CTC Global Receives Strategic Investment from Endeavour Capital and Greenbelt Capital Partners
IRVINE, Calif.–(BUSINESS WIRE)–#ACCCconductor–Endeavour Capital (“Endeavour”) and Greenbelt Capital Partners (“Greenbelt”) (collectively, the “Investors”) are pleased to announce the close of a strategic investment in CTC Global Corporation (“CTC” or the “Company”). Based in Irvine, CA, CTC specializes in engineering and manufacturing advanced conductor cores for high-voltage transmission cables. The Company’s cutting-edge ACCC® Conductors have been successfully installed in over 1,250 projects across 60 countries by more than 250 utilities. The Company’s CEO, J.D. Sitton, will continue to lead the business through its next phase of growth.
Since its founding in 2011, CTC has become a global transmission products business, focusing on the engineering, design and manufacture of advanced conductors, with a flagship manufacturing facility based in California. Its signature products, ACCC® Conductor and the ACCC InfoCore® System, are at the forefront of addressing the critical need to modernize aging utility grid infrastructure and reduce greenhouse gas emissions globally. The Company’s products significantly increase electrical capacity, improve efficiency, and decrease thermal sag compared to traditional transmission conductors. The ACCC® Conductor has been independently certified by SCS Global Services for its ability to reduce CO₂ emissions; replacing 10 miles of traditional transmission cable with an ACCC® Conductor is estimated to reduce CO₂ emissions by ~5,400 MTs in the 1st year, which is the equivalent to taking ~800 cars off the road.
J.D. Sitton, CEO of CTC, said, “Partnering with Endeavour and Greenbelt will enable CTC’s team to do more of what it loves to do – helping utilities around the world improve the efficiency, capacity, reliability, and resiliency of their increasingly strained electric power grids. This partnership will allow CTC to accelerate the adoption of advanced conductors globally and to introduce critical new technologies for a more sustainable energy future.”
Derek Eve, Managing Director at Endeavour, said, “We believe CTC’s track record, product performance characteristics, installed base, and trusted standards acceptance, with over 45 U.S. utilities, position the Company well to support the growth of its utility partners. We are thrilled to partner with CTC and Greenbelt on this journey.”
The capacity buildout and hardening of transmission systems are critical steps in the U.S. and global path to energy resiliency. Increased grid capacity requirements, rising energy consumption, and the integration of renewable power generation all provide strong tailwinds for advanced conductor adoption. Bloomberg New Energy Finance (“BNEF”) forecasts over $21 trillion will be invested into the global energy grid between 2020 and 2050. CTC is well situated to accelerate growth by facilitating the increase in transmission capacity globally through (i) reducing the amount of new transmission capacity required to bring renewable generation online and (ii) facilitating capacity expansion of in-ground infrastructure through reconductoring.
Chris Murphy, Partner at Greenbelt, said, “CTC’s advanced conductor technology is well positioned to help mitigate U.S. transmission congestion and interconnect queues by enabling utilities to increase the transmission capacity across their existing assets. We believe the Company’s technology will be critical in helping utilities and transmission operators bypass these interconnect bottlenecks and increase the amount of renewable generation powering the U.S. electric grid.”
CTC Global Corporation, based in Irvine, California, developed, tested and produces the composite core used in ACCC® Bare Overhead Conductors. The ACCC® Conductor, produced in association with 35 international stranding partners, leverages advanced carbon fiber technology to help improve the efficiency, capacity, reliability and resiliency of electric power grids worldwide. The ACCC® Conductor offers greater strength, higher capacity and lower line losses compared to any other bare overhead conductor on the market today. Line loss reductions range from 25 to 40% or more. Reduced line losses not only reduces fuel consumption and associated emissions, it also frees up generation capacity that is otherwise wasted. Learn more at ctcglobal.com.
Endeavour Capital was founded in 1991 to be a patient source of capital and long-term partner to leading private businesses and management teams. Today, Endeavour Capital is investing its eighth fund and has offices in Los Angeles, Portland, Seattle, and Denver. Endeavour invests in Western U.S. based companies in partnership with founders, family owners and executives. The firm acts as partners and stewards, to help companies and their owners realize their potential, while preserving legacy and culture. For more information, visit endeavour.com.
About Greenbelt Capital Partners
Greenbelt Capital Partners is a growth-oriented middle-market private equity firm focused on control and significant minority investments across the energy sector, ranging from late-stage growth equity to private equity to infrastructure development. The senior team at Greenbelt has committed approximately $6 billion of equity capital to multiple portfolio companies and consummated more than $65 billion of M&A and financings in over 235 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.
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