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Mascoma Community Development (MCD) announced the successful closing of a New Markets Tax Credit (NMTC) financing transaction in support of GreenSource Fabrication LLC, a subsidiary of Whelen Engineering Company, Inc.
The transaction will support its new manufacturing facility located in Charlestown, New Hampshire (Sullivan County). The facility will house 98,000 square feet of manufacturing space, including ISO 6 and ISO 7 clean room spaces for the production of UHDI (Ultra High Density Interconnect) printed circuit boards (PCBs).
“MCD is pleased to provide NMTC funding to support the GreenSource project and be part of Whelen’s expansion in New Hampshire while creating new jobs in our region and a rural community. This project also represents an opportunity to increase manufacturing in the United States by a company that prioritizes environmentally friendly practices,” says Michelle LeClair, Chief Investment Officer of MCD.
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD also targets downtown redevelopment projects that help revitalize communities and provide services to residents.
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.
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: Mascoma Community Development ($10 million), Evernorth Rural Ventures ($16 million), Midwest Renewable Capital ($13 million), TD Bank Community Development Corporation ($8 million), and Waveland Community Development ($5 million). 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.
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.”
MCD is pleased to report that this project has also made possible MCD’s grant of $50,000 to a third-party CDFI (Community Development Financial Institution) partner, Regional Economic Development Center (REDC), located in Raymond, New Hampshire. This grant will provide funds for technical assistance to entrepreneurs and businesses across New Hampshire. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.