DALLAS — American Gas & Technology (AG&T) founder Ray Tate Jr. said the company is developing the “21st century gas station” and its vision is as big as the facility it’s remodeling to build its dream.
AG&T, which specializes in the development of liquefied natural gas fueling stations, bought the long-vacant Tyco building in Dallas.
Workers have been busy for months fixing roof leaks and tearing down walls to prepare the building for its new purpose.
“We had so many leaks, we couldn’t count them,” Tate said during a tour of the building Friday.
Soon, roof leaks may not be a concern.
Tate projects a high demand for the company’s technology as the United States looks for cleaner alternatives to oil.
With an abundant domestic supply, natural gas is well-positioned to be a major part of that movement.
“We anticipate seeing the U.S. getting off foreign oil and cleaning up our cities,” Tate said.
Tate said the remodel should be finished in about four months and, after that, will build up to producing 40 fueling station units per month out of the facility.
To begin with, the company will focus on converting fleets — such as police, ambulance and taxi services — in several states, including Oregon and California.
Tim Tight, the company’s vice president of finance, said he’s projecting investors will be making a hefty profit, some 13 times their investment within five years.
That figure moves to 18 times including potential government subsidies supporting the development of alternate fuels, he said.
Tight projects AG&T will bring back the jobs lost when the plant went dark nearly 10 years ago.
“Our goal is to bring back the 900 jobs back to this community that was hurt so much by Tyco leaving,” Tight said.
He said there are other plans for investing in the community, including developing a welding school that will offer local students internships to learn the skill.