RENEW Energy receives SD GOEDLoan
GOED loan to help expand RENEW’s Inventory
A great location, private sector cooperation, and access to working capital through the South Dakota WORKS program were all vital elements when RENEW Energy Maintenance of Sioux Falls needed to expand.
“When we started up in August of 2009, we had two employees,” said Jim Mikel, President of RENEW. Since then, we have added another 60 employees in South Dakota and throughout the upper Midwest over the last three years.
“We had fantastic support from Great Western Bank and other loan programs when it came to purchasing additional equipment and workforce training, but obtaining working capital to increase our inventory was more complicated using those avenues,” said Gary R. Fish, CFO.
Since roughly one-third of RENEW’S business is turbine maintenance, having inventory of specialized parts on hand to make repairs is vital to RENEW’s growth plans.
“The South Dakota Governor’s Office of Economic Development’s South Dakota WORKS program worked out really well for us,” said Fish. “We were able to increase our inventory, which is a key part of our company’s growth.”
Mikel added that Sioux Falls’ proximity to two interstates, access to Sioux Falls based vendors, the accessibility of government officials, and the state’s tax structure and workforce all make South Dakota a great location for our gearbox remanufacturing shop, service center and corporate office.
About RENEW Energy Maintenance LLC:
RENEW Energy Maintenance, LLC, is a rapidly growing independent service provider to the wind energy industry. The company is based in Sioux Falls, S.D., with satellite offices in Jefferson, Iowa, and Lake Benton, Minn., and provides a full range of wind turbine operations and maintenance services to customers primarily in the Midwest. The company has a 35,000 square-foot gearbox remanufacturing shop, service center and corporate office located in Sioux Falls, S.D.