Mainstay Fuel Technologies, which makes back-of-cab and side-mounted compressed natural gas fuel systems, said it has received a multi-million dollar investment from an “institutional partner to fund growth and the expansion of production capacity.”
Mainstay also said it would consolidate its operations into a 60,000 sq.-ft. facility in Piedmont, SC, along the I-85 corridor between Atlanta and Charlotte, NC.
Mainstay expects to complete the consolidation in the first quarter of 2015. The investment will also help fund a build-out of a new assembly line, the company added.
“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, CEO. “In addition to capital, our new financial partner also brings strategic and operational expertise to the company.”
Mainstay added that its existing bank has increased its line of credit to support higher working capital needs.
