SOUTH SALT LAKE, Utah--(BUSINESS WIRE)--Torus Inc., a Utah-based leader in energy storage and energy management, today 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.
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."
For more information about Torus and its operations in Utah, please visit www.torus.co.
About Torus
Torus Inc. is a Utah-based energy solutions company dedicated to making renewable energy storage and management more efficient, affordable, and sustainable. With a focus on American manufacturing and innovation, Torus designs, engineers, and manufactures its products in the U.S., empowering communities to achieve energy independence and resilience.
The Torus system integrates advanced technology, including the Torus Flywheel™ and Battery Energy Storage System (BESS), to provide a reliable and efficient energy solution. Key features of the installation include:
- Energy Storage: The Torus Flywheel™ offers a 25-year service life and is 95% recyclable, making it a sustainable alternative to traditional chemical batteries. It ensures a steady power supply and enhances grid resilience.
- Energy Management: The system uses advanced AI and enterprise software to manage energy consumption in real-time, optimizing performance and reducing maintenance costs.
- Unified Customer Experience: Residents and building managers can easily monitor and control energy usage through a streamlined application integrating various renewable energy sources and energy storage solutions.
- Cybersecurity: Torus prioritizes grid security with its modern asset management software platform. The system includes real-time monitoring through Torus CDR (Continuous Detection & Response) and complies with the industry's most stringent standards (OWASP, CSC, and ISO 27001). All components are assembled in secure U.S. facilities, ensuring the highest level of cybersecurity for grid-connected assets.
For more information about Torus, please visit www.torus.co. For media inquiries, contact: press@torus.co.
