CHICAGO, May 16, 2018 (GLOBE NEWSWIRE) — Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $3.5 million credit facility to new client Global Cooling, Inc., a leading manufacturer of ultra-low temperature (ULT) freezers. Proceeds from the facility will support growth initiatives domestically and abroad.
Based in Athens, Ohio, Global Cooling manufactures Stirling Ultracold, environmentally friendly freezers that operate at -20 degrees Celsius to -86 degrees Celsius. Originally developed for energy, industrial and aerospace applications, Global Cooling’s innovative free-piston Stirling engine is a field-proven ULT cooling technology that delivers unprecedented energy efficiency and temperature stability.
“We are very pleased to begin a new financial services partnership with Square 1,” said Neill Lane, chief executive officer of Global Cooling. “As a technology innovator and manufacturer of sustainable ultra-low storage solutions for life science research, Square 1 offers flexible banking solutions to support a growth-stage business like ours.”
“Global Cooling is another example of the growing number of Square 1 portfolio companies originating from Ohio,” added Jeff Lampe, managing director of Square 1’s technology banking practice in the Midwest. “Under the leadership of Neill Lane, the company has rapidly grown to become a global leader of ultra-low cooling technologies. We look forward to growing this relationship with Global Cooling and expanding Square 1’s footprint in Ohio and across the Midwest.”
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.
About Global Cooling, Inc.
Global Cooling, Inc. manufactures and sells Stirling Ultracold ultra-low temperature (ULT) freezers, featuring the industry’s first reliable ULT cooling technology using the free-piston Stirling engine. This innovation has allowed the company to provide a new generation of environmentally-friendly ULT freezers that achieve stable storage conditions over a wide temperature range. Using less than one third the electric power of standard compressor-based ULT freezers, as validated by independent testing and first ENERGY STAR® partnership for ULT freezers, Stirling Ultracold freezers were also the first in the U.S. to use 100 percent natural refrigerants.
In addition to its flagship SU780XLE upright ultra-low freezer, Stirling Ultracold offers the compact undercounter SU105UE freezer for small-volume storage, and the easily transportable Shuttle™ Model ULT-25NE, which is the only portable ULT solution for remote clinical trials and biologic drug delivery. For more information about Stirling Ultracold or Global Cooling, Inc., please call 740-274-7900 or visit the company’s website at www.StirlingUltracold.com.
Square 1 Bank, a division of Pacific Western Bank