LONDON (ShareCast) - Shares in Bglobal (LSE: BGBL.L - news) rallied on news that the energy meter provider secured £15m of financing
from Barclays Asset & Sales Finance to fund a further roll-out of its products.
Bglobal said Barclays (LSE: BARC.L - news) made the money available through a third party to provide ongoing lease finance arrangements to customers buying the group's smart meter services.
"The board is confident that the group has now cleared a significant hurdle to the acceleration of its broad business opportunity," said the group.
"Despite making strong inroads into the business metering sector to date, the global financial crisis and subsequent closure of debt finance markets led to a lack of available funds to drive forward Bglobal's smart meter installation programme in volume."
"The company was confident this would be a short-term issue and is pleased the challenge has been overcome," it added.
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