Saskatchewan-based company Prairie Clean Energy (PCE) was recently approved by the provincial government for a new investor tax credit through the Saskatchewan Technology Startup Incentive Program (STSI), that would give 45 cents back for every dollar invested into the company.
President and CEO of PCE Mark Cooper explains in a news release the company’s use of the STSI program is capped at $1-million, meaning once the threshold is met the tax credit ends. “So we’re telling interested investors to contact us as soon as possible,” states Cooper. “Investors can maximize their tax credit with a $500,000 investment that provides a $225,000 credit. Any investment between $50,000 and $500,000 yields the tax credit, with some conditions in place.”
Chief Strategy Officer and Co-Owner of Prairie Clean Energy Brita Lind says the goal is to raise $2.5-million and they’re half-way to their goal. “This last million from the STSI incentive would be really helpful for us,” Lind said.
The only requirement before investing is to be accredited and Lind says they can walk people through the process.
PCE will use the money to purchase equipment for their existing processing facility in Regina that takes flax straw and converts it into pellets, which are then used for “sustainable and renewable low-carbon solutions for multiple industries and other high value products.” Cooper notes when the Regina processing facility is open, it employs between 25 to 30 people.
Lind says they’ll be purchasing more flax straw this year compared to the previous year.
“We’re looking for farmers who are growing flax to contact us and get on our database for when we’re purchasing flax straw,” said Lind. “For the most part we’re going to be purchasing within 100 kilometres of Regina.”
More information on how to invest in the company can be found on Prairie Clean Energy’s website.
