ECONOMIC DEVELOPMENT

EDC grants $1M loan guarantee to eNow Inc.

THE R.I. ECONOMIC DEVELOPMENT CORPORATION has guaranteed a $1 million loan to Providence-based solar power systems maker eNowInc.
Posted 8/28/12

PROVIDENCE – The R.I. Economic Development Corporation has guaranteed a $1 million loan to eNow Inc., an expanding Providence company that makes solar power systems for trucks.

It is the first loan guarantee Rhode Island has made since the collapse of 38 Studios LLC.

eNow has developed solar panels specifically for the tops of tractor trailers, busses and other trucks that can power lights, air conditioning and refrigeration units when their engines are turned off. The system is designed to save fuel and reduce emissions from idling.

The loan will allow eNow to expand and create at least 10 new full-time jobs with average salaries of $88,281, according to EDC documents.

The panels are designed to be durable, withstand damage from road debris and also shut off in the event of a crash, eNow President and CEO Jeff Flath told the EDC Board Monday night.

eNow has an office on North Main Street in Providence, but Flath said the company is looking at larger spaces in West Warwick and Coventry for its expansion.

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