Ingenuity - New Orleans City Business

More documents

Recommendations

Info

GT Energy LLCCompany sees profits in promoting green powerGT Energy LLC wants to make it profitablefor companies to be good environmentalcitizens.The New Orleans firm opened inJanuary 2003 with the mission of promotingthe development of clean energy technologies.Chief Executive Officer AndrewFielding, Chief Operating Officer ChrisDufour and AssociateDirector Marcus Krembswork with utility companies,power marketers andutility firms to arrange andstructure renewable energytransactions.Name: GT Energy LLCLocation: New OrleansCEO: Andrew Fielding“Most companiesdon’t have anyone devotedto this full time,”Krembs said. “We’re really the only shopthat looks at these full time.”During the past 12 months, GTearned commission for $90 million indeals. The firm has structured more than45 renewable energy transactions in thepast eight months, including “major utilitycompanies down to Billy Joe Bobwho owns an energy operation in upstateNew York,” Krembs said. They workwith private investors and major industrialcorporations that have exposure toService: Promotes the developmentof sustainableenergy markets.international carbon mitigation programs,Krembs said.“The Kyoto Protocol is a big dealeverywhere but the U.S. We’re extremelyactive in that mechanism in Canada andEurope,” he said.If a company is required to have acertain percentage of renewable energygeneration withinits electricity supplyportfolio, GT assiststhe firm in acquiringthe most cost-effectivesupply of renewableenergy. This oftencomes in the form ofrenewable energy certificates,which aregenerated when companies use renewableresources such as solar and windinstead of fossil fuels to create electricityand can be sold separately fromtheir associated electricity.GT officials anticipate continuedgrowth in these markets. Fourteen stateshave clean energy goals or a renewableportfolio standard that requires that acertain generation capacity or a percentageof retail electricity must come fromrenewable energy sources. Also, in theGT Energy staff from left: Andrew Fielding, Marcus Krembs, Chris Dufour and Shelly Cayette, seated.past two years many large U.S. corporationshave begun purchasing renewable Renewables Council of Louisiana and ismarket, however GT is active in theenergy certificates, including Kinko’s interested in developing renewable energysources here such as agriculturalInc., Johnson & Johnson, DuPont andAlcoa Inc.refuse like sugar cane hulls.GT also advises companies on makingthe most of their environmental these products,” Krembs said.“We’re trying to create a market forassets such as wind and solar facilities.The firm does not do much work in— Megan KamerickLouisiana since it is a regulated energyHibernia National BankOnline checking creates flood of businessIn early 2003, Hibernia NationalBank introduced its customers to ofonline banking.The centerpiece of the new initiativeis Completely Free Checking, a servicethat offers no minimum balance, no percheck charge and unlimited checkwriting.In addition toCompletely FreeChecking, Hibernianow offers preapprovedloan applicationsand a checkingproduct selector thathelps the customerselect the account thatbest fits his or her needs.Customers can bank online, paytheir bills and receive free gifts for“Tell-A-Friend” referrals.As a result of the changes, Hiberniaclosed more than $55 million in consumerloans online in 2003, a 161percent increase over the previoustwo years and opened 3,400 newchecking accounts, a 50 percentincrease over 2002.“It’s about driving the businessonline,” said Jeff Heinzelman,12A 2004 Innovator of the YearName: Hibernia National BankLocation: New OrleansCEO: J. Herbert (Herb) BoydstunService: Online CompletelyFree Checking.Hibernia’s Internet channel m3anager.“We’re providing another option forcustomers to open accounts and providingthe tools to find the right type ofaccount.”The purpose of the new features isto make everything as easy as possiblefor the customer, Heinzelman said.“We spent a lot oftime creating an onlineprocess that was intuitiveand gets the customerin and out thedoor as quickly as possible.”Everything a customerdoes online isfree, something Hibernia’s large competitors,but few of its local marketcompetitors, have done. Heinzelmansaid it has eroded the fears and concernsmost people have about conductingbusiness on the Internet.“In terms of new business coming inan online presence is very significant.When we make improvements we seethe benefits almost immediately,” hesaid.— Richard A. Webster Hibernia’s Web site has driven a large number of new customers to the bank.
LEI Inc.Recycling lamps proves profitable for Hammond companyWhen lamps become obsolete, LEI Inc.(formerly known as Lamp Recyclers ofLouisiana Inc.) steps in to make sure theydon’t become environmental hazards.The Hammond-based companyrecently received environmental awardsfrom Gov. Kathleen Blanco for pollutionprevention and for its environmentalmanagement system. LEI helped reducethe amount of pollutionLouisiana Production Capital LLCEntrepreneur helps film companies use tax creditsIn 2002, the Louisiana Legislaturepassed the Motion Picture Incentive Actgiving income tax credits to out-of-statefilm producers who film in-state.It sounded like a good idea but aCalifornia-based film production companythat earns no Louisiana incomehas little use for Louisiana income taxcredits.Into this gaping hole of logic steppedWilliam French.“I figured if these filmcompanies were going tocome to our state, filmtheir production anddump cash into oureconomy I’d find themtaxpayers willing to buytheir tax credits,”French said.In January 2003,Location: HammondCEO: Arthur SchillingService: Recycling toxicmaterials from lamps.Name: Louisiana ProductionCapitalLocation: New OrleansPresident: Will FrenchService: Purchases statefilm tax credits from filmproducers to encouragemore film production inthe state.discharged into the environmentfrom 981,000Name: LEI Inc.pounds of toxic metals.In 1994, LEI openedits business in an effort topreserve public healthand reduce pollution oflocal lands and waterwaysby creating a more effective process ofrecycling spent mercury lamps.“We saw a need. There wasn’t anyindustry like this in Louisiana,” saidLarry Fannaly, sales manager.Business has been steadily increasingfor LEI ever since. LEI has branched outfrom servicing local industries to providingwaste management for national companiessuch as Home Depot and Lowe’s.The company feeds lamps into animplosion chamber where they are implodedin a negative air pressure environment.The mercury vapor released from the lampis filtered through carbon scrubbers thatremove the mercury vapor. The ferrousand non-ferrous metals are recycled asscrap metal, and the glass is processed andreused as reflective material roadway stripingpaint or in some cases as filler aggregatein asphalt manufacture. The mercury iscleaned and distilled thenreused in the manufactureof new mercury containingdevices.LEI has the state contractfor recycling lampsand ballasts. Lamp ballastsmanufactured before 1979contain the carcinogenPCB. LEI’s services help prevent this carcinogenfrom being released into the environment.Also, current fluorescent lampsand light bulbs typically contain mercury,cadmium and other toxic metals. LEI aidsin the transportation, management andrecycling of these hazardous materials.In the future, LEI hopes to gain morenational accounts and offer broaderservices and expanded coverage to itsexisting customers. Its main area ofexpansion will be in its transportationFrench establishedLouisiana ProductionCapital, LLC.LPC purchases in bulk the tax creditsa film production company earns andsells them at a discount to Louisiana taxpayers.The film production gets what itwants — immediate cash for its tax credits— while taxpayers can buy $1,000worth of tax credits for $850.“I buy them at a substantial discountoff of the face value, mark them up a littleto provide for expenses and profit andresell for still well below face value,”French said. “Without a company likemine I’m not sure the incentive wouldhave worked.”Last year, the state estimated out-ofstatefilm productioncompanies contributed$173 million to the localeconomy.In 2003, LPC borrowed$1 million in creditfrom Whitney Bank,bought $3.76 millionworth of tax credits fromfilm producers and resoldfor a net profit of$500,000.LPC expects to tradebetween $15 million and $20 millionin 2004 and increase its net profits to$1 million to $2 million.“‘Runaway Jury’ held its credits forover a year as it paid lawyers to try tofind taxpayers who wanted them,”French said. “They probably soldLEI CEO Art Shilling, left, and Larry Fanaly, sales manager.services. This division of LEI, founded mostly limited to vans hauling drummedin late 2002, is rapidly growing. In wastes. Soon, LEI hopes to equip trucks2003, it accounted for 11 percent of that can transport roll-off boxes andLEI’s gross revenue. Now, the transportationdivision accounts for almost ices in effect by October 2004.tankers. LEI hopes to have these new serv-one quarter of the company’s revenue.Currently, the contract transportation is— Fritz EskerWilliam French, founder of Louisiana Production Capital LLC.their credits to taxpayers directly for afew cents more but they paid far morein legal fees. It’s best to sell quickly andall at once to a person like me who providesa fast and efficient way of turningtax credits into cash.”— Richard A. Webster2004 Innovator of the Year 13A
Page 1 and 2: 2004
Page 3 and 4: Table of ContentsLaitram . . . . .
Page 5 and 6: Intralox has adapted to the demands
Page 7 and 8: Organizing your event with the wron
Page 9 and 10: Boudreaux’s Butt PasteQuirky name
Page 11: Chef John FolseReviving culinary in
Page 16 and 17: P&R AccessoriesMotorcycle rider’s
Page 18 and 19: Napoleon Ave Container TerminalBusi
Page 20 and 21: Ecole Bilingue de la Nouvelle Orlea
Page 22 and 23: nonprofitsAudubon Center for Resear
Page 24 and 25: STARC Commercial Linen ServiceOrgan
Page 26 and 27: nThe BrinkBesides our 2004 honorees

Ingenuity - New Orleans City Business

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?