[Charlestown, NH] Evernorth Rural Ventures is pleased to announce New Markets Tax Credit (NMTC) financing in support of GreenSource Fabrication LLC, a subsidiary of Whelen Engineering Company, Inc.
The financing will support GreenSource’s manufacturing expansion located in Charlestown, New Hampshire. The new facility will house 98,000 square feet of manufacturing space, including ISO 6 and ISO 7 clean room spaces for the production of Ultra High-Density Interconnect (UHDI) printed circuit boards (PCBs).
“Evernorth Rural Ventures is proud to provide NMTC funding to support GreenSource in their efforts to be environmental stewards and bring the manufacturing of these highly sophisticated printed circuit boards to the USA. The expansion will create high quality jobs that will contribute to the economic development of the community.” said Deb Favreau, Evernorth’s New Markets Tax Credit Program Director. “We use NMTC financing to strengthen rural and underserved communities in northern New England, investing in quality job generating businesses and creating opportunities for people to thrive where they live. We are proud to be partners in a project with such deep impact.”
GreenSource is an industry leader in the production of UDHI PCB and uses cutting edge, ecofriendly technology to reduce its impact on the environment while producing some of the most technologically advanced, small lot PCBs on the market today. This expansion is a continuation of its mission, begun with its founding in 2017, to bring this type of manufacturing back to the United States.
In addition to the NMTC financing, the project is being supported by an investment agreement with the United States Department of Defense and through a lease from the New Hampshire Business Finance Authority that provides a construction allowance of up to $50 million. “Supporting Whelen Engineering and GreenSource in establishing a world-class facility here in Charlestown is an exciting step for New Hampshire’s manufacturing sector,” stated James Key-Wallace, executive director of the NHBFA. “This facility will not only meet the growing demand for UHDI PCBs domestically but will also bring new, high-quality jobs to Sullivan County. We are proud to support Whelen Engineering and GreenSource in this venture, which benefits our community, state and national security.”
The $52 million NMTC transaction could not have been closed without the support of TD Bank, N.A. as the NMTC investor, and NMTC allocatees: Evernorth Rural Ventures ($16 million), TD Bank Community Development Corporation ($8 million), Mascoma Community Development ($10 million), Midwest Renewable Capital, LLC ($13 million) and Waveland Community Development, LLC ($5 million). With this financing, GreenSource will be able to support the equipping and start-up of the project and the creation of 50-100 high-quality, full-time jobs, of which 84% will be accessible to those with no more than a high school diploma. In addition, the expansion will support the retention of 142 existing high-quality jobs in the community. “This facility represents a monumental investment in the future of American manufacturing,” stated Ashish Jain, CEO of GreenSource Fabrication. “The support from the NMTC parties, NHBFA and the DoD underscores our shared vision for innovation, security and sustainability.” Whelen and GreenSource collaborate with New Hampshire high schools and colleges to recruit new talent, providing students with internship and full-time opportunities in the fast-evolving field of UHDI PCB manufacturing.
In addition to having a state-of-the-art manufacturing facility, GreenSource is installing a proprietary Zero Liquid Discharge system that will allow it to undertake this high intensity water usage manufacturing with no loss of water from the system other than minimal evaporation. Through the closed-loop systems, the facility reuses each gallon of water 30-40 times, achieving an impressive environmental efficiency. Jain commented, “The eco-friendly technologies integrated into the new facility are not only good for the environment but are essential to our long-term success and growth.”
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Evernorth Rural Ventures, a subsidiary of Evernorth, is a qualified rural Community Development Entity (CDE) that uses its New Markets Tax Credit (NMTC) resources to support investment in the economic, environmental, and social well-being of northern New England communities and its regional economies. NMTC funds are used to retain and create quality jobs and essential goods and services by financing key community developments in downtown and village centers and in other concerted community efforts that demonstrate positive impacts to low income persons and communities. Learn more about Evernorth Rural Ventures at www.evernorthus.org/financing-and-investing/evernorth-rural-ventures.
About GreenSource: GreenSource Fabrication LLC is a wholly-owned subsidiary of Whelen Engineering Company, Inc. specializing in low volume, high mix PCB manufacturing, leveraging advanced technology and eco-friendly practices to deliver high-quality products while minimizing environmental impact.
About Whelen Engineering: Founded in 1952 and incorporated in 1957, Whelen Engineering Company, Inc. has grown from its humble beginnings in Connecticut to become a global leader in emergency warning systems. The company is known for its unwavering commitment to reliability and quality, designing, sourcing and manufacturing its products in America. Whelen’s mission is to protect those who protect and serve others by making reliable products that people can depend on when lives are on the line.
