Mainstay Announces Completion of Multi-Million Dollar Investment to Fund Growth and Expansion
December 1, 2014
Mainstay Fuel Technologies, Inc. today announced the completion of a multi-million dollar investment into the Company by an institutional partner to fund growth and the expansion of production capacity. In addition, the Company announced it plans to consolidate its operations into a 60,000 square foot facility located in Piedmont, SC, along the I-85 corridor between Atlanta and Charlotte.
Mainstay expects to complete the consolidation in the first quarter of 2015. As part of the consolidation, Mainstay will also significantly expand capacity with the buildout of a new assembly line to produce its back-of-cab and side-mounted CNG fuel systems.
“The growth investment into the Company 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,” said Rod Grandy, Mainstay’s CEO. “In addition to capital, our new financial partner also brings strategic and operational expertise to the Company.”
The Company also announced that its existing bank has increased its line of credit to support higher working capital needs.
For more information about Mainstay Fuel Technologies, call 864-655-6905.
Mainstay Fuel Technologies, Inc. designs, engineers and manufactures critical components used in vehicular CNG-powered fuel systems. Since 2006, the Company has produced and sold over 4,000 units/systems for medium and heavy duty commercial vehicles.