IVRY-SUR-SEINE, France--(BUSINESS WIRE)--Regulatory News:
BALYO (FR0013258399, Ticker: BALYO, eligible for the PEA-PME plan), a technological leader in the design and development of innovative robotic solutions for material handling trucks, announces today the signature of a €9.5 million credit agreement, guaranteed by the French State, with a bank syndicate.
This loan, in the form of a State-guaranteed loan in the context of the COVID-19 pandemic, contributes to strengthening the Company's cash position.
This loan is 90% guaranteed by the French State with an initial maturity of 12 months and an extension option of up to 5 years which may be exercised by BALYO (until June 2025).
Pascal Rialland, CEO of BALYO, comments: “I am delighted with this funding, which gives BALYO the visibility it needs to implement its commercial strategy. The health crisis that we are going through demonstrates more than ever the part that handling robots can play. We continue to deploy our strategy with determination, with a particular focus on the development of our system integrators network.”
Balyo transforms standard forklift trucks into standalone intelligent robots thanks to its breakthrough proprietary Driven by Balyo™ technology. The geoguidance navigation system developed by Balyo allows vehicles equipped with the system to locate their position and navigate autonomously inside buildings. Within the automated handling vehicle market, Balyo has entered into two strategic agreements with Kion Group AG (Linde Material Handling's parent company) and Hyster-Yale Group, two major operators in the material handling sector. Balyo is present in three major geographic regions (Americas, Europe and Asia-Pacific). Its sales revenue reached €20.4 million in 2019. For more information, please visit our website at www.balyo.com.