Plant Prefab today announced that it has secured $42 million in Series C and other funding to support the completion of The Arvin Hub. The company aims to increase its capacity and multi-unit housing production.
Plant Prefab will be able to take on larger multi and single-family community developments thanks to the Arvin Hub. It will allow the Plant Building System to be fully industrialized. At full capacity, the factory will be far faster and more cost-effective than the company’s two current. It will make over 900,000 square feet of housing (or more than 800 units) yearly.
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The Arvin Hub will also broaden Plant Prefab’s service area to include the entire Western United States. This is where there is a significant housing scarcity. This demand is shown in the company’s pipeline. The contractual backlog was over $85 million.
The prospective business was over $660 million as of August 2022. This showed yearly growth rates of 58 and 110 percent. Contracts cover developments for the multi-family, single-family, single-family community, and student housing as well as worker, affordable, and market-rate housing.
The monies to build The Arvin Hub in California and help strengthen Plant Prefab’s engineering, product management, and supply chain
According to Plant Prefab Founder & CEO Steve Glenn, “We are pleased by this vote of confidence from our investors, who understand the possibility to further scale our solutions for multifamily and single-family community developments.”
The monies from this investment will be used to strengthen Plant Prefab’s engineering, product management, and supply chain. Additionally, it will help project management infrastructure in addition to building the Arvin Hub.
Digital building data made by the company’s in-house engineering platform will be used to control automated manufacturing tools and give project partners comprehensive instructions for quick on-site installation and completion. Further streamlining project planning and reducing supply chain-related delays will be accomplished by creating curated finish packages for all market segments.
