(The Center Square) – A Colorado company poised to hire five workers over the next four years will receive tens of thousands of dollars in taxpayer-funded incentives for doing it.
High Altitude Geothermal, LLC recently became the first Moffat County business and the first geothermal company to join the Rural Jump-Start program.
The program is designed to spur economic growth and job creation in rural areas, according to the governor’s office.
“Here in Colorado we are channeling the heat beneath our feet and powering our future,” Governor Jared Polis said in a statement. “I am thrilled to see companies like High Altitude Geothermal utilizing state investments to expand geothermal energy into our rural communities and provide low-cost energy that will save people money.”
At its meeting on Thursday, the Colorado Economic Development Commission approved High Altitude Geothermal to participate in the Moffat County RJS Zone. The move makes the company eligible for various government incentives, including a general operating grant of up to $20,000, plus $2,500 per qualified new hire. Additionally, Tier One Coal Transition community businesses, including those in Moffat County, receive up to $40,000 in operating grants and $5,000 per qualified new hire. The program also offers state income tax, sales tax, county personal tax, and municipal personal tax breaks for companies.
Since High Altitude Geothermal plans to employ five people in the next four years, that makes it eligible for up to $97,500 in government grants.
“High Altitude Geothermal is a driller, designer, and installer of geothermal ground source exchange systems and heat pumps to provide heating and air conditioning to residential, governmental, and commercial buildings,” a release said. “The company provides a series of value chain functions related to geothermal energy, including as a drilling subcontractor to other potential installers in the Rocky Mountain region, which requires specialized knowledge and equipment.”
Eve Lieberman, Executive Director of the Colorado Office of Economic Development and International Trade, praised the company and said its goals align with the state.
“The ingenuity and innovation of companies like High Altitude Geothermal will play a key role in diversifying and growing the economy of northwest Colorado,” Lieberman said. “We are thrilled to welcome the company to the Rural Jump-Start Program, supporting its goals to create local jobs and advance renewable energy, particularly in a coal transition community committed to diversifying its economy.”
Shannon Scott, Economic Development Manager for the City of Craig, reiterated that sentiment.
“The City of Craig’s Economic Development Department is elated to learn of High Altitude Geothermal’s recent award as the first recipient of the Rural Jump Start Program in Moffat County. Matt and Kristine Cooper have identified a strong and unique need both locally and regionally for their drilling and excavation services that aligns well with the goals of the Moffat County Vision 2025 Transition Plan,” Scott said. “We’re excited to see their new business venture thrive!”