Wed May 11, 2011 1:35pm EDT

* Says gets extension till June 30

* Says co reduced credit line to 8.6 mln euros

* Shares up 4 pct (Follows alerts)

May 11 (Reuters) - Green energy company Arise Technologies , which has been in talks with Commerbank AG to extend its credit facilities, said the German lender agreed to extend the agreement to June end, sending its shares up over 4 percent.

Arise, which makes photovoltaic cells and operates in Germany and Canada, owed Commerzbank AG about 20 million euros ($28.3 million) at the end of 2010.

The Waterloo, Ontario-based company said the agreement with the bank expired on April 29, but Commerzbank agreed to extend it to June 30, as Arise had reduced its working capital credit line to 8.6 million euros.

According to the agreement with Commerzbank, if Arise failed to meet the conditions, the bank had the right to sell off the company's German production plant. [ID:nL3E7E11V7]

Arise, which had plans of doubling production at its photovoltaic cell facility in Germany, said it was in talks with the German lender to reach a longer term agreement.

Shares of the company were up 4 percent at 12 Canadian cents on Wednesday afternoon on the Toronto Stock Exchange.

http://www.reuters.com/article/2011/05/11/arisetechnologies-idUSL3E7GB3KJ20110511?type=bondsNews&feedType=RSS&feedName=bondsNews&rpc=43