## Rural Development Partners Invests $15 Million in ERMCO to Boost Infrastructure and Create Jobs
Rural Development Partners (RDP) is making a significant investment in the future of clean energy and infrastructure resilience. The organization has awarded $15 million in New Markets Tax Credit (NMTC) financing to Electric Research Manufacturing Cooperative, Inc. (ERMCO) to fuel the expansion and equipping of their Dyersburg, Tennessee facilities. This investment is part of a larger $54.1 million NMTC package, a collaborative effort involving RDP, MuniStrategies, Cadence, Pathway, and GrowAmerica.
This strategic investment is expected to have a major impact on the Dyersburg community and beyond. ERMCO, a leading manufacturer of oil-filled distribution transformers in North America, will use the funding to create an estimated 400 new jobs, increase production capacity, and establish a comprehensive workforce development center. This expansion is a direct response to the rapidly growing demand for critical infrastructure components that are essential for the transition to cleaner energy sources and the enhancement of grid resilience.
Strengthening Infrastructure, Supporting Jobs, and Building a Sustainable Future
The need for enhanced electrical grid infrastructure has never been more apparent. The US government’s focus on critical infrastructure improvements, particularly electrical grid upgrades that deliver clean energy, combined with the increasing frequency and severity of natural disasters, has created a surge in demand for ERMCO’s products. By investing in ERMCO’s expansion, RDP is contributing to a more reliable and resilient energy grid, which is crucial for safeguarding communities and supporting economic growth.
A Shared Commitment to Building a Better Future
Dan Helgeson, CEO of Rural Development Partners, expressed his enthusiasm for the partnership, stating, “RDP is very excited to partner with ERMCO to bring quality jobs and investment into Dyersburg and the surrounding area. ERMCO has been a mainstay in Dyer County for over 50 years serving as the County’s largest employer. In a time where our Country has seen such large devastation due to natural disasters, we find it vital to support companies such as ERMCO that play a critical role in keeping our infrastructure up and running.”
Adam Kruzich, ERMCO’s Chief Financial Officer, echoed Helgeson’s sentiments, emphasizing the importance of the NMTC funding for both the company and the Dyersburg community. “The New Markets Tax Credit funding is much appreciated by ERMCO and the Dyersburg community. This investment will enable ERMCO to expand our manufacturing capacity, create new jobs and support the nation’s critical infrastructure needs. By increasing our production of distribution transformers, we’re helping to ensure a reliable and resilient electrical grid. We’re proud to contribute to the economic growth of Dyersburg and play a vital role in building a sustainable energy future for the United States.”
About ERMCO and Rural Development Partners
ERMCO, a wholly owned subsidiary of Arkansas Electric Cooperatives, Inc. (AECI), is a leader in the electric distribution industry. Their commitment to delivering cleaner, more affordable renewable energy for residents nationwide has made them a vital player in the transition to a sustainable energy future.
Rural Development Partners is a Community Development Entity with a national service area dedicated to fostering economic growth in underserved communities. Since 2004, RDP has been awarded thirteen NMTC awards from the US Treasury, totaling $816.7 million. These funds have supported over 50 businesses and nonprofits, creating quality jobs, driving economic impact, and enhancing access to healthy food in underserved communities. RDP is committed to building public-private partnerships that drive catalytic job growth in rural America.
To learn more about RDP and the NMTC program, visit their website or connect with them on Facebook, LinkedIn, and YouTube.