Coolerado Awarded $750,000 Tax Credit to Support Green Economy
Denver, Coolerado, manufacturers of energy efficient commercial air conditioners, was awarded $750,000 in federal tax credits this month to aid their manufacturing of clean technology and promote green jobs through 2014.
“This award marks another positive step in the development of Coolerado and our energy efficient air conditioners. Not only will this credit support us in the expansion of our manufacturing facilities for clean and green air conditioners in Denver, but it will allow us to continue to add green jobs in an economy struggling to create jobs,” said Mark Heller, Controller of Coolerado.
The goal of this federal program is to foster investment and job creation in clean energy manufacturing and technologies, providing a 30 percent tax credit for investments in 183 manufacturing facilities for clean energy products across 43 states and securing the clean energy sector.
“This tax credit is a significant value and validation of our technology. We are just as excited about this tax credit as we were with our selection by Popular Science’s Best of What’s New Award in the green technology category, received at the end of last year,” said Mike Luby, CEO of Coolerado.
Coolerado was one of six companies from Colorado to receive the tax credit. The $2.3 billion in overall tax credits was allocated on a competitive basis, based on the following criteria: commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions. The Department of Energy also considered additional factors including diversity of geography, technology and project size, and regional economic development.
Coolerado produces and sells very high-efficiency air conditioners, based in large part on indirect evaporative cooling. Coolerado air conditioners are used for commercial, industrial and residential applications throughout the world.