RGC Resources Secures $21 Million Investment to Complete Mountain Valley Pipeline
ROANOKE, Va. — RGC Resources Inc., parent company to Roanoke Gas Co. and RGC Midstream LLC, closed a $21 million common stock investment by affiliates of The InterTech Group Inc., the company said on March 28. Resources also closed an additional $2 million common stock investment by long-time shareholder Ted Gibson.
"InterTech’s investment in Resources positions us well as we continue Roanoke Gas’ system modernization and growth strategy,” Paul Nester, Resources president and CEO, said. “The investment will also greatly aid RGC Midstream in honoring its commitment, along with the other joint venture partners, to complete the Mountain Valley Pipeline project."
“We have been significant investors in RGC Resources for over a decade,” Rob Johnston, InterTech’s chief strategy officer, said. “We are pleased to have this opportunity to add to that investment. This investment further solidifies our long-term belief in the company’s strategy and utility operations.”
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