Energy Composites Corp. to Benefit from New Wisconsin Law Providing Access to Tax-Advantaged Financing for Construction of Ne...
10 February 2010 - 1:58AM
Business Wire
Using newly enacted legislation introduced and championed by
Senator Julie Lassa, D-Stevens Point, WI, Senate Majority Leader
Russ Decker, Legislators, Louie Molepske, Marlin Schneider, Amy Sue
Vruwink, Mayor Mary Jo Carson and Governor Doyle. Energy Composites
Corporation (OTCBB:ENCC) took a significant step forward in its
development of a major new wind blade manufacturing facility on a
94 acre site in Wisconsin Rapids, WI. The legislation, which
Wisconsin Governor Jim Doyle signed into law on Energy Composites’
manufacturing campus on Friday, allows Energy Composites access for
the first time to a $238 million statewide pool of municipal
tax-free bonding authority. The Recovery Zone Facility pool was
created by the Federal American Recovery and Reinvestment Act,
otherwise known as the Stimulus Bill.
“Tax-free bonds are a critical component of our financing plan
for the 535,000 square foot plant,” noted Sam Fairchild, Energy
Composites’ CEO. “Development costs for our new factory are too
large for traditional Industrial Development financing programs,
and the Recovery Zone Bond program, which expires at the end of
2010, is precisely the right solution at precisely the right time.
Senator Lassa recognized how critical tax-free financing is to our
business model, and she moved with great agility and grace to
ensure that we are eligible for this Federal program within a time
frame that allows us to site the project in Wisconsin Rapids. For
her diligence, foresight and confidence, we are most grateful.”
Upon completion, Energy Composites’ new plant will be the most
advanced in North America, with the capability of building blades
up to 65 meters in length that will supply both onshore and
offshore wind farms. The plant will enjoy a maximum range of
flexibility in production design, and will provide for an
unusually-high level of control over inputs. The plant will employ
more than 600 employees, most certified through ECC’s blade
fabrication curriculum in partnership with Mid-State Technical
College.
Jamie Mancl, ECC’s founder and President, underscored the
company’s thanks to the Wisconsin Legislature and Wisconsin Rapids
officials. He said, “From Senator Julie Lassa to (Wisconsin Rapids)
Mayor Mary Jo Carson to (bond counsel) Lynda Templen of the law
firm of Whyte Hirschboeck Dudek S.C., ECC has benefitted from the
vision and hard work of officials and professionals alike who have
gone beyond normal expectations to secure good, non-exportable
skilled jobs for Wisconsin. We will do our part, as we complete our
financing arrangements and prepare to break ground.”
Fairchild added, “We will submit application to the Department
of Commerce for access to the municipal tax free status for the
debt portion of our financing quickly, and move forward with the
remainder of the financial structure for the new plant development.
We anticipate beginning large production activities in the first
quarter of 2011, following proving runs at the end of 2010, and
believe that our timing will coincide with a strong upswing in
demand for blades in early 2011.”
Adrian Williams, head of ECC’s WindFiber(TM) Division, added “We
also anticipate that 2011 will bring very strong market interest in
offshore wind farm development, and coupling our 65 meter blade
capability with ECC’s Great Lakes Strategy, we believe that we will
be in the right place at the right time.”
About Energy Composites Corporation
ECC operates a world-class, automated 73,000 sq. ft.
climate-controlled manufacturing facility in Wisconsin Rapids, WI,
employing advanced composite materials to design, engineer and
manufacture complex composite structures, vessels and processing
systems for a range of clean-tech applications that include: wind
energy system components, flue gas desulfurization for power
plants, infrastructure for bio-fuel storage and processing,
infrastructure for managing waste water and drinking water storage,
advanced municipal utilities infrastructure, and caustic material
storage and handling systems for the petrochemical, mining and the
pulp and paper industries. ECC also provides 24/7 field service
crews nationwide for wind energy system composites maintenance,
repair and overhaul; industrial retrofit, shutdown and maintenance;
system installation; and repair and inspection services. For
additional information, visit our website at
www.energycompositescorp.com or contact Sam Fairchild at
1-800-787-5439.
Certain statements found in this press release may constitute
forward-looking statements. Forward-looking statements are based on
current expectations and include any statement that does not
directly relate to a current or historical fact. Such statements
are generally identifiable by the terminology used, such as
“anticipate,” “believe,” “intend,” ”expect,” “plan,” or other
similar words. Our forward-looking statements in this release
generally relate to our expectations and beliefs with respect to
our growth and expansion activities and plans. Although it is not
possible to foresee all of the factors that may cause actual
results to differ from our forward-looking statements, such factors
include, among others, the following: (i) unforeseen delays, costs
or liabilities associated with our growth and expansion plans; (ii)
fluctuations in general economic conditions; and (iii) those risks
described from time to time in our reports to the Securities and
Exchange Commission. Investors should not consider any list of such
factors to be an exhaustive statement of all of the risks,
uncertainties or potentially inaccurate assumptions that could
cause our current expectations or beliefs to change. Shareholders
and other readers should not place undue reliance on
“forward-looking statements” as such statements speak only as of
the date of this release. We undertake no obligation to update
publicly or revise any forward-looking statements, other than as
required by law.
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