Expansion is Largest Investment the Global Company Made This Year
FOR IMMEDIATE RELEASE: January 8, 2025
CONTACT: Lisa Patlis, (802) 861-3814
[St. Johnsbury, VT]—Evernorth Rural Ventures (ERV) is pleased to announce the closing of $15 million in its New Markets Tax Credit (NMTC) allocation for the substantial expansion and improvement of the Weidmann Electrical Technology, Inc. (“Weidmann”) manufacturing and technology plant in St. Johnsbury, Vermont. Weidmann is a global company, and its St. Johnsbury facility is the only plant of its kind in North America. This expansion project is critical to serve the rapidly growing United States market and to continue building and developing their longstanding relationship with the St. Johnsbury workforce and community.
With the support of Evernorth Rural Venture’s NMTC investment, Weidmann’s new Power Transformer Center of Excellence will substantially expand its existing components production building by 21,500 square feet, build a new 10,000 square foot warehouse to provide needed storage space for finished goods, and purchase and install state-of-the art new equipment. This new center will help to retain over 300 jobs with advancement opportunities and, at the same time, create 67 new high-quality jobs in a remote region of Vermont that has struggled with longstanding issues of poverty, low wages and lack of quality employment opportunities.
“Evernorth Rural Ventures is proud to provide NMTC funding to support the Weidmann expansion that will provide essential products and retain and create high quality jobs that will contribute to the economic development of the St. Johnsbury community, while at the same time supporting the long-term staying power of one of the most important employers in the region. Weidmann embeds opportunity for employee advancement at every level within the company and prioritizes internal promotion, making it a particularly worthwhile use of NMTC investment dollars. ” said Deb Favreau, Evernorth’s New Markets Tax Credit Program Director. “ERV is committed to advancing economic and social development in communities in need of opportunity all across the region.”
This initiative highlights Weidmann’s critical role in supporting America’s energy infrastructure. Weidmann Electrical Technology’s investment in Vermont’s Northeast Kingdom underscores its commitment to the St. Johnsbury community and to U.S. energy security. The new Power Transformer Center of Excellence, currently the largest investment in the Weidmann Group globally, will harness the expertise of the local skilled talent and train new workers to drive innovation and growth.
“This project is about more than expanding capacity—it’s about building a world-class Center of Excellence, supporting the Vermont community, and ensuring energy security for generations to come,” stated Bill Stimpson, General Manager of the St. Johnsbury facility. “You could say this small town in the Northeast Kingdom is insulating the energy that powers every home and business in the USA—a remarkable achievement!”
“These regional support and incentives, such as the New Market Tax Credits (NMTC), were key factors in selecting Vermont for this transformative investment. These advantages, combined with the area’s skilled workforce, provide a strong foundation for innovation, growth, and community prosperity. The support and incentives offered, including the New Market Tax Credits, were instrumental in making this investment possible and reinforced the region’s potential as a hub for innovation and growth,” said Carol Martin, VP of Finance for the Americas region.
In addition to the Evernorth Rural Ventures investment, this project was made possible by regional support and partnerships including Mascoma Bank, Mid-City Community CDE, U.S. Bancorp Impact Finance and Massachusetts Housing Investment Corporation.
The U.S. Treasury’s New Markets Tax Credit program, which began in 2000, is designed to spur economic development activity in economically disadvantaged communities nationwide. These communities often have good, viable business and economic development opportunities, but limited access to capital. The Treasury’s program addresses the capital gap by providing the incentive of a federal tax credit to corporations that invest in a Community Development Entity like Evernorth Rural Ventures.
This isn’t the first time ERV has partnered with Weidmann to drive local economic growth. In 2010, ERV provided a $10 million NMTC allocation as part of a $43 million project to construct a 35,000-square-foot addition to Weidmann’s main manufacturing plant. That project included the installation of a new 800-ton board press, which increased production capacity by 41% and preserved 270 quality jobs.
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.
Weidmann Electrical Technology, Inc. Weidmann has been at the heart of the global transformer industry for over 140 years. With deep rooted knowledge in the design, development and operation of transformers, Weidmann is a leading integrated solutions provider for specialized product and services in the energy sector and continues to lead the global market delivering high quality, innovative product and service solutions.
