Ideal Power renews credit facility with JPMorgan Chase

iPower announced the renewal of its secured revolving credit facility with JPMorgan (JPM) Chase, extending the maturity by three years to November 2027.The new facility has a revolving commitment of $15.0 million, with an accordion feature to obtain additional lender commitments to increase the facility size up to $40.0 million in the aggregate. Under the new agreement, the interest on borrowings will be based on SOFR plus 2.25% – 2.50%.