"Capitol Peak is delighted to assist Repreve Renewables with this round of financing and is committed to helping the company continue to grow its business across the range of potential markets," said Leo M. Tilman, Capitol Peak's executive chairman. "This is a perfect example of the companies and projects we are focusing on in an effort to bring capital and economic growth-creating opportunities to rural America."
The investment positions Repreve Renewables to further deliver on its vision of developing cost-effective, reliable and renewable solutions that provide customers with measurable value, while improving the environment for future generations. The funding will aid in expanding the Company's proprietary suite of planting technologies, called the ACCU YIELD™ System, building a N.C.-based processing center, expanding the procurement of land leases, and growing sales and marketing to meet the increasing demand for giant miscanthus biomass in the poultry bedding and biopower markets, and beyond.
"A financial commitment from two leading agricultural lenders validates the value Repreve Renewables provides to our customers, and demonstrates their confidence in the biomass feedstock industry, specifically giant miscanthus," said Jeff Wheeler, president and chief executive officer of REPREVE RENEWABLES. "This financing enables us to expand our operations and bring our products to more customers in the U.S., which in turn grows the rural economy."Giant miscanthus is a high-yielding, low-input perennial crop that is drought-tolerant and has minimal pests and diseases. Because it is capable of growing on marginal and underutilized land that may not be suited for most food crops, Repreve Renewables’ giant miscanthus provides landowners and growers with an alternate revenue stream, helping to support rural economic development and new markets in the agricultural segment.
"Innovation that drives the creation of new agricultural products and markets is critical to the continued success of America's rural economy," said Mary McBride, president of CoBank. "As a member of the Farm Credit System, we're pleased to be supporting a business that has identified a significant market opportunity and that is focused on future growth and expansion."
Vance C. Dalton, Jr., President and CEO of Carolina Farm Credit stated, "We are thrilled to support this expansion by Repreve Renewables. The expansion aligns with our mission to support agriculture and rural communities in North Carolina. Their innovation will fuel opportunities in agriculture and job creation in our state."
Currently Repreve Renewables sells its THRIVEZ™ bedding product to the U.S. poultry market, consisting of 8.5 billion chickens and 253 million turkeys raised annually.