Shepherdstown, WV (November 10, 2008) - This fall the Natural Capital Investment Fund approved new investments in renewable energy and sustainable forestry portfolio companies totaling $649,000.
In Franklin, North Carolina, NCIF provided start-up financing for Carolina Wood Pellets, a wood pellet manufacturer that will transform wood waste from sawmills and local flooring and furniture companies into an affordable and renewable fuel source for heating homes and businesses.
“Steve Smith and his team at Carolina Wood Pellets have identified a great business opportunity that’s good for the community and the environment,” said Rick Larson, NCIF’s North Carolina program director. “We were very fortunate to work with a consortium of funders who went the extra mile to provide the financing the company needed, including Macon Bank, the NC Rural Center’s Rural Venture Fund and the Smoky Mountain Development Corporation’s SBA 504 program.”
FLS Energy of Black Mountain, North Carolina -- a designer and installer of solar thermal and solar photovoltaic systems for residential and commercial customers -- received financing for its rapid growth from NCIF and Mountain BizWorks.
“By providing the working capital we needed, NCIF and Mountain BizWorks have made it possible for FLS Energy to meet the tremendous demand we’re seeing for solar PV and hot water systems from our customers,” said Hardy LeGwin, CEO of FLS Energy. “Plain and simple, we could not have taken our business to its next stage of growth without their resources and guidance.”
FLS Energy recently announced it will build a 1 MW solar farm on a landfill in Haywood County as part of a Power Purchase Agreement with Progress Energy, and the company was recognized earlier this month by the North Carolina Sustainable Energy Association as the Renewable Business of the Year.
The Appalachian Regional Commission provided NCIF with funding for both of these renewable energy investments.
As a manufacturer of premier quality architectural wood veneer-faced panels, SJ Morse Company promotes the use of certified wood products, and uses recycled and renewable materials where possible. Based in Capon Bridge, West Virginia, the company is the newest addition to the NCIF portfolio of companies committed to the sustainable use of natural resources.
"NCIF would like to thank our community partners -- BB&T and West Virginia Economic Development Authority -- for helping us support SJ Morse as it grows. This is a great opportunity to expand the market for sustainably harvested wood,” said Marten Jenkins, executive director of NCIF.
NCIF Partners to Offer New Markets Tax Credit Products
In 2008, NCIF established a formal working partnership with CEI Capital Management, LLC to provide access to New Markets Tax Credit-based loan funds in our four state service area. This partnership represents a unique opportunity to accelerate the development and implementation of triple bottom line projects in rural Appalachia and the Southeast. Read more>
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