Canada: Borealis Geopower Uses Tax Credits to Raise Funds for Valemount Geothermal Project

Borealis offering tax credits (Rocky Mountain Goat)

Kinbasket Lake near Valemount (Courtesy Borealis Geopower)

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.

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