Capstone Turbine Corp. has entered new agreements with a San Jose lender to receive up to $12 million in revolving credit.
The Chatsworth maker of generators will reduce its overall costs with the new agreements with Bridge Bank, which expire in two years.
The company did not disclose how the money would be spent.
Capstone Chief Executive Darren Jamison said the move to Bridge Bank, a division of Western Alliance Bank, in Phoenix, is part of a strategy to transition the company to more cost-competitive service providers.
“We have switched our external auditors, tax and payroll service providers, SEC counsel and now our banking relationship, to name just a few,” Jamison said in a prepared statement.
Shares closed unchanged at 67 cents on the Nasdaq.