Alstom enters a strategic partnership with Export Development Canada (EDC) for sustainable mobility financing. Also, PSC Group, a Portfolio Company of Aurora Capital Partners, acquires Steel Line Rail Services LLC.
The partnership, which the company says contemplates future export financing support and insurance for mobility projects led by Alstom’s customers within a maximum total limit of C$3.5 billion, “builds on shared commitments to work towards decarbonizing economies and achieving the COP21 net-zero objective by 2050, in a context where public transportation solutions, such as Alstom’s are essential to reducing global greenhouse gas emissions in Canada and internationally.”
Under the partnership, EDC will focus its financing support to digital rail systems, services and projects based on low-emission freight and passenger mobility technologies, such as electrified, hybrid, battery, or hydrogen propulsion. Moreover, the partnership, Alstom says, aims at the highest standards in terms of environmental, social, and governance (ESG)-focused financing, as Alstom will regularly report to EDC on its sustainability path globally and in Canada using indicators, such as CO2 emissions (scope 1 & 2), electricity supply from renewable sources for its operations, or gender balance in management roles. In addition, Alstom and EDC will explore further opportunities to foster additional green investments by Alstom in Canada.
“We are very proud to establish this partnership with EDC, especially since it recognizes the very positive role played by the company, its employees and its operations for the Canadian economy, and the essential contribution made by its green products to the reduction of GHGs in the Americas and globally,” said Alstom Americas President Michael Keroullé. “We thank EDC for its support to grow Alstom’s leadership in sustainable mobility.”
“At a time when our customers worldwide are increasing their investments in sustainable mobility, this strategic partnership is a landmark in Alstom’s strategy to offer them long-term financing instruments while securing and accelerating cash-in streams for Alstom,” said Alstom Chief Financial Officer Laurent Martinez. “This unique partnership will enable Alstom to bring them best-in-class and competitive financing solutions to develop their projects. We are particularly proud of the comprehensive and holistic nature of this win-win agreement, in particular its sustainable finance features.”
“The demand for greener, more sustainable global mobility is rising and Alstom is delivering,” said Sven List, Senior-Vice President, Corporate and International Group at EDC. “Their innovative approach to rail is helping lead societies to a lower carbon future while ensuring cities around the world can respond to their growing transportation needs. Through our partnership, EDC’s financing and insurance solutions will enable Alstom to expand their Canadian and global footprint meeting rapidly evolving demographics and increase in urbanization while preserving the environment and connecting nations in developed and underdeveloped areas around the world.”
PSC Group, a North American leader in product handling, site logistics, railcar repair and sustainability services for the petrochemical, refining and marine industries, on May 16 announced that it has acquired the assets of Steel Line Rail, a provider of mobile railcar repair, inspection and valve maintenance services for the petrochemical, refining and railcar leasing industries throughout the U.S. and Mexico.
The acquisition of Steel Line Rail, which was founded in 2018 as a mobile repair and inspection company in Marshall, Texas, and has since expanded its service offerings to include mobile railcar repair service across the continental U.S., Association of American Railroads (AAR) certifications, and an in-house valve shop for repair, testing and certification of tank car valves, marks PSC Group’s fifth acquisition since partnering with Aurora Capital Partners in 2019, including Prokar, Inc., Fryoux Tankerman Service, Akrotex Extrusion and Thermoplastics Services, Inc. The company also recently announced the opening of its Advanced Recycling Facility in Baytown, Texas.
Steel Line Rail’s Founder and President Micheal Henigan will join PSC’s railcar repair leadership team. “A 33-year industry veteran, Micheal has a long history of delivering excellent safety, quality, and customer service in the railcar repair and inspection industry,” said PSC SVP of Corporate Development Houston Haymon. “Since founding Steel Line Rail, Micheal has quickly expanded the business into a trusted partner for railroad operators across the country, and this transaction adds critical new work scopes to our portfolio of repair service offerings, bringing mobile repair, inspection, and valve shop capabilities.”
“From the start of the discussions with PSC’s leadership, I could tell our cultures were aligned and that by working together, we can grow, better serve our customers, and create great career opportunities for our employees,” said Henigan. “PSC is the right partner for Steel Line Rail, and this is a clear win-win-win for our customers, for Steel Line Rail and for PSC.”
“We are very pleased to welcome the Steel Line Rail team to the PSC family,” said PSC President and CEO Joel Dickerson. “Their depth of experience, reputation for excellent service, and expanded scope of services and geographic reach will enable us to more effectively meet growing industry needs. We look forward to working with them to deliver safe and efficient mobile railcar repair, inspection, and valve maintenance services across the U.S., Mexico, and Canada.”