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T2 Energy, a producer of algae-derived commodities today announced it has received a $1,000,000 credit from the state of California’s California Competes Tax Credit program. The credit will help T2 Energy accelerate commercial development of its proprietary algae technology that converts waste carbon into a range of marketable commodities.
T2 Energy produces algae-based products in a closed loop system that guarantees higher quality, purer oils and biomass. These high performing, sustainable oils and proteins are produced at price parity with today’s fossil, ocean, plant and poultry-based incumbents and can be used in a range of products including Omega-3 oils, biodiesel, bio-gasoline, bio-jet fuel, bio-chemicals and more.
“We’re honored that the State of California sees the strong potential for T2 Energy to transform waste water and power plant CO2 greenhouse gas emissions into valuable commodities, creating jobs and economic opportunities for Californians as well as long-term, sustainable source of energy and food,” said Mark Randall, founder and CEO of T2 Energy.
The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements are negotiated by Governor’s Office of Business and Economic Development (GO-Biz) and approved by a statutorily created “California Competes Tax Credit Committee,” consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, one appointee each by the Speaker of the Assembly and Senate Committee on Rules.
GO-Biz was created by Governor Edmund G. Brown Jr. to serve as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more.
Founded in San Diego, Calif. in 2012, T2 Energy develops algae-based technologies that transform wastewater and carbon dioxide into a range of end products, including biofuels, biochemical, nutraceuticals, animal feed and others that compete on price and quality with today’s incumbents. The company partners with municipalities, utilities and others to develop projects that reduce emissions, remediate waste streams and create economic development in communities. More information is available at www.T2Energy.com.
John Williams, Scoville PR for T2 Energy