MIAMI--(BUSINESS WIRE)--RENCO USA, a company specializing in manufacturing and distributing a revolutionary composite structural building system, has closed a first round of financing by issuing $18 million in convertible notes, which values the company at $318 million.
RENCO will use the funds to complete its first domestic factory and launch its business in the United States. The new manufacturing facility in Jupiter, Florida will create more than 100 new jobs.
With shortages in labor and affordable housing impacting communities across the U.S., the timing could not be better for a new building system that is ‘Category 5 Hurricane’ rated, faster and easier to build, more affordable and more sustainable than traditional methods.
Until now, building structures in the developed world could only be built using a combination of wood, steel or concrete. RENCO (renewable composites) is the first new, fully approved structural building system since reinforced concrete more than 125 years ago.
“This is the biggest breakthrough for a new structural building material in my lifetime, and as housing prices hit record highs and labor shortages halt new construction, we are launching a completely new solution,” said Tom Murphy, Jr., RENCO USA Co-Founder and Founder & CEO of Coastal Construction Group.
“RENCO addresses America’s labor shortage because workers don’t need specialized training—instead, nearly anyone can build the color coded, interlocking system with easy-to-follow plans, all in a shorter time than typical construction. These advantages also mean builders can create more housing units, more affordably.”
“This is an entire building system. RENCO is literally changing the way we build, from the bottom to the top. From the composite floor decking and joists—to the composite walls and lintels,” said former Congressman Patrick E. Murphy, who is helping lead RENCO’s expansion.
“Since it’s 100% recyclable, with a smaller carbon footprint and no jobsite waste, RENCO is greener and more sustainable than building with wood or concrete. And it will outlast any building system today, since it cannot rust or rot, termites can’t eat it, mold won’t grow on it and it’s fire retardant.”
After a decade of testing, RENCO’s patented system is certified for use under the International Building Code and in Florida’s High Velocity Hurricane Zone. RENCO is approved for seismic design categories A and B, and expects to achieve C, D and E by the end of 2023.
