IN: ACES Power Marketing to Expand; Create 40 New Jobs; Invest $6.6M
31 Jan, 2010
ACES Power Marketing LLC (APM), a wholesale energy risk management and transaction execution services firm, announced that it will expand its national headquarters here, with the expectation of creating 40 new jobs over the next several years.
The company plans to invest $6.6 million to expand its existing West 99th Street facility by 15,000 square feet and to purchase other capital assets that will help APM continue to grow. This is APM's second major expansion in two years. In 2007, the company announced plans to create 25 new jobs and invest $4 million in facility improvements.
"APM is a prime example of a technology-based business that will help diversify and grow the Indiana economy, while simultaneously creating high-wage jobs for Hoosiers," said Mitch Roob, Indiana Secretary of Commerce and chief executive officer of the Indiana Economic Development Corporation.
APM was created by four generation and transmission cooperatives located in the Midwest which recognized their need for wholesale energy risk management services. APM now has 17 cooperative owners and provides a variety of risk management services to more than 45 customers including cooperatives, municipal utilities, irrigation and public power agencies, financial institutions, industrial companies, renewable energy developers and independent power producers. Its owner and customer base extends across North America.
"We have been very fortunate to find high quality people to hire right here in Indiana as our business has grown over the past 10 years," said David J. Tudor, APM president and chief executive officer. "We are comfortable with a long-range plan that keeps the company headquartered in Carmel and we expect to continue to fill many of our future staffing needs with Indiana residents and graduates from Indiana universities."
The company was formed in 1999 and has grown to more than 140 employees in Carmel and 184 employees overall. In 2010, APM expects to continue hiring a variety of seasoned energy industry professionals and will also hire a number of recent college graduates to join its associates program.
The Indiana Economic Development Corporation offered APM up to $680,000 in performance-based tax credits and $118,000 in training grants based on the company's job creation plans. Hamilton County will preliminarily provide additional property tax abatement.
"APM continues to experience a strong pattern of growth which has resulted in good jobs for residents of Hamilton County," said Judy Levine, president of the Hamilton County Council. "We are proud of their success and look forward to their future growth and profitability here."
APM's announcement that it expects to create additional jobs in Carmel comes on the heels of a recent U.S. Department of Labor report noting that Indiana led the nation in job growth for September and was one of only seven states to gain jobs during the month.
APM, headquartered in Carmel, Ind., began its operations in February of 1999, and is owned by 17 power supply cooperatives. It also provides services to 49 customers including cooperatives, municipals, irrigation and public power agencies, financial institutions, industrial companies, renewable energy developers and independent power producers. APM's business strategy is unique in the energy marketing and trading industry. APM helps other companies manage energy risk, develop hedging strategies, implement trading controls and execute transactions as their legal agent. For more information, visit www.acespower.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Indiana Secretary of Commerce Mitch Roob serves as the chief executive officer of the IEDC. For more information about IEDC, visit www.iedc.in.gov.