Tax season is fast approaching, and Borealis is trying a new approach to garner investment, and just in time to develop hot springs near Valemount.
Borealis Geopower is the first geothermal company in B.C. to qualify for the Eligible Business Tax Credit, according to Chief Geologist, Craig Dunn, who says the organization can now give investors a 30 per cent tax credit.
In acquiring the ability to give tax credits, Dunn says Borealis hopes to increase fundraising efforts and investment in order to fund phase one of the Canoe Reach Energy Project, which includes a hot spring and greenhouse development, as Borealis is pairing with a organic food company called Grown Here Farms, for the development of the greenhouse facility, according to Dunn.
Grown Here Farms is a company founded around sustainably growing the most nutritive organic produce to nourish B.C. communities, according to its website, as the company doesn’t partake in traditional agricultural practices, but rather, greenhouses to grow local organic produce.
“We are moving forward with this smaller scale direct-heat project to help de-risk the geothermal reservoir for the development of a larger direct-heat project and the longer term 15 Megawatt power project,” Dunn says.
The projects Dunn is referring to are phase two: development of the larger direct-heat project, and phase three, which is the power development.
“Our goal is to make this whole project and investment campaign go viral, as a ‘spot of sunshine to the otherwise very polarized dialogue about energy in Canada,” says Dunn. “It’s a PIMBY approach, a ‘please in my backyard’ style energy project.”
Borealis is encouraging locals to contact the company with questions, concerns or interest regarding the project.
With more and more investment coming from the community, Dunn says the community continues to won its own project and gets to be part of the project development.
“We want to get away from the idea that the energy conversation has to be divisive,” he says.