eNow growing workforce with $1 million RBS Citizens loan
Warwick-based company also announces national marketing partnerships
PROVIDENCE (July 24, 2013) – RBS Citizens has provided $1 million in funding to eNow, a clean-energy transportation technology company based in Warwick, RI, to finance the company's continuing growth. eNow develops and manufactures solar-based auxiliary power systems for the transportation industry.
With the funding provided by RBS Citizens, eNow estimates it will create 10 new full-time jobs, nearly doubling its workforce.
"RBS Citizens worked with us very closely to understand both our technology and our business. We look forward to working with them as we execute on our growth strategy," said Jeffery C. Flath, President and CEO of eNow. "With several million vehicles in our target market across the United States, our technology will enable customers to comply with regulatory requirements while reducing their costs."
"New jobs are always great news, especially when they are created by companies based in Rhode Island," said Ned Handy, President of RBS Citizens and Citizens Bank in Rhode Island. "Our relationship with eNow allows us to support their innovative technology as they grow their business and create jobs here in our state."
eNow's solar-based systems allow vehicles to power devices without idling, which lowers fuel use and emissions. Applications have been developed for medium and heavy-duty trucks, commercial buses, school buses and military vehicles.
eNow's technology is already being used across the country and the company recently announced strategic marketing ventures with two national companies: Bergstrom, a producer of batter air conditioning systems for heavy trucks; and Mitsuishi Fuso Truck of America, Inc.
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $129 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,400 branches, approximately 3,700 ATMs and approximately 18,940 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG's websites are citizensbank.com and www.charterone.com.
eNow is a clean tech company which designs, develops and manufactures solar based auxiliary power systems. These systems have been specifically developed for the transportation industry to reduce fuel cost, reduce engine maintenance cost, and reduce greenhouse gas emissions. Applications have been developed for medium and heavy duty trucks, commercial buses, school buses and military vehicles. eNow systems not only generate power from our proprietary solar system, but can take shore power, and power from the engine alternator if needed. This power is then stored in the on board battery system, and then distributed to various truck/trailer functions when required. These truck/trailer functions include; In Cab No Idle HVAC; Electric Lift Gate and Pallet Jacks; Safety Lighting; and in the very near future, refrigeration systems and trailer de-ice systems. We can provide solar charging systems as small as 30 watts, for keeping batteries charged, or systems up to 6,000 watt systems for refrigeration applications.