CTR to receive $30 million tax credit from California to support geothermal lithium project
Controlled Thermal Resources CEO Rod Colwell and California Governor Gavin Newsom at the project site of CTR in Imperial County (source: Governor Newsom via Twitter)
Carlo Cariaga
29 Apr 2024
Controlled Thermal Resources has received $30 million in tax credits from the State of California to support the Hell's Kitchen geothermal lithium project.
Controlled Thermal Resources Holdings Inc. (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’s Kitchen Lithium and Power Project in Imperial County.
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.
“California’s economy is the fifth largest in the world and we’re supporting workers and businesses as they reach success. This funding will help businesses create good-paying jobs — from steel manufacturing in Kern County to sustainable lithium production in Imperial Valley — and support the state’s economic dominance for years to come,” commented Governor Gavin Newsom.
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.
Situated in the Salton Sea Geothermal Field in Imperial Valley, the Hell’s 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 of the first of seven facilities for what would eventually be the “Lithium Valley Campus.”
Construction commencement of the company’s first project stage is central to CTR’s larger vision for the Lithium Valley Campus, which includes the co-location of specialized battery material manufacturers onsite to enable direct access to CTR’s clean lithium and renewable baseload electricity.
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.
Source: Office of Governor Gavin Newsom
