60,000 Square Feet in Piedmont, S.C. for CNG Cylinder Assemblies
South Carolina’s Mainstay Fuel Technologies said Monday that it’s completed a multi-million dollar investment round, providing money from an institutional partner for growth and the expansion of production capacity. The firm said it plans to consolidate its operations into a 60,000-square-foot facility in Piedmont, S.C., on the I-85 corridor between Atlanta and Charlotte.
Mainstay, which manufactures compressed natural gas fuel cylinder assemblies, said it expects to complete the consolidation in the first quarter of 2015. “As part of the consolidation, Mainstay will also significantly expand capacity with the build-out of a new assembly line to produce its back-of-cab and side-mounted CNG fuel systems,” according to a release.
Credit Extended Too
“The growth investment,” CEO Rod Grandy said in the funding announcement, “supports our business plan and will enable us to add resources to better serve the growing demand for our products in various heavy duty truck markets.
“In addition to capital,” he said, “our new financial partner also brings strategic and operational expertise.”
Mainstay said too that its existing bank has increased its line of credit to support higher working capital needs.
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Source: Mainstay Fuel Technologies with Fleets & Fuels follow-up