BRIGHTON, Mich., Feb. 22, 2018 (GLOBE NEWSWIRE) -- CGE Energy (OTCPink:CGEI), the leading engineer of no capital cost energy solutions, applauds the reinstatement of the Small Wind Investment Tax Credit (ITC). CGE Energy’s patented WIND•e20® vertical axis wind turbine is at the leading edge in innovation in the small wind turbine space, and the extension of the ITC expedites its market adoption.
Signed into law on February 12, 2018, Congress passed new bipartisan legislation, the Bipartisan Budget Act of 2018 (H.R. 1892), that included a multi-year extension of the Investment Tax Credit (ITC) for small wind turbines (100kW and smaller), and other clean energy technologies. The legislation, retroactive to January 1, 2017, extends the ITC through 2022.
The ITC reinstatement also supports CGE Energy’s commitment to U.S. manufacturing, as they are in the process of engineering and design optimization for the manufacturing of their 105-foot WIND•e20® turbine. CGE Energy’s strategic manufacturing partner is ROUSH Industries, headquartered in Livonia, Michigan.
WIND•e20® generates clean power on-site and can be installed, maintained and removed without a crane. The turbine is quiet, safe for birds, and its blades even collapse in storms– all feats that help clear barriers for small wind turbines and sustainable energy.
"Bipartisan support for distributed generation, small wind power is commended. To CGE Energy it means sustaining American businesses, employees, schools and communities as well as supporting clean air and clean water domestically,” said CGE Energy President & CEO Bryan Zaplitny. “And, specifically with WIND•e20®, it means improving life safety, responding to emergencies, communication and community infrastructure.”
For small wind turbines, the ITC is 30 percent for projects that begin construction before 2020; 26 percent ITC for projects that begin construction before 2021; and, 22 percent ITC for projects that begin construction before 2022. Another aspect of CGE’s comprehensive project technologies, is the installation of highly-efficient Combined Heat and Power (CHP) natural gas generators, which also now qualify for a 10 percent ITC if construction begins before 2022.
While CGE’s energy project economics does not rely on tax credits, they allow the projects to have greater impact, increase CGE’s bottom line which is paid forward to help bring further financial benefit to the customers.
About CGE Energy
CGE Energy (OTCPink:CGEI) makes it easy for businesses, local governments, and non-profits to receive the benefits of sustainable energy projects with no upfront cost. CGE hand-selects the very best facilities to partner with and turns their wasted energy into immediate and continuous savings for the customer. By uniquely selling sustainability-as-a-service, CGE's proprietary Sustain business model delivers an exclusive combination of today’s best energy efficiency and sustainable energy generation technologies, including CGE’s exclusive WIND•e20® wind turbine, http://www.cgeenergy.com.
This release may contain forward-looking statements including statements regarding our expectations, beliefs, intentions or future strategies that are signified by the words “expects,” “anticipates,” “intends,” “believes” or similar language. These forward-looking statements involve risks, uncertainties, and other factors. All forward-looking statements included in this release are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements.
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations, Inc.
Phone: 516-662-9461
Media Contact:
Paul Schneider
CGE Energy, Inc.
Phone: 248-446-1344