Weidmann Expands Vermont Manufacturing Plant with $15M NMTC Funding

Deal News | Jan 08, 2025 | Housing Vermont Inc

Evernorth Rural Ventures (ERV) announced the successful allocation of $15 million in New Markets Tax Credit (NMTC) funding to support the expansion of Weidmann Electrical Technology, Inc.'s manufacturing and technology plant in St. Johnsbury, Vermont. Weidmann, a global leader in electrical technology, will utilize the funds to expand its facility by 21,500 square feet and build a new warehouse. This expansion aims to retain over 300 jobs and create 67 new ones, significantly benefiting the local community by providing high-quality employment opportunities in an economically disadvantaged region. The investment is part of a larger initiative to bolster the U.S. energy infrastructure, with Weidmann’s site becoming a Power Transformer Center of Excellence. The project is further supported by regional partnerships, including Mascoma Bank and Mid-City Community CDE, highlighting the economic significance and innovative potential of the investment. The NMTC program is designed to stimulate investment in economically challenged communities, bridging the capital gap and encouraging development in underfunded areas.

Sectors

Manufacturing
Energy Infrastructure
Community Development

Geography

United States – The expansion of Weidmann's plant in St. Johnsbury, Vermont involves economic opportunities and infrastructure improvements in this U.S. location.
Vermont – This region is the focal point of the Weidmann manufacturing plant expansion, highlighting local job creation and community impact.

Industry

Manufacturing – The article discusses the expansion of Weidmann Electrical Technology's manufacturing plant, highlighting its significance to local economic development and the U.S. energy sector.
Energy Infrastructure – Weidmann's role in supporting America's energy infrastructure is emphasized, with the expansion project aiming to enhance the company's capabilities in this critical sector.
Community Development – The use of New Markets Tax Credit (NMTC) underscores the focus on community development, facilitating economic growth in disadvantaged areas.

Financials

15000000 – The amount allocated through the New Markets Tax Credit for Weidmann's plant expansion.

Participants

Name	Role	Type	Description
Weidmann Electrical Technology, Inc.	Target Company	Company	Weidmann is a global electrical technology company with a critical manufacturing and technology plant in St. Johnsbury, Vermont.
Evernorth Rural Ventures	Private Equity Firm	Company	ERV is a Community Development Entity providing NMTC funding for economic and social development projects in northern New England.
Mascoma Bank	Financial Partner	Company	Mascoma Bank is a regional partner supporting the Weidmann expansion project.
Mid-City Community CDE	Community Development Entity	Company	Mid-City Community CDE is involved in the funding of the Weidmann expansion project.
U.S. Bancorp Impact Finance	Financial Partner	Company	Part of the consortium providing financial support for Weidmann’s plant expansion.
Massachusetts Housing Investment Corporation	Financial Partner	Company	Involved in the financial and strategic support of the expansion initiative.
United States Treasury	Government	Government	Provides the framework for the New Markets Tax Credit program facilitating investment in underserved communities.
Deb Favreau	Program Director	Person	Evernorth's New Markets Tax Credit Program Director, commenting on the strategic importance of the investment.
Bill Stimpson	General Manager	Person	General Manager of the St. Johnsbury facility, highlighting the expansion's impact on energy security.
Carol Martin	VP of Finance	Person	VP of Finance for the Americas at Weidmann, emphasizing the role of incentives in the project.