OSCEOLA,
Ark., Sept. 11, 2024 /PRNewswire/ -- Hybar LLC,
a company building a technologically advanced environmentally
sustainable scrap metal recycling steel rebar mill in northeast
Arkansas, announced today that
Quanta Services, Inc. (NYSE: PWR) recently made a strategic equity
investment in Hybar. Quanta Services joins Hybar's existing
high-profile group of equity investors, including TPG Rise Climate,
the dedicated climate investing strategy of TPG's global impact
investing platform; Koch Minerals & Trading, a Koch subsidiary
specializing in commodity trading and services; and Global
Principal Partners, the investment entity used by Hybar's senior
management team.
Quanta Services is a leading specialized contracting services
company that delivers infrastructure solutions for the utility,
renewable energy, technology, communications, pipeline, and energy
industries. Quanta's services include designing, installing,
repairing, and maintaining energy and communications infrastructure
throughout the United States, Canada, Australia and
select other international markets. "Quanta's expertise in
developing large-scale infrastructure and renewable energy projects
lines up well with Hybar's objective of producing the most
environmentally sustainable steel rebar in North America," said Dave Stickler, Hybar's chief executive
officer.
Hybar's first steel rebar mill, which is expected to begin
operations in less than a year, will be powered by an adjacent 105
MW solar field and battery storage facility and through a special
rate contract entered into with Entergy Arkansas, LLC. The mill
will produce a full complement of high-yielding steel rebar that
will primarily be used in large infrastructure projects, including
projects supported by the Infrastructure Investment and Jobs Act
and the Inflation Reduction Act.
Quanta Services looks forward to collaborating with the Hybar
management team and is excited to join Hybar's high-quality group
of equity investors as the company pursues its growth initiatives
of building and operating a portfolio of energy efficient
sustainable steel mills. "Quanta's investment in Hybar
provides an attractive growth opportunity and supports our goal of
ensuring domestic sustainable supply of materials for our projects
at cost effective pricing in the market," commented Redgie Probst, Quanta's chief operating
officer.
Mike Stone, Hybar's chairman and
partner at TPG, stated, "Adding a strategic investor like Quanta
Services to the Hybar family is further validation that Hybar's
mill design and operating methods—which will drastically reduce
greenhouse gas emissions in the steelmaking process—are highly
sought after by many of the leading companies and investors across
the energy space. As Hybar continues to explore the production and
use of green hydrogen, and the substitution of its steel slag for
cement in making concrete construction materials, we believe Hybar
will benefit significantly from Quanta's expertise in clean energy
and construction."
This press release shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
This press release may contain forward-looking statements,
including, but not limited to, the expansion project and financing
plans, including the offering of the bonds and equity financing.
Forward-looking statements may generally be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "target," or "continue" and variations or similar
expressions. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements speak
only as of the date hereof. We undertake no obligation to update
any of these forward-looking statements to reflect events or
circumstances after the date of this press release or to reflect
actual outcomes, except as required by law.
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SOURCE Hybar LLC
