PowerBand Solutions Secures US$2.0 Billion In Lease Lines For EVs

PowerBand Solutions (TSXV: PBX) this morning revealed that it has secured two additional credit facilities. The facilities, which are more specifically classified as lease lines, total US$2 billion in aggregate and are intended for the use of electric vehicle leasing.

The lease lines take the form of two US$1.0 billion lines, provided by Unify Financial Credit Union as well as Valley Strong Credit Union. The lines are in addition to the lines previously announced by the company last year, and are expandable as demand increases.

The lease lines are, per the company, believed to enable DRIVRZ to be “the premier EV leasing option in the industry.” DRIVRZ Financial CEO Jon Lamb is expected to reveal the full scope of lease lines and loans now available from the company later this week.

“We are eager to show the EV industry how we are positioning DRIVRZ Financial to be the benchmark for a consumers’ EV-leasing experience. These new lines, coupled with our unique software, allow us to put our financing plans immediately into full effect.”

Kelly Jennings, CEO of PowerBand Solutions

PowerBand Solutions last traded at $1.30 on the TSX Venture.

FULL DISCLOSURE: PowerBand Solutions is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover PowerBand Solutions on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

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