EDMONTON, Alberta--(BUSINESS WIRE)--Terrapin Geothermics, an Edmonton - based renewable energy company, is among the first companies to receive approval to offer investors the Alberta Investor Tax Credit (AITC). Qualified, Alberta - based investors in Terrapin may be eligible to receive a 30% Alberta tax credit. Terrapin is an example of the AITC program creating a strong incentive to support high-growth innovation opportunities in Alberta.
Terrapin’s waste heat engine can produce electricity from the low temperature heat that comes out of both inactive wells and industrial waste heat sources. It is a low cost, high potential opportunity to bring non-producing wells back online as energy and revenue sources. Bringing end of life well liabilities back to assets is a multi-billion dollar opportunity. With over 100,000 inactive wells in Alberta, and a remediation liability estimated to be over $50 billion, provides Terrapin a significant opportunity to use existing oil & gas assets as part of the transition towards a more sustainable energy system.
Tim Grover, CEO of Terrapin shared his thoughts on the approval: “We believe our engine is the answer for industrial facilities and well owners seeking opportunities to reduce energy costs, introduce supplemental revenue streams, and offset the impact of increased carbon taxation.”
About Terrapin
Terrapin transforms widely accessible waste heat into a clean, stable power supply. Terrapin technology is a simple solution to turn waste heat from industrial processes, including active and inactive oil and gas wells, into a revenue-generating power source. Waste heat is all around us and so is the potential for clean, renewable energy production.
For more information on Terrapin, please visit: http://www.terrapingeo.com/
For more information on the Alberta Investor Tax Credit, please visit: www.alberta.ca/alberta-investor-tax-credit.aspx
