Mainstay Fuel Technologies Inc., a South Carolina-based company that specializes in compressed natural gas (CNG) fuel system components, says it has received a ‘multimillion-dollar investment’ from an unnamed financial partner in order to grow its business and expand production capacity.
‘The growth investment into the company supports our business plan and will enable us to add resources to better serve the growing demand for our products in various heavy-duty truck markets,’ says Rod Grandy, Mainstay's CEO. ‘In addition to capital, our new financial partner also brings strategic and operational expertise to the company.’
Mainstay says it will consolidate its operations into a 60,000 square-foot facility in Piedmont, S.C., where it will build a new assembly line for the production of back-of-cab and side-mounted CNG fuel systems.
The company also recently announced a partnership with Quantum Fuel Systems Technologies Worldwide Inc. to offer back-of-cab CNG systems with capacities ranging from 28 DGE to 142 DGE.