Welcome back to Cardinal Commerce Notes, our regular feature catching you up on recent business news items.
If you missed last week’s edition, check it out here to learn about new products from the Pittsylvania County indoor vertical farming company AeroFarms, a Lynchburg company slated to be sold and a veteran-centric career fair later this month.
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Brookneal-based Foster Fuels to be sold to Georgia company
Foster Fuels, a wholesale fuel distributor based in Brookneal in Campbell County, recently announced that it will be acquired by Savannah, Georgia-based Colonial Group.
The deal is expected to be finalized Oct. 1. Financial terms were not disclosed.
Foster Fuels has about 250 employees. The company said in its announcement that customers, employees and business partners “can expect continuity of service through operations, services and relationships.”
“Foster will continue to serve customers under the same established brand and leadership that they have trusted for generations,” the company said.
Joining Colonial Group will give Foster Fuels access to more resources and long-term investment, the company said.
Both companies were founded in 1921.
“Deciding to sell our century-old family business was hard. Deciding who to sell it to was easy,” Foster Fuels CEO Watt Foster said in the company’s announcement.
“It was about culture, longevity, honor and values. Those qualities ensure that your employees and customers will be well taken care of. Foster has been doing business with Colonial for decades and I know the future of our great company is in good hands. Together, we will be better.”
Danville names new head of economic development and tourism
Danville has named a new director of its Office of Economic Development and Tourism: Kelly Drayton, who starts Dec. 1.
Drayton most recently served as director of emergency preparedness and risk management for the city of Chapel Hill, North Carolina. She graduated from Elon University and holds a master’s degree in public administration from North Carolina State University.
A news release from Danville stated that Drayton distinguished herself from the other job candidates “through her experience leading complex, multi-stakeholder initiatives and her track record of building partnerships that deliver measurable results.”
“Kelly has built her career around bringing diverse partners together to tackle complex challenges and create meaningful results for the communities she serves,” Danville City Manager Ken Larking said in the release.
“She combines strategic leadership with a strong record of execution, and I am confident she will build on the tremendous momentum already underway in Danville.”
The Office of Economic Development and Tourism focuses on business attraction, growth and retention, along with tourism, including the city’s “Visit SoSi” brand. It has seven full-time staff and several part-time staff supporting Danville’s visitors’ centers.
Drayton succeeds Corrie Bobe, who left in May to join the Danville Regional Foundation.
State opens application for solar interconnection grant program
The Virginia Department of Energy is accepting applications through Oct. 2 for the commonwealth’s new Solar Interconnection Grant Program.
The program aims to help public bodies offset the costs of connecting solar energy to the electric grid. The Virginia General Assembly established it this year with the bills HB 683 and SB 659. Eligible applicants include local governments, school divisions and other public entities.
“This program will help communities move viable projects forward, reduce long-term energy costs, and provide better information about the interconnection challenges that public-sector solar projects face across the Commonwealth,” Vince Maiden, director of the Virginia Department of Energy, said in a news release.
The program offers about $2 million in grants for eligible interconnection-related expenses such as transformers, relays, protection equipment, engineering and other infrastructure. Grants can cover up to 25% of the total project cost or $600,000, whichever is less. The program expires July 1.
Applications can be submitted through the energy department’s grant portal.
Do you know of a new business expanding or relocating in your town? Excited about a restaurant opening up soon? Maybe you’ve got an update on a story we’ve reported before. Please send me your tips and suggestions: matt@cardinalnews.org or connect with me on LinkedIn.
