Randolph Trucking Completes JEDA Financing for Expansion of Natural Gas Truck Fleet
Gaffney and Ridgeville — Cherokee & Dorchester Counties
Randolph Trucking LLC (“Randolph Trucking”) is converting four more of its trucks to run on compressed natural gas (CNG), using the proceeds of an $880,622 Qualified Energy Conservation Bond issued by the South Carolina Jobs-Economic Development Authority (JEDA) for funding provided to the South Carolina SAVES Green Community Program for making a loan to Randolph Trucking to purchase the newly acquired CNG trucks.
The Gaffney-based firm is a regional hauler of construction, demolition and agricultural materials. This bond for Randolph Trucking, along with a $2.05 million Qualified Energy Conservation Bond in 2014, was issued by JEDA to provide funding to the South Carolina SAVES Green Community Program for use in providing financing to Randolph Trucking.
The SC SAVES Green Community Program was established to provide funding through regional and national financing parties to support energy efficiency, renewable energy, and alternative strategies for commercial, industrial, institutional land local government borrowers cross the State of South Carolina. CleanSource Capital, LLC, is the program manager, which is the specialty finance affiliate of Abundant Power Group LLC, an energy financial and technology services company based in Charlotte, N.C.
“We’re able to be financially more efficient, environmentally more friendly, and frankly, more competitive through the use of CNG fuel, and this kind of investment in our company makes it possible.”
— Charles Randolph, President of Randolph Trucking.
“We’re happy to help Mr. Randolph once again execute the innovative financing that SC SAVES makes possible with existing financial institutions in South Carolina, in this case, Wells Fargo Equipment Finance. Together, we’re helping further reduce energy costs and fuel emissions while improving the competitiveness of South Carolina business,” said CleanSource Capital Managing Director Greg Montgomery.
“The SC SAVES program is a great way to help forward-thinking businesses like Randolph Trucking and their financing partners execute today the strategies that will help us all tomorrow and in the years to come. JEDA is excited we can play a part here,” said Harry A. Huntley, CPA, Executive Director of JEDA in Columbia.