Hybar LLC of Osceola announced Wednesday that Quanta Services Inc. of Houston (NYSE: PWR) recently made a strategic equity investment in Hybar.
Details of the transaction were not disclosed.
Hybar is currently building a state-of-the-art scrap metal recycling steel rebar mill in northeast Arkansas. Quanta joins Hybar’s existing 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 that Hybar CEO Dave Stickler is the senior managing partner of.
The mill, which is expected to begin operations in less than a year, will be powered by an adjacent 105-megawatt solar field and battery storage facility and through a special rate contract entered into with Entergy Arkansas.
Quanta is a specialized contracting services company that delivers infrastructure solutions for the utility, renewable energy, technology, communications, pipeline and energy industries. Its services include designing, installing, repairing and maintaining energy and communications infrastructure throughout the U.S., Canada, Australia and other international markets. Quanta says it has the largest craft labor force in North America, with more than 200 operating companies including B & N Clearing and Environmental of Fayetteville.
“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,” Stickler said in a press release.
The mill is set to produce high-yielding steel rebar that will primarily be used in large infrastructure projects, including projects supported by the 2021 Bipartisan Infrastructure Law and the 2022 Inflation Reduction Act.
“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,” Redgie Probst, Quanta’s chief operating officer, said in the release.
B & N Clearing and Environmental of Fayetteville is a Quanta company.
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