Green businesses unsure of how stimulus will help them

By Megan Baldino (mbaldino@wsbt.com)

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Itamco sales manager Gary West stands next to a 7,500 pound gear box for a wind turbine, which they manufacture. West says wind farm developers can't get the financing to build more towers, which has cut demand for the gear boxes by 50 percent. (WSBT phot

Itamco sales manager Gary West stands next to a 7,500 pound gear box for a wind turbine, which they manufacture. West says wind farm developers can't get the financing to build more towers, which has cut demand for the gear boxes by 50 percent. (WSBT photo)

By WSBT News1

Story Created: Feb 26, 2009 at 5:22 AM EST

Story Updated: Feb 26, 2009 at 12:04 PM EST

ARGOS — It's a major cornerstone of President Obama's stimulus bill, funding alternative energy to help create jobs. But at Itamco Energy in Argos, it's still unclear how it's all going to work.

Gary West is the sales manager at Itamco.

"Honestly at this point I don't think we have an answer to that question,” he said. “We are in wait and see mode."

Itamco is a machine parts manufacturer, and, among other things, they build gear boxes for wind turbines.

West says wind farm developers can't get the financing to build more towers, which has cut demand of the gear boxes by 50 percent.

"Best case is the financing gets released for the wind farm developers to be able to have the money they need to put up additional towers," said West.

Jim Geselle of Abundant Energy Works (AEW) in Elkhart says he is also trying to figure out how the stimulus bill will help his business.

AEW is still developing a personal power plant, which Geselle says will eventually use recycled materials to heat your home, heat your water, and possibly even power your car.

"We haven't been able to look deeply into the package to see if it would affect us," said Geselle.

But Congressman Joe Donnelly says $10 billion is headed to Indiana to help fund alternative energy projects.

"It provides tax breaks for small businesses, a number of the alternative energy companies,” said Donnelly. “Any net operating losses they've had in the last year, they can carry that back over five years and get an income tax break."

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