Torus Inc., a Utah-based leader in energy storage and energy management, announced it has been approved for a $1.94 million post-performance tax credit from the Utah Governor’s Office of Economic Opportunity (GOEO). This Economic Development Tax Increment Financing (EDTIF) incentive underscores Torus’ commitment to economic growth and job creation in Utah.
“Utah has a very talented workforce and we’re excited to continue creating high-value jobs for the local community”Post this
Key Highlights:
- Company commits to creating 172 new high-paying jobs in Salt Lake County
- Average salary for new positions to be at least 110% of the Salt Lake County average wage
- Torus to receive up to $1.94 million in EDTIF post-performance refundable tax credits over 10 years
- Torus pledges to maintain operations in Utah for the duration of the 10-year incentive period
The tax credit is performance-based, with annual disbursements contingent on Torus meeting its commitments for job creation and wage levels. The company will be eligible for up to 30% of the new state tax revenue it generates each year.
As part of the agreement, Torus plans to add 172 new, high-paying jobs and invest $10 million in Utah during the next 10 years.
“Utah’s investment in manufacturing and infrastructure is strengthening its position as a national leader in economic development and industrial innovation,” said Ryan Starks, executive director of the Governor’s Office of Economic Opportunity. “Torus is paving the way for industrial advancement with innovative solutions that will boost Utah’s economic footprint and build a sustainable foundation for future growth.”
Torus’s expansion is expected to generate significant economic benefits for the region, including increased tax revenue and a boost to ancillary businesses. The company is committed to working closely with local community partners to ensure the success of this initiative.
“In a city like South Salt Lake, community means everything. We are incredibly fortunate to have a forward-thinking company like Torus choose South Salt Lake as their home,” said South Salt Lake Mayor Cherie Wood. “Torus is a remarkable organization that stands on the forefront of renewable energy storage and management. Their commitment to creating quality jobs not only increases employment opportunities for our residents but also builds economic vitality in our community. We are excited to support their innovative endeavors and look forward to a prosperous partnership.”
“Utah has a very talented workforce and we’re excited to continue creating high-value jobs for the local community,” said Nate Walkingshaw, Torus co-founder and CEO. “The state’s supportive business climate and commitment to innovation, sustainability, and economic growth aligns perfectly with Torus’s mission and make Utah an ideal location for expanding our operations.”