New agreements underscore the Company’s commitment to enabling resilient grid infrastructure for electric utilities
ST. GEORGE, UTAH, USA, July 10, 2023 – RS Technologies Inc. (“RS” or the “Company”), a portfolio company of Werklund Growth Fund L.P. and Energy Impact Partners L.P., today announced that it has entered into credit agreements with J.P. Morgan, Bank of Montreal, The Toronto-Dominion Bank, and Export Development Canada totaling $148.5 million. The financing will fund further expansion plans as demand for the Company’s composite utility solutions continues to grow.
“Electric utility companies are seeking to ensure reliability for their customers by enhancing their grid infrastructure,” said George Kirby, CEO of RS. “This is happening not only in North America but globally. Our industry-leading solutions have become crucial components of an increasing effort to harden the grid and enhance system resiliency within the electric utility industry.”
The new credit facilities, along with capital from the Company’s recent equity raise, are designed to fund RS’s long-term growth initiatives, enabling expansion beyond its existing plants, and providing supply certainty to its customers pursuing broad-scale adoption. RS currently operates out of two plants in Ontario, Canada and St. George, Utah, and recently announced expansion into Houston, Texas, to serve increasing demand across the Gulf Coast and Southeast United States.
“We are committed to finding the best solutions to help our clients grow their business and have been delighted to help RS in their transformative journey from an innovative upstart to the large scale, leading composite structures provider to the electric distribution and transmission sectors,” said Sebastien Boulanger, Managing Director with Middle Market Banking & Specialized Industries at J.P. Morgan. “We look forward to supporting RS as they continue to expand and provide advanced solutions to the challenges facing the electric utility industry.”
About RS Technologies Inc. (RS)
RS designs, engineers, and manufactures composite utility poles and related products for the electric transmission and distribution sectors. By applying superior resin formulation, stringent quality processes and dedicated utility servicing, RS is the global leader in composite utility structure design and manufacturing. The company’s PowerONTM poles’ unique modular designs satisfy hardened grid requirements from basic 40-foot distribution to 345kV transmission lines with engineered confidence. Using a controlled manufacturing environment, RS can match supply to utilities’ needs whether it is general replacement, restoration, new builds, or multi-year whole grid hardening programs. PowerONTM poles have been rigorously field-tested, demonstrating superior resilience against numerous threats to the electrical grid, including wildfires, hurricanes, tornadoes, woodpeckers, and other potential hazards. RS has manufacturing facilities in Tilbury, Ontario, Canada, and St. George, Utah, USA. More information on RS and PowerON TM poles is available at RSpoles.com
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