{"id":18510,"date":"2024-04-30T03:13:40","date_gmt":"2024-04-30T03:13:40","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/ctr-to-receive-30-million-tax-credit-from-california-to-support-geothermal-lithium-project\/"},"modified":"2024-04-30T03:13:40","modified_gmt":"2024-04-30T03:13:40","slug":"ctr-to-receive-30-million-tax-credit-from-california-to-support-geothermal-lithium-project","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/ctr-to-receive-30-million-tax-credit-from-california-to-support-geothermal-lithium-project\/","title":{"rendered":"CTR to receive $30 million tax credit from California to support geothermal lithium project"},"content":{"rendered":"
\n

Controlled Thermal Resources Holdings Inc.<\/a> (CTR) has received a $30 million tax credit as part of the California Jobs First Initiative. The tax credits will support the critical development of the Hell\u2019s Kitchen Lithium and Power Project in Imperial County.<\/p>\n

CTR was one of the eight innovative companies that received a total of $120 million in investment from the State of California. The initiative is expected to generate more than 2,100 full-time jobs with an average annual salary of over $100,000 and bring in an estimated $15.5 billion in private investment over the next five years.<\/p>\n

\u201cCalifornia\u2019s economy is the fifth largest in the world and we\u2019re supporting workers and businesses as they reach success. This funding will help businesses create good-paying jobs \u2014 from steel manufacturing in Kern County to sustainable lithium production in Imperial Valley \u2014 and support the state\u2019s economic dominance for years to come,\u201d<\/em> commented Governor Gavin Newsom.<\/p>\n

In exchange for this tax credit, CTR is expected to make capital investments of more than $14.7 billion and create nearly 450 new, full-time jobs in Calipatria and Imperial.<\/p>\n

Situated in the Salton Sea Geothermal Field in Imperial Valley, the Hell\u2019s Kitchen Lithium and Power Project aims to provide 50 MW of geothermal power and 25,000 tonnes of lithium hydroxide monohydrate by 2025-2026. CTR had recently broken ground on the construction<\/a> of the first of seven facilities for what would eventually be the \u201cLithium Valley Campus.\u201d<\/p>\n

Construction commencement of the company\u2019s first project stage is central to CTR\u2019s larger vision for the Lithium Valley Campus, which includes the co-location of specialized battery material manufacturers onsite to enable direct access to CTR\u2019s clean lithium and renewable baseload electricity.<\/p>\n

Bringing together multiple industries essential to battery manufacture in one location will transform the current fragmented and carbon-intensive battery supply chain and create an estimated 480 good-paying union construction jobs and, ultimately, thousands of clean energy jobs in the community.<\/p>\n

Source: Office of Governor Gavin Newsom<\/a><\/p>\n

The post CTR to receive $30 million tax credit from California to support geothermal lithium project<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

Controlled Thermal Resources has received $30 million in tax credits from the State of California to support the Hell’s Kitchen geothermal lithium project.<\/p>\n

The post CTR to receive $30 million tax credit from California to support geothermal lithium project<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[3551,3534,9581,15110,4467,1145,14670,14669,14832,1125,2134,6923,283,3153,7490],"class_list":["post-18510","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-3551","tag-california","tag-credit","tag-ctr","tag-energy","tag-from","tag-geo","tag-geothermal","tag-lithium","tag-million","tag-project","tag-receive","tag-support","tag-tax","tag-think"],"yoast_head":"\nCTR to receive $30 million tax credit from California to support geothermal lithium project - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/ctr-to-receive-30-million-tax-credit-from-california-to-support-geothermal-lithium-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CTR to receive $30 million tax credit from California to support geothermal lithium project - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"Controlled Thermal Resources has received $30 million in tax credits from the State of California to support the Hell's Kitchen geothermal lithium project. 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