ALTOONA — Two Somerset County men received approval Wednesday for a low-interest loan to manufacture equipment aimed at streamlining and reducing the cost of repairs to wind turbines in the field.
Matthew Smith and William Rugg, principals in the recently formed Wind Turbine Solutions LLC, will receive a $125,000 loan at 4.25 percent interest or half of the total project cost of $250,000.
“This is an innovative company. They bring expertise into the wind turbine industry,” said Stephen Metzger, director of business lending for the Southern Alleghenies Planning and Development Commission.
The remaining 50 percent of the money needed for startup will include $15,000 from the Somerset County Economic Development Corp., a private bank loan of $65,000 and $45,000 in private equity, he said.
During the next three years, employment impact expectations are a minimum of five jobs, according to information provided by Smith and Rugg.
The initial product developed by the company is a portable crane that mounts to the turbine, eliminating the need for a tower hydraulic crane when components weighing up to 1,500 pounds need to be replaced.
Also developed is a second crane that can be assembled with the nacelle – the housing that holds the generator at the top of the turbine pole – allowing for ease in removal and replacement of the generator.
Metzger said this second product will not be sold on the market, but used in a secondary service division that will travel to sites for repairs.
The bulk of the money, including the loans and private funds, $179,000, will be used for equipment purchases while $71,000 will go to salaries, fringe benefits, patent, engineering, legal and closing costs in forming the company.
Local News
Wind turbine company receives loan approval
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