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."
