q&A sessions by small-business exporters that have successfully used government export assistance to expand their international sales. U.S. government officials and staff will be on the program to discuss federal export services and provide one-on-one trade counseling to businesses. Sponsoring agencies are the Export-Import Bank of the United States (Ex-Im Bank), the U.S. Department of Commerce, the Small Business Administration (SBA), the U.S. Trade and Development Agency (USTDA), the Overseas Private Investment Corp. (OPIC) and the Office of the U.S. Trade Representative.

The Boston event follows the kick-off seminar in New York City on Oct. 5 and is the second in a series in eight cities, to be followed by seminars in Miami, Fla. (Oct. 26), Houston, Texas (Oct. 27) Detroit, Mich. (Nov. 9), Chicago, Ill. (Nov. 10), Los Angeles, Calif. (Nov. 16) and Seattle, Wash. (Nov. 17). For more information, visit www.export.gov/exports_live.