RMI Success Stories
Perennial Energy, Inc.
West Plains, Missouri
David LeGrow knew the rising demand for energy was an opportunity not to be wasted.
When LeGrow and the shareholders of Perennial Energy found themselves turning down business because of limited production capacity, they seized the opportunity to grow.
The 28-year-old company designs and manufactures waste gas processing systems. These systems help landfill, agricultural and municipal clients turn their waste gas into energy.
By 2005, the company was feeling overwhelmed with much higher demand. “We had customers who wanted us to do more, but we didn’t have the facility to do it,” recalls LeGrow, vice president and CFO.
Looking to expand their manufacturing capabilities, Perennial Energy turned to Tom Stock of West Plains Bank and Trust Company, who recommended the 504 Loan Program and RMI.
With a 504 Loan, Perennial Energy was able to construct a new manufacturing facility and expand from 15,000 sq. ft. to nearly 34,000. “Without RMI and the 504 Program, it would have been difficult to put together a project the size that we needed,” LeGrow explains. “We’ve grown pretty fast and we couldn’t have done it without the new building.”
Since construction of the new facility in 2006, Perennial Energy sales have jumped more than 150 percent to $8 million in 2008. The new space has allowed the company to operate much more efficiently, and they’ve added 13 new employees, which was a 50 percent increase over 2006.
With room to grow, the horizon looks bright for Perennial Energy. As LeGrow says, “We haven’t yet reached the potential of what we can do in this building.”
Without RMI, it would have been difficult to put together a project the size that we needed.