January 5, 2023
RS Technologies Inc. (RS), announced an equity investment of more than CA$150 million to accelerate the continued expansion of RS Technologies’ industry-leading utility structure manufacturing business in North America.
RS designs, engineers, and manufactures composite poles, crossarms, structures and related products for the electric utility transmission and distribution sectors. The company’s products offer greater fire and storm resiliency, safer operation, and lower total life-cycle costs relative to traditional wood, steel or concrete products. Achieving a service life of up to 120 years, RS products are installed at more than 460 utility customers across 28 countries in some of the most severe weather regions in the world. With the company’s deep materials science capabilities, RS is the only composite structure manufacturer using 100% polyurethane resin, enabling the creation of custom formulations that address various applications and outperform alternatives. The company’s PowerON line of composite poles is becoming the industry standard to mitigate the impacts of extreme fire and storm events and speed up grid restoration efforts.
“We are experiencing enormous demand from electric utilities working to update their systems to withstand more severe weather events such as those recently impacting the southeast U.S. and the Canadian Maritimes,” said George Kirby, CEO of RS Technologies. “This investment from Energy Impact Partners ensures that we can address today’s grid modernization needs and build capacity to be ready for future events.”
“We are very excited to partner with RS and enable their continued growth in providing advanced composite infrastructure solutions for a more sustainable grid. The company has already built and scaled an impressive business while having an incredibly positive impact on communities, and we look forward to working with the team and Werklund to continue their growth and expand into additional solutions for the utilities of the future,” said Steven Kantowitz, Partner at EIP. “Our significant investment in RS reflects EIP’s commitment to taking action in building a more resilient infrastructure, one of the pillars of our investment strategy.”
Energy Impact Partners was founded in 2015 by industry veterans on the premise of advancing the global energy transition. EIP’s collaborative model screens and scales innovative businesses across the energy landscape. With a core of influential utility partners, EIP has assembled an ecosystem of more than 30 corporations and industrials from key sectors such as the built environment, transportation, technology, industry, and finance – all with a common goal to progress the global economy towards a more resilient and sustainable future. The focus on resiliency and reliability, as well as the ability to drive value through their utility partnerships, makes EIP an ideal partner as RS continues to expand and grow.
“Having invested early in RS, we are extremely proud of the entire RS team for building the unparalleled leader in composite electric utility structure manufacturing,” said SeeHon Tung, Managing Director, Private Investments at Werklund Family Office Inc. Werklund Growth Fund L.P. retains majority ownership of RS. “This transaction enables RS to supply at scale, helping to fortify electric grids with mature products that will last for generations. We are thrilled to welcome EIP into the RS family.”