Jun. 2—ALBANY — Gexpro Services, a global supply chain solutions firm, has opened a new branch on Albany Street as it looks to capitalize on emerging offshore wind energy projects in the Northeast.
The Texas-based distributor works within several industries — technology, offshore wind, defense, transportation and more — providing companies with parts, tools and maintenance services.
Gexpro previously worked out of General Electric's Schenectady campus supporting its turbine manufacturing about 20 years ago but about a decade later branched off onto its own to invest in the renewable energy market.
Gexpro Global Business Development Manager Leo Shekhter said opening the Albany branch was a move made in preparation for all of the offshore wind energy business expected to blossom out of the region.
"We wanted to be ahead of the game," he said. "Albany is centrally located between where most of the wind farms are set to be in the Northeast."
And with state lawmakers like U.S. Sen. Chuck Schumer and Gov. Kathy Hochul being adamant about making New York a renewable energy hub, Gexpro felt confident investing here, according to Shekhter.
The company is leasing the Albany Street facility and plans to hire about a dozen employees. As renewable energy builders begin constructing wind towers, Gexpro will be ready to service them.
Mark Harrison, the company's director of sites and service centers, said that if there is an existing wind farm in need of maintenance or repair work, there's a good chance Gexpro has the parts and pieces at its facility.
The massive towers have an array of electrical connections inside that technicians must climb ladders to access. Gexpro aggregates materials from about 100 different vendors and turns them into kits for customers.
"We'll make sure they have all of those internals that they need to make the tower to their specification," Harrison said.
Harrison noted that, like many other companies, Gexpro has battled supply chain issues. But in addition to making acquisitions that allow it to manufacture parts in-house, the branch makes it a point to keep inventory on hand, so their clients don't have to.
Doing so frees up space for Gexpro's customers while granting them access to the essentials nearby. Harrison said the company takes in anywhere from one to three months' worth of supplies and supplies clients on a weekly or monthly basis.
Harrison anticipates the Albany branch will make $12 million in revenue with room for growth once it begins receiving offshore wind orders. He said that is the average for such a midsized space. Gexpro has larger facilities around the country that make $20 million or more a year.
The key to Gexpro's success has been maintaining a diversified portfolio of investments and integrating itself into various vertical industries. Setting up the company to seize incoming offshore wind opportunities is just the next step in what Shekhter said was a "footprint that keeps growing."
If business begins to struggle in one industry, the company can offset those losses with gains in others.
"That's really what we do to maintain a kind of consistent revenue," Harrison said.
(c)2022 the Times Union (Albany, N.Y.)
Visit the Times Union (Albany, N.Y.) at www.timesunion.com
Distributed by Tribune Content Agency, LLC.