The fastest growing companies on the 2020 list of the Top 100 Private Companies in NH are prime examples of the diverse industries driving NH’s economy. Here is a profile of one of those companies:
National Energy & Light
Three-Year Average Annual Growth: 43.2%
Rank on Private 100: 64
Headquarters: 14 Celina Ave., Nashua, NH 03063
Product/Service: Energy controls, power distribution equipment and lighting
President and CEO: Jim Schmidt (pictured)
Founded: 2013
Total Number of Employees: 40
Website: nelcompany.com
Years of exponential growth by diversifying both its client base and product offerings have set National Energy & Light up for success. That past growth also helped the company survive when COVID-19 applied the brakes to the economy earlier this year.
The developer of energy controls, power distribution equipment and lighting had been landing larger contracts and entering new market segments, says President and CEO Jim Schmidt.
In fact, prior to COVID-19, the company was on the hunt for a larger facility to accommodate its growth. Of course, now that’s been delayed, Schmidt says. Business has dropped by 20% as some of its clients are in hard hit sectors such as gyms and restaurants, which are understandably not taking on new capital projects if they haven’t already closed.
“We are reliant on people opening new sites or doing extensive remodels, and they are holding off on that,” Schmidt says.
However, Schmidt notes his competitors are doing worse as many of them have seen their business slashed by 50%. He says he feels fortunate National Energy & Light has weathered the pandemic with very few layoffs or furloughs. “It’s been cost management and hunkering down. We‘re blessed to only be down 20%,” he says.
Looking to the future, Schmidt says he does not expect business to start growing again until 2022 as it will take a few years for fitness centers and the hospitality industry to recover.
In the interim, Schmidt says the company will roll out ancillary products and services to add value to clients, including stage and studio lighting and controls. He says custom manufacturing continues to be a growing segment for the company.