Today, the Utah Governor’s Office of Economic Opportunity awarded Torus, Inc. a post-performance tax reduction for its expansion in Salt Lake County. The corporate incentive is part of the state’s Economic Development Tax Increment Financing (EDTIF) program.
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 is a global energy solutions company that designs, engineers, and manufactures energy storage and management products for the residential, commercial, and large-scale utility sectors. The company’s mission is to empower communities and individuals to become their own renewable energy providers, thereby making clean, renewable energy storage and management products accessible to all. Torus recently opened a manufacturing facility in South Salt Lake City, UT, and has a team of around 70 people, the majority of which are engineers. Torus is committed to American-made manufacturing and solely uses U.S.-made steel in the fabrication of its products.
“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’ mission and make Utah an ideal location for expanding our operations.”
“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 its home,” said Mayor Cherie Wood. “Torus is a remarkable organization that stands at the forefront of renewable energy storage and management. Its 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 its innovative endeavors and look forward to a prosperous partnership.”
Tax Credit Projections
| Timeline: | 10 years |
| Jobs: | 172 |
| Wages: | $169,277,127 |
| New state tax revenue: | $6,477,150 |
| EDTIF new state tax credit: | 30% |
Learn more about the state’s post-performance EDTIF program here.